Iraqi News Highlights and Points to Ponder Sunday AM 1-21-24

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Iraqi News Highlights and Points to Ponder Sunday AM 1-21-24

Specialist: There Are Iraqis Whose Profits Have Reached $5 Million Through Daily Trading

2024-01-21 01:37  Shafaq News/ Ali Linqawi, the Emirati researcher specializing in financial markets, revealed on Sunday the presence of Iraqi currency speculators on the stock market, who achieved profits amounting to $5 million, stressing that Iraq supports its currency through its local stock exchange.

In an interview with Shafaq News Agency, Naqawi attributed the large number of Arabs, including Iraqis, who trade stocks on the stock exchanges to the advertisements and publication of the profits that are gained through them, indicating that “some of them (i.e. profits) are valid and some of them are to deception and fraud, and this is many in Iraq.”

The Emirati researcher explained, “There are Iraqis living in Dubai whose profits from trading and speculation have reached $5 million, but they do not want to appear in public,” adding that “among them are those who like to appear as businessmen or real estate owners.”

He added, “Adopting the Iraqi stock market to trade in the Iraqi dinar exclusively is a step to support the Iraqi economy and its local currency.”

Linqawi pointed out, “Currently, there are no indications that Arab stock exchanges will reach the international level, but it is possible for the stock exchanges (Abu Dhabi and Dubai) to arrive in the future, and this takes time.”  LINK

Davos In Iraq In The Future

Economical  01/21/2024   Yasser Al-Metwally   The Davos Forum is one of the most important opportunities aimed at creating investment partnerships between countries through their companies searching for opportunities.

Iraq is an undisputed land of opportunity due to the extent of the need to rebuild a country that possesses enormous untapped wealth.

In the year 2019, on the sidelines of the Davos Forum meetings in the capital, Amman, I wrote an article titled (Davos and Others), in which I called for Iraq to have a loud voice in this forum, based on the countries’ need for promising investment opportunities.

For this purpose, I chose the title of this article

Will Iraq host Davos in the future?

To discuss the content of this invitation, let us look to the role that Iraq played during its participation in the Davos meetings during these days in the year 2024.

We notice through the activities undertaken by the government delegation headed by the Prime Minister, and I mean exclusively related to the economy and its financial and investment aspects, which we capture through various media outlets, that they reflect the extent of the Iraqi interest and desire for the need to expand the circle of partnerships with interested countries, or let us say those searching for investment opportunities, and it appears that The government delegation’s movement is solid in this important aspect and has achieved an important achievement.

But here we note some observations about the nature of this participation from the standpoint of the absence of an important element, namely the private sector.

This point of view stems from the fact that the Davos forums were not purely official, meaning that the attendance of governments was symbolic, while the private sector (large companies) took care of all the details and organization arrangements.

Therefore, it was necessary for the Iraqi delegation to include representatives of businessmen who own companies.

That is, a real private sector to know the government’s directions, the country’s need, and the countries’ needs for investment, on the basis that when international companies decide to invest in developing countries, their first requirement is to search for local partners (private sector) to help implement their projects, and here the importance of my observation about the nature of participation emerges.

Here it must be pointed out that our calls were continuing, in this same area of the page, for any government delegation to perform an economic mission to include an elite group of businessmen (private sector), and we praised one initiative undertaken by the former government, which included businessmen within its delegation, bearing the title of the New Ambassadors of Iraq. We mean investment messengers (businessmen) and the search for real partners.

Given the importance of this aspect, and regardless of the absence of the private sector from this most important event, I call here today for Iraq to host the Davos meetings in the future, so that countries and their companies will be close to the land of opportunities. This mission is sponsored by the government and organized by well-known Iraqi companies, with government support, in order to reach solid understandings and partnerships that we can. Through it, lay the sound and correct foundations for rebuilding Iraq in a way that lives up to its potential, history, and future.

We will return to evaluate the performance of the Iraqi private sector, its size, and its impact on achieving construction and development in future articles.  https://alsabaah.iq/90735-.html

The Baghdad Dollar Recorded A Slight Increase.. Money Exchangers Sell For 153 Thousand

Economy |Baghdad today – Baghdad  Today, Sunday (January 21, 2024), exchange rates recorded a slight increase in the local markets in Baghdad.

The “Baghdad Today” correspondent said, “The selling prices of the dollar, in the capital, Baghdad, today reached 153,000 dinars for every 100 dollars, and the purchasing prices reached 151,000 dinars for every 100 dollars.”

Yesterday, Saturday, in the capital, Baghdad, the dollar exchange rates reached 152,200 dinars for every 100 dollars.  LINK

By 128 Thousand Barrels Per Day… A Decrease In Iraq’s Oil Exports To America

Economy |  Baghdad today – follow-up  The US Energy Information Administration announced today, Sunday (January 21, 2024), that Iraq’s oil exports to America decreased during the past week.

The administration said in its table, “The average US imports of crude oil during the past week from 9 major countries amounted to 6.201 million barrels per day, an increase of 792 thousand barrels per day compared to the previous week, which amounted to 5.409 million barrels per day.”

She added, “Iraq’s oil exports to America amounted to 64,000 barrels per day last week, down by 128,000 barrels per day from the previous week, which averaged 192,000 barrels per day.”

She pointed out that “most of America’s oil revenues during the past week came from Canada at an average of 4.188 million barrels per day, followed by Mexico with an average of 756 million barrels per day, and oil revenues from Saudi Arabia amounted to an average of 413 thousand barrels per day, and then Brazil with an average of 264 thousand barrels per day.”

According to the administration, “the amount of American imports of crude oil from Colombia is at a rate of 212 thousand barrels per day, from Nigeria at a rate of 147 thousand barrels per day, from Ecuador at a rate of 150 thousand barrels per day, and from Libya at 7 thousand barrels per day, while no quantity is imported from Russia.”    Source: Agencies    LINK

35% Of Iraq’s Oil Exports Went To China Alone During 2023

Economy  01-21-2024 | 219 views  Al-Sumaria News – Economy  During the year 2023, China acquired more than 35% of Iraqi oil exports during the past year 2023. This means that a third of Iraq’s revenues came thanks to China.

China’s total oil imports during 2023 amounted to more than 4 billion barrels, or the equivalent of 11.28 million barrels per day, according to data reported by Reuters.

While Russia ranked first and Saudi Arabia second, Iraq came third among the countries that export most oil to China in 2023, as the total amount China imported from Iraq in 2023 reached more than 432 million barrels.

By numerical analysis, Iraqi oil constituted more than 10% of China’s total oil imports. In contrast, 35% of Iraqi oil exports went to China, out of more than 1.2 billion barrels of oil exported by Iraq in 2023, while China’s imports during 2023 amounted to Nearly 4 times what Iraq exported in its entirety during the past year.  LINK

Provoking Points To Ponder on Adversity:

Life can be real tough … you can either learn from your problems, or keep repeating them over and over.  – Marie Osmond

Bad times have a scientific value. These are occasions a good learner would not miss.  – Ralph Waldo Emerson

Prosperity is not without many fears and distastes, and adversity is not without comforts and hopes.  – Francis Bacon

If we had no winter, the spring would not be so pleasant; if we did not sometimes taste of adversity, prosperity would not be so welcome.  – Anne Bradstreet

The good things that belong to prosperity are to be wished, but the good things that belong to adversity are to be admired.  – Marcus Annaeus Seneca 

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