Category: Business & Finance

Deputy Prime Minister and Minister of Planning, Muhammad Tamim, confirmed today, Monday, that the Iraqi government is focusing its policies on economic reform and establishing partnerships with countries of the world.

Tamim said in a joint press conference held with US Secretary of State Anthony Blinken in Washington: ‘We hope in today’s meeting to come up with positive decisions,’ stressing that ‘the Iraqi government warns of the widening of the escalation and calls for restraint,’ adding: ‘We are focusing today on Agriculture, industry, investment and energy sectors,’ noting that ‘the Iraqi government is working to expand its economic partnerships.’

Tamim added, according to a statement by the Ministry of Planning: ‘The Iraqi government is working to expand its international partnerships and gas investment,’ pointing out that ‘Iraq is working with its partners to stimulate its economy, and the government is serious in its policies aimed at improving the lives of the Iraqi citizen.’

For his part, US Secre
tary of State Anthony Blinken confirmed that he held a fruitful meeting with Prime Minister Muhammad Shiaa Al-Sudani, and they discussed the Supreme Military Committee.

Blinken said during the joint press conference, ‘The visit of the Iraqi Prime Minister is an important step to strengthen and develop relations between the two countries,’ expressing his ‘happiness to receive the Prime Minister and his accompanying delegation in Washington.’

He pointed out that “the American investment sector is important in Iraq,” stressing that “we are pleased to see Iraq succeed in the economic, investment, and energy issues.

Source: National Iraqi News Agency

Basra ‘heavy and medium’ crude prices decreased slightly, today, Monday, with the decline in global oil prices.

Prices for Basra Heavy crude fell by 0.7 cents to reach $85.44, and prices for Basra Medium crude fell by 0.4 cents to reach $88.56.

Global oil prices fell as market players reduced risk increases following an Iranian attack on Israel late on Saturday.

Source: National Iraqi News Agency

Manama, Bahrain All Share Index has closed at 2,022.31 points, marking an increase of 1.41 points above the previous closing.

This increase was due to the rise in the communication services sector and the financial sector.

Bahrain Islamic Index closed at 785.84 points, marking an increase of 2.16 points above the previous closing.

Results indicated that 41 equity transactions took place with a volume of 770,170 worth BD 189,422.

Investors traded mainly in the Financial Sector, representing 72.44% of the total value of securities traded.

Source:Bahrain News Agency

Singapore, Gold prices extended their record rally on Monday, steered by speculative buying and persistent tensions in the Middle East, which overshadowed strong U.S. payrolls number last week.

Spot gold was up 0.3% at $2,335.73 per ounce, as of 0646 GMT, after hitting a record high of $2,353.79 earlier in the session. U.S. gold futures gained 0.4% to $2,354.50.

Spot silver was up 1.1% at $27.77 per ounce, platinum edged 0.1% higher at $927.78 and palladium gained 0.2% at $1,001.76.

Source:Bahrain News Agency

Manama, The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al Salam Islamic securities, has been Fully Subscribed by 100%.

Subscriptions worth BD 43 million were received for the BD 43 million issue, which carries maturity of 91 days.

The expected return on the issue, which begins on April 10 and matures on July 10, is 5.90% compared to 5.85% of the previous issue on March 13.

The Sukuk Al Salam are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

This is issue No.276 (BH000623H970) of the short-term Sukuk Al Salam series.

Source:Bahrain News Agency

The Ministry of Oil announced, today, Monday, the completion of drilling a new oil well with a depth of 1,810 meters in the Bay Hassan oil field, west of Kirkuk Governorate.

It said in a statement, ‘The staff of the Iraqi Drilling Company completed the drilling of the oil well ‘Bay Hassan / 199′ in the Bay Hassan oil field, west of Kirkuk, for the benefit of the North Oil Company.’

It explained that “the well drilling operations were carried out at a depth of 1810 meters using the IDC 222 drilling rig with 1000 horsepower.”

Source: National Iraqi News Agency

Government Spokesman Bassem Al-Awadi announced, today, Monday, that the external debt has decreased to about 9 billion dollars during the current year.

Al-Awadi said in a statement: ‘As an emphasis from the government on transparency in economic work, and informing public opinion and national and international media about Iraqi economic performance, and in light of the Council of Ministers’ approval of the recommendations of the Diwani Order Committee 23942, related to regulating external borrowing and structuring Iraqi public external debt, The government took a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, bringing the debt down from $19.729 billion in late 2022, to $15.976 billion in 2023, reaching approximately $8.9 billion in the current year.’

He added: “These financial steps, (which included stopping a number of borrowing operations due to their delay and unproductivity, organizing and managing debts an
d auditing them, and restructuring some debts and directing them to create strategic projects), aim to prevent the Iraqi economy from mortgaging obligations that may affect, in the future, the political decision.” Or in the path of national development, which coincides with an urban renaissance and infrastructure reconstruction, which opens the way to a promising future and a revitalized economy, in which our current and future generations perform best and obtain the greatest opportunities.

Al-Awadi stressed that with these firm steps, the government renews its determination to continue making a qualitative shift in the Iraqi economy, in parallel with tangible development in the services, infrastructure and social care sectors, which are all the pillars required to meet the aspirations of our people throughout Iraq, and implement the government program with its priorities. and its targets.’

Source: National Iraqi News Agency

The Ministry of Electricity and the French company Total signed two contracts today, Monday, to produce 1,000 megawatts of solar energy in Basra.

A statement by the Ministry said, ‘Minister of Electricity Ziad Ali Fadel sponsored the signing of two important contracts between the companies of the Ministry of Electricity and the French company Total Energies, stipulating the production of 1,000 megawatts of solar energy in Basra Governorate, which contributes to enhancing Iraq’s electrical capacity and providing renewable energy sources.’ þ

The statement added that the French company will establish a solar power station in the Artawi field in Basra Governorate, in four stages and for a period of two years. In each stage, the national system will be equipped with 250 megawatts of energy.

The statement explained, ‘The Minister of Electricity spoke after concluding the two contracts about the advantages of shifting towards renewable energies in strengthening the country’s electrical infrastructure and achievin
g energy self-sufficiency,’ praising ‘the efforts of the committees formed for this purpose in overcoming the obstacles of red tape, completing the land lease requirements, and obtaining Approvals of ministries and government institutions

Last year, the federal government signed a contract with Total under the auspices of Prime Minister Muhammad Shiaa Al-Sudani, which included a package of oil and gas projects and solar energy production for a period of 25 years. Following that, the Ministry of Electricity formed technical committees to follow up on procedures with the relevant ministries and the foreign company. It resulted in the signing of contracts between the two sides, including the two contracts concluded today. The first contract includes leasing the land for the solar energy project between the General Company for Energy Production/Southern Region and Total Energies, while the second includes the signing of the connection contract with the electrical network between the General Company for Energy Tr
ansport/Southern Region and Total Company.’

Source: National Iraqi News Agency

The exchange rates of the dollar against the dinar increased slightly on Monday morning in Baghdad, Basra and Erbil.

Below is a list of dollar selling prices:

$100 = 148.00 dinars in Baghdad

$100 = 148,000 dinars in Basra

$100 = 147,700 dinars in Erbil.

Source: National Iraqi News Agency

Oil prices fell in early Asian trading, today, Monday, with tension easing in the Middle East, after Israel withdrew more of its soldiers from the southern Gaza Strip and pledged to hold new talks on a possible ceasefire in the conflict that has been going on for six months.

Brent crude futures fell more than $2 to $88.95 per barrel, and US West Texas Intermediate crude futures fell more than $2 to $84.73 per barrel.

Israel and Hamas sent two delegations to Egypt to hold new talks on a possible ceasefire before the Eid holiday, which eased tension in the Middle East, pushing oil prices to rise more than 4% last week due to fears of supply disruptions.

Source: National Iraqi News Agency