Iraqi News Tuesday Afternoon 7-12-22
TLM724 Administrator BondLady’s Corner
Iraqi tourists spent more than $100 million in 10 days
Money and business Economy News-Baghdad On Tuesday, the Future Iraq Foundation, which is concerned with economic affairs, said that more than 100,000 Iraqi tourists have left the country, spending more than $100 million within ten days .
The head of the Foundation, Manar Al-Obaidi, indicated in a report published today, that more than 500 flights were recorded during the first days of the month of Dhul-Hijjah until Eid, adding that more than 100,000 Iraqi tourists left Iraq during this period (excluding pilgrims).
He explained that the exchange rate for one tourist, including transportation and accommodation fees, is more than $1,000 .
Thus, the total money spent during the ten days on travel amounted to 100 million dollars, which went to foreign countries, according to Al-Obeidi .
The Foundation’s report justified the reasons for travel in order of importance, as follows: (temperatures) and (entertainment) .
The report also noted that it would have been more useful for the Tourism Authority, in cooperation with the Ministry of Transport, to conduct a clear questionnaire survey to know the destinations of Iraqi travelers, the amounts that will be disbursed and the reasons for travel more accurately, and for the Ministry of Planning to work with the Tourism Authority and the Ministry of Transport to analyze this data and turn it into great investment opportunities. for different regions inside Iraq .
The report stated that the exit of more than $100 million during at least ten days is an indication of many factors, including: the role of the Tourism Authority to work on analyzing this data, who are the traveling age groups, and the cognitive and cultural division, and to analyze it accurately, and to find local areas that can accommodate the wishes Tourists instead of going outside Iraq .
The report added, “If the number of tourists outside Iraq is more than 100,000 during the Eid period, this means that there is an opportunity for the presence of more than one million internal tourists .”
The report concluded that “this huge amount is a great opportunity to find internal Iraqi tourist areas that take into account the needs of tourists of various orientations, and to exploit the desert, oases and mountainous places located in various parts of Iraq .”
He stressed that “the real and quick alternative to oil is domestic and foreign tourism, because Iraq possesses the ingredients to make it a first-class tourist country and its ability to provide hundreds of thousands of job opportunities in record time .” 450 . views Added 07/12/2022 – 10:49 AM Update 07/12/2022 – 6:10 PM https://economy-news.net/content.php?id=28876
The Central Bank Calls For The Establishment Of A Sovereign Fund To Benefit From The Financial Abundance
Money and business The Central Bank of Iraq called for the establishment of a sovereign fund, after the financial abundance, while it was considered that the currency auction is a channel to provide hard currency for the imports of foreign traders .
The Deputy Governor of the Bank, Ammar Khalaf, said in an interview with Shafak News Agency, “We call for the necessity of establishing a sovereign fund, especially to benefit from the financial abundance of the state .”
He added that “the decision to establish such a fund remains affiliated with the Iraqi government and the Ministry of Finance in the first place,” noting that “it is possible for the central bank to contribute to the management of this fund .”
On the other hand, Khalaf considered that “the currency auction is a channel for providing foreign currency for traders to cover their imports of foreign goods, in addition to covering travelers’ expenses through banks and exchange companies .”
Iraq is one of the countries that has benefited most from the rise in global oil prices during the past months, and the reason is that most of Iraq’s financial resources come from oil .
Iraq’s oil revenues amounted to 11.4 billion dollars last May, and last June 11.5 billion dollars .
47 . views Added 07/12/2022 – 4:40 PM Update 07/12/2022 – 5:57 PM
https://economy-news.net/content.php?id=28885
After An Agreement To Invest $27 Billion In Energy, France’s Total Withdraws From Iraq
Energy Economy News-Baghdad Economist Nabil Al-Marsoumi revealed, on Tuesday, that the French company Total decided to withdraw from Iraq, at the end of this month.
Al-Marsoumi said in a Facebook post, “Private information from reliable sources indicates that the French company Total decided to withdraw at the end of July from the initial agreement it signed with the Iraqi Oil Ministry, in September 2021, due to the delay in forming the Iraqi government and the inability to convert the initial agreement into a final contract between them. “.
He pointed out that “the previous agreement included the implementation of four projects in Basra worth $27 billion in the field of oil, gas and electric power. The first is to develop a complex and refining gas in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais).” )”.
The second project is related to “transferring and treating sea water with a capacity of 5 million barrels per day to maintain and increase production from oil fields, the third project, the establishment of facilities to produce one thousand megawatts of electric power based on solar energy, and the fourth project, the development of the Artawi oil field with the aim of maximizing the potential of gas supply.”
The implementation of the project was delayed due to “the Oil Ministry’s failure to obtain approvals on the financial details of the deal from all government departments whose approval is required, and it sank into many disputes.”
The economic expert pointed out that “the agreement raised concerns because of the signing of the agreement without procedures that guarantee competition and transparency.”
The sources say that “under the draft terms, Total is counting on obtaining ten billion dollars of the first investment to finance the broader project by selling oil from the Artawi oil field, which is one of the four projects in the broader agreement.”
The Artawi field is currently producing 85 thousand barrels per day, and Total seeks to increase it to the level of 210 thousand barrels per day, and Total is scheduled to get 40% of the sales of the Artawi field to pay the amount that the company spent. 1097 views Added 07/12/2022 – 11:26 AM Update 07/12/2022 – 5:55 PM https://economy-news.net/content.php?id=28880
Electricity Announces The Submission Of The Electronic Collection And Privatization Project To The Council Of Ministers
Energy On Tuesday, Minister of Electricity, Adel Karim, announced the submission of the electronic collection and privatization project to the Council of Ministers for the purpose of discussion and approval
Karim said in a statement, “The electronic collection project was submitted to the Council of Ministers, and it is hoped that after the Eid al-Adha holiday, it will be discussed and approved .”
He added, “The ministry is proceeding with the completion of the project at the level of Iraq, and there will be a good and applicable mechanism, which will be announced at a later time, depending on the experiences of neighboring countries and the world,” adding: “As for privatization, it is the same project under the name (Service and Collection Project), but the matter is related to the budget and allocated funds .
The Minister of Electricity had spoken earlier about the existence of one million housing units that exceeded electricity in Iraq . Views 184 Added 07/12/2022 – 11:16 AM Update 07/12/2022 – 5:49 PM
https://economy-news.net/content.php?id=28879
Another Drop In Oil Prices
Economie| 08:55 – 12/07/2022 Follow-up – Mawazine News: Oil prices fell on Tuesday as restrictions on new fuel demand in China, the world’s largest importer of crude, and fears of a global economic slowdown affected the outlook for fuel demand.
Brent crude futures for September fell $1.58, or 1.48%, to $105.49 a barrel, while US West Texas Intermediate crude for August delivery reached $102.40 a barrel, down $1.69, or 1.62%.
Many Chinese cities are adopting new COVID-19 restrictions, from business halts to closures, to curb new infections as the highly contagious BA.5.2.1 variant has been detected in the country.
“Rising fears of recession and the continued slowdown in demand in China are pushing oil prices lower, although current supply and demand balances remain risky,” analysts from the Eurasia Consulting Group said in a note.
Demand and supply concerns continue to drive the price action, so the decline in prices is expected to be limited.
Western sanctions imposed on Russia over the war in Ukraine, which Russia calls a “special military operation,” have disrupted trade flows of crude and fuel.
In addition, the spare capacity in the Organization of the Petroleum Exporting Countries is decreasing as most producers are pumping at maximum capacity. https://www.mawazin.net/Details.aspx?jimare=199145
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