“Tidbits From TNT” Sunday Morning 7-14-2024

TNT:

Tishwash:  Al-Sudani invites Saudi and Egyptian businessmen to invest in hotels and entertainment facilities

On Saturday, July 13, 2024, Prime Minister Mohammed Al-Sudani held a meeting with a delegation of Egyptian and Saudi businessmen, inviting them to invest in hotels and entertainment facilities.

Al-Sudani received, according to a statement from his office, which was reviewed by "Ultra Iraq", a delegation of Egyptian, Saudi and Iraqi businessmen, including; Chairman of the Board of Directors of TMG Company Hisham Talaat Moustafa, Chairman of the Board of Directors of Al-Muhaidib Group Suleiman Abdul Qader Al-Muhaidib, CEO of the group Essam Abdul Qader, Director of Development in the group Raed Ibrahim Al-Madhiem, Director of Al-Maysara Group Yasser Qasim Zagher, and businessman Ahmed Talaat Hani,

All of whom are specialized in real estate development and the establishment of integrated and smart residential cities, in the presence of the Saudi Ambassador to Iraq Abdulaziz bin Khalid Al-Shammari."

Hisham Talaat Moustafa is one of the most prominent businessmen and politicians in Egypt. He was sentenced to death for his conviction in the murder of Lebanese singer Suzanne Tamim. The Cairo Criminal Court then sentenced him to 15 years in prison instead of the death penalty , before Abdel Fattah el-Sisi's regime decided to pardon him and release him from prison.

Al-Sudani called on "Egyptian and Saudi company owners to invest in the field of tourist resorts, hotels and entertainment facilities, as Iraq has many diverse tourist destinations," indicating that "development and progress in Iraq serve the economic interests of the rest of the Arab countries."

He pointed out that "Iraq is witnessing rapid growth and a phase of recovery, and there are many promising investment opportunities, especially in the field of housing and new city projects, as the country needs about 3 million housing units," stressing that "the government is moving towards building integrated cities that include all sectors, services, entertainment and commercial facilities, and are linked to the capital, Baghdad, by an advanced network of transportation routes."

Al-Sudani explained that "the government has offered projects for 5 new cities for investment in Baghdad and some governorates, and it is moving towards launching 11 new cities, just as it supports successful investment experiences," noting that "what is important about modern cities is that they contribute to solving the housing crisis, especially for low-income groups."

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Tishwash:Chinese CETC Group expresses interest in Iraq's infrastructure and economic projects

The Chinese CETC Group, specializing in energy, construction technology, and infrastructure, expressed to PM Mohammed Shia Al-Sudani its desire to participate in Iraq's infrastructure and economic projects.

According to a statement from the Prime Minister's office, Al-Sudani received a delegation from the prominent Chinese group. He highlighted the government's economic approach of embracing "productive partnerships and enhancing Iraq's investment environment to attract global companies."

Moreover, the Iraqi Prime Minister stressed that the government aims to "attract investments and strengthen partnerships with the Iraqi private sector by providing supportive guarantees."

The Chinese delegation expressed their interest in expanding cooperation with both the Iraqi public and private sectors across various economic and investment fields.

Notably, Iraq and China are partners in many areas. Iraq is one of the top oil suppliers to China, and Chinese companies operate in various sectors in Iraq, including oil and gas extraction and school construction. Additionally, both countries are cooperating on the Belt and Road Initiative and the Development Road project.   link

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Tishwash: Iraq in Talks With US Treasury Over Banks, Dollar Restrictions (bloomberg)

Iraq has engaged in discussions in Washington with representatives from the US Treasury to address dollar restriction issues, Iraqi Foreign Minister Fuad Hussein said during a press conference aired on state-run media al-Iraqiya.

Describing the meetings as “very useful,” Hussein indicated that they would continue. Topics slated for upcoming discussions include further talks on the list of Iraqi banks under US sanctions and the status of accumulated Iranian funds in Iraq. “There are serious steps to resolve these issues,” Hussein said.

Iraq experienced dollar shortages last year after the New York Fed began scrutinizing transfers to Iraqi banks more closely. Iranian businesses and individuals have long used banks in neighboring Iraq to access the greenback and get around US sanctions.

Iraq’s central bank pledged to restrict all internal commercial transactions as of this year, in an apparent attempt to curb dealings of the dollar outside Iraq’s banking sector and limit its smuggling abroad.

Last week, the exchange rate for the dollar against the Iraqi dinar in the unofficial market rose from 1,450 to nearly 1,500 dinars per dollar. Local news agencies, citing a lawmaker, attributed this increase to measures by the Federal Reserve, which halted transactions from dollars to yuan aimed at supporting Iraq’s foreign trade.  link

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Why did Iraq stop dealing in the Chinese yuan?

The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.

Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash. It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."

Al-Kadhimi continued, "Many of the central bank's measures for the government are governed by American will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."

Is the Chinese currency canceled?

Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."

Al-Kadhimi stated earlier that "China's remittances in yuan have been temporarily suspended until auditing mechanisms are found."

He continued, "During the past period, there have been major manipulations of China's affairs." link

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