Category: Business

Baghdad Prime Minister Mohammed Shia Al-Sudani and Prime Minister of the United Arab Emirates Sheikh Mohammed bin Rashid Al Maktoum stressed the importance of high coordination to face various economic challenges.

A statement by the Prime Minister’s Media Office stated that Al-Sudani met in Dubai today, Thursday, with UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum. During the meeting, they discussed developing prospects for cooperation in various fields and working to find solid foundations for a sustainable partnership in this economic field and investment, and in the fields of energy, culture and education.

During the meeting, Al-Sudani expressed Iraq’s tendency to develop the level of economic cooperation, and expand investment fields and opportunities in the service sectors.

For his part, Al Maktoum affirmed his country’s desire for economic openness to Iraq.

The two sides stressed, according to the statement, the importance of high coordination to face various economic challenges, in a way that contributes to strengthening the historical relations that bind the two brotherly countries.

Source: National Iraqi News Agency

Manama: Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa hailed solid fraternal relations binding the Kingdom of Bahrain and the Arab Republic of Egypt, led by His Majesty King Hamad bin Isa Al Khalifa and President Abdel Fattah El-Sisi.

He stressed the commitment of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister to support bilateral relations and expand joint cooperation. This came as he received Egyptian Minister of Planning and Economic Development, Chairperson of Egypt’s Sovereignty Fund Dr. Hala Helmy el-Said, currently on visit to the Kingdom of Bahrain.

The meeting was attended by the Minister of Sustainable Development Noor bint Ali Al Khulaif, Economic Development Board (EDB) Chief Executive Officer Khalid Humaidan, Egyptian Ambassador to Bahrain Yasser Shaaban, and Egypt’s Sovereignty Fund Executive Director Aymen Mohammed Suleiman.

The Minister of Finance and National Economy stressed Bahrain’s commitment to continue supporting joint cooperation, particularly in the economic and investment fields, stressing the importance of exchanging expertise. During the meeting, the two sides reviewed aspects of joint cooperation to created further promising opportunities and initiatives.

Source: Bahrain News Agency

New York,US stock market indexes recorded a mixed performance tonight at the close of the trading session on the New York Stock Exchange.

The Standard & Board 500 index closed up 60.55 points, or 1.47%, to 4179.76 points, and the Nasdaq Composite Index increased by 348.50 points, or 3.25%, to close at 12200.82 points.

While the Dow Jones Industrial Average decreased by 39.02 points, or 0.11%, to 34053.94 points.

Source: Saudi Press Agency

Baghdad The Arab Monetary Fund revealed that Iraq ranked 15th in the Arab Economies Competitiveness Index.

In the Arab Economies Competitiveness Report 2022, it was stated that the UAE maintained the first place in the Arab economies competitiveness index, as a result of its acquisition of the first place in the investment environment and attractiveness index.

It added that Qatar came in second place in the general index of competitiveness of Arab economies, while Saudi Arabia, Kuwait, Sultanate of Oman and Bahrain ranked third, fourth, fifth and sixth, respectively.

The statement indicated that Morocco came seventh, Jordan eighth, Tunisia ninth, and Egypt tenth.

Algeria ranked 11th, Mauritania 12th, Lebanon 13th, Libya 14th, Iraq 15th, Yemen 16th and Sudan 17th.

Source: National Iraqi News Agency

Baghdad The US Treasury Department affirmed its support for achieving economic stability in Iraq.

The media office of the Central Bank of Iraq said in a statement: “The CBI’s governor, Ali Mohsen Al-Alaq, and his accompanying delegation, concluded this evening, Friday, his meetings with US Assistant Secretary of the Treasury Brian Nelson and his accompanying delegation in Turkey.”

It explained that: “During the meeting, they discussed prospects for cooperation and coordination between the two sides, in a way that contributes to achieving the stability of the exchange rate in Iraq and the mechanisms related to that.”

The statement added: “The US Treasury Department expressed its support for achieving economic stability in Iraq, referring to strengthening what was discussed between the Prime Minister and the US President in the phone call that took place between them yesterday, Thursday, in stressing the importance of Iraq’s stability to the region.”

Source: National Iraqi News Agency

Baghdad Oil prices recorded, this evening, an increase after 3 days of decline, to approach $84 a barrel.

Brent crude futures contracts reached $83.71 a barrel, after closing yesterday at $82.17.

The price of US crude in futures contracts reached $76.79, and it had closed yesterday at $75.88.

Source: National Iraqi News Agency

Baghdad The Prime Minister, Muhammad Al-Sudani, directed the formation of a committee to develop clear mechanisms to protect the local product from various types of poultry products.

A statement by his media office stated that Al-Sudani chaired a meeting dedicated to discussing the reality of the poultry production sector in the country.

Al-Sudani stressed, according to the statement, the importance of diversifying the national economy through this productive outlet, as well as the priority of securing food security for citizens, as stated in the economy axis within the government program.

The Prime Minister directed to make accurate estimates regarding the production capacity of this sector at the national level, to review decisions related to the management and development of this wealth, and to remove the most important obstacles that impede ways to expand this vital economic sector.

Al-Sudani also directed the formation of a committee from the Ministries of Agriculture and Trade and representatives of the Iraqi Association for the Care of Poultry Producers and other parties, to undertake the establishment of clear mechanisms to protect the local product, from various types of poultry products, stressing at the same time the importance of protecting the consumer and working not to be affected by the high prices and ensuring the quality of the nutrients he needs.”

Source: National Iraqi News Agency

Baghdad The Central Bank announced, on Tuesday, the acceptance of Iraq’s nomination to the Egmont Group for Financial Intelligence Units, which includes 167 countries.

The Bank stated in a statement, “The efforts made by Iraq, represented by the Anti-Money Laundering and Terrorist Financing Office in the Central Bank of Iraq, culminated in obtaining approval of the office’s nomination to join the Egmont membership of the financial investigation units after the approval of the heads of the financial investigation units during the group meetings to be held during next July.

He added, “The report of the field visit to the Republic of Iraq that was carried out by representatives of the sponsoring countries was discussed during the meeting of the Working Group on Membership, Support and Commitment MSCWG held in Senegal on 1/31/2023, and the group concluded after presenting the report by the representatives of the sponsoring countries to nominate the office for membership.” The Egmont Group with full membership during the July 2023 meetings.

He pointed out, “The support provided by the group includes expanding and organizing international cooperation in the exchange of financial intelligence information, increasing the effectiveness of financial information units by providing training and exchanging employees to improve the expertise and capabilities of employees, and enhancing secure communication among units through the application of technology via the network ” Egmont Safe”.

Source: National Iraqi News Agency

Baghdad Russian President Vladimir Putin discussed with Saudi Crown Prince Mohammed bin Salman, today, Monday, cooperation within the framework of the OPEC + group, to maintain the stability of oil prices.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, in what is known as OPEC +, are scheduled to hold an online meeting on Wednesday.

Two delegates in OPEC + told Reuters today, Monday, that the group’s joint ministerial monitoring committee is likely to recommend maintaining the current oil production policy.

Russian oil production seemed to be steadfast so far in the face of the imposed Western sanctions, after Moscow sent its forces to Ukraine on February 24, 2022, and Western countries imposed a ceiling on its prices in December.

Source: National Iraqi News Agency

Baghdad, The US Energy Information Administration announced today that Iraq’s oil exports to America amounted to about 200,000 barrels per day, on average, during the past week.

It said in a report: “The average US imports of crude oil during the past week from eight countries amounted to 5.078 million barrels per day, down by 599 thousand barrels per day from the previous week, which amounted to 5.677 million barrels per day. “

It added, “Iraq’s oil exports to America amounted to an average of 195,000 barrels per day last week, lower than the previous week, when oil exports to America amounted to 201,000 barrels per day.”

It indicated: “The most oil imports for America during the past week came from Canada at a rate of 3.419 million barrels per day, followed by Mexico at a rate of 511 thousand barrels per day, and oil imports from Saudi Arabia amounted to an average of 433 thousand barrels per day, and then Colombia at a rate of 244 thousand barrels per day.”

According to the The US Energy Information Administration, “the amount of US imports of crude oil from Nigeria amounted to 114,000 barrels per day, from Brazil at a rate of 93,000 barrels per day, and from Ecuador at an average of 69,000 barrels per day, while Russia or Libya did not export any quantity.”

Source: National Iraqi News Agency

Baghdad, Member of the Parliamentary Finance Committee, Mustafa Sanad, announced, on Sunday, that the initial amount of the upcoming budget is 270 trillion dinars.

Sanad said in a televised interview, “The scarcity of supplying Iranian gas is technical due to its high consumption inside Iran in the winter,” noting that “the selection of the committee heads was made through an agreement among the blocs.”

He added, “The draft of the next budget needs to address some observations in line with the decisions of the Federal Court,” stressing that “the initial amount of the next budget is 270 trillion dinars, and it may decrease to 150 trillion.”

Source: National Iraqi News Agency