Saudi Arabia accelerates plans for tax-free economic zone with Iraq, 26 NOV

 Saudi Arabia accelerates plans for tax-free economic zone with Iraq, 26 NOV

Shafaq News / Saudi Investment Minister, Khalid Al-Fatih, announced on Sunday that the kingdom is accelerating steps to launch its first free economic zone with Iraq in the border area of Arar. 

Al-Fatih mentioned that the Saudi Economic Cities Authority is exploring establishing a connection between border areas and free zones with neighboring countries. He expressed hopes for Arar, the border region with Iraq, to become the first tax-free economic zone with a neighboring country, facilitating investors from both nations without taxes, fees, or entry visas. 

The Saudi Investment Minister made these remarks during a forum on investment in the Northern Borders region, held in the city of Arar, Saudi Arabia. He highlighted about 100 new investment opportunities, worth 20 billion riyals, in addition to existing opportunities valued at around 80 billion riyals. 

He noted that Arar's new land border crossing in the Northern Borders region has become one of the trade gateways between Saudi Arabia and Iraq over the past two years. The land trade volume during the first half of the current year reached approximately 913.1 million riyals. He also mentioned that the trade volume between Saudi Arabia and Iraq in 2021 amounted to about 3.5 billion riyals. 

A study by the Northern Borders Chamber of Commerce and Industry revealed that trade between the two countries increased from 294 million riyals in January to 381 million riyals in March. However, Saudi imports from Iraq during the same period decreased from 11.5 million riyals to 8.6 million riyals. 

Saudi exports to Iraq mainly consist of aluminum and its products, electrical devices and equipment, grain-based preparations, dairy products, animal products for consumption, and metal products. On the other hand, imports from Iraq include aluminum and its products, gum and plant extracts, sugar and its derivatives, copper, and its products. 

The Northern Borders region of Saudi Arabia holds 25% of the kingdom's mining wealth, totaling 1.2 trillion riyals, according to the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Khaled Al-Mudaifer. 

Moreover, this Saudi region possesses about 7% of the global phosphate reserves, with an investment volume of approximately 85 billion riyals in two stages. 

The Northern region serves as an international passage for trade and transportation through three corridors: the first through Iraq to East Asian countries, the second via Jordan, Syria, Turkey, and Europe, and the third to the Gulf Arab states. 

Earlier this month, on the 22nd, the Iraqi Ministry of Industry and Minerals announced its preliminary approval for establishing a joint economic zone with Saudi Arabia along the border between the two countries.

https://shafaq.com/en/Economy/Saudi-Arabia-accelerates-plans-for-tax-free-economic-zone-with-Iraq

Iraqi Dinar Can I Open a Bank Account in Iraq? IQD VND ZIM Dollar Excha...

"RV UPDATE" BY FIREFLY, 26 NOV

 Frank26 (KTFA)

[Iraq boots-on-the-ground report]

FIREFLY: Television saying private banks and exchange companies are expressing the preparation in reducing the exchange rate.

FRANK:Oooo, snap! 

FIREFLY:  For the first time we're seeing a video.  It's new.  It's 10 minutes long.  It's being shown to us every day now this week...They say they are dedicated to the Iraqi citizens to keep us updated on the changes by the banks on our new monetary system reform...It will be every day updating us on new financial news. 

 FRANK:  They told them now every day for 10 minutes during the financial report of Iraq Channel One we're going to start to talk to you more about the monetary reform...These are the things we told you they were going to do.  Pretty cool.

FIREFLY:  For the first time we're seeing a video.  It's new.  It's 10 minutes long.  It's being shown to us every day now this week... They say they are dedicated to the Iraqi citizens to keep us updated on the changes by the banks on our new monetary system reform...It will be every day updating us on new financial news. 

 FRANK:  They told them now every day for 10 minutes during the financial report of Iraq Channel One we're going to start to talk to you more about the monetary reform...These are the things we told you they were going to do.  Pretty cool.

 FIREFLY:  Iraq's security teams arrested the most dangerous foreign currency smuggler inside of Iraq.  They're saying this is the head of the snake.  They tell us that by removing this man our reforms will continue and move forward as has been promised to us Iraqi citizens. 

  FRANK:  These events...are extremely powerful events to allow the new exchange rate to come out.

FIREFLY:  Iraq's security teams arrested the most dangerous foreign currency smuggler inside of Iraq.  They're saying this is the head of the snake.  They tell us that by removing this man our reforms will continue and move forward as has been promised to us Iraqi citizens.  

FRANK:  These events...are extremely powerful events to allow the new exchange rate to come out.

  Two months ago a quick little pip movement took the exchange rate of the Iraqi dinar from 1460 to 1320...They were supposed to make the next step.  

I told you at that time, 'Now that they've made this movement, let's say 1320 to 1, the next one will be 1,000 to 1 and when they do they will be in position to lift the three zeros and float the currency in a basket...'    

Article quote:  "Solutions exist, and during our tenure at the Ministry of Finance (2006-2010), we succeeded in increasing the value of the dinar from (1,500 dinars to the dollar to 1,170 dinars to the dollar). We were planning to reach (1,000 dinars to the dollar) and then raise the zeros so that the dinar was equal to the dollar."  What?!? 

 Word for word of what we taught you...This is the last step.  IMO the CBI is going to be going to the US Treasury next week...This is exactly what we want next

FIREFLY: Television is talking to us all day about the government taking measures to address the exchange rate and the parallel market but they can’t change the rate.  They say only the CBI.What’s going on?  Why don’t the CBI help?

FRANK: Calm down, calm down…As far as parliament saying whatever they are saying…who cares.  Their voice is an echo in the abyss of darkness.

Question:
“Has anything changed in regards to Iraq satellite banks exchanging dinars for US citizens?”

No.  They will follow American banking laws.  They won’t do anything different than any American bank is doing in American territory.  

You want to know the exchange rate of the BRICS because maybe, maybe the Iraqi dinar will be 1 to 1 with a basket of BRICS.  Maybe…one clue.  It’s an RI not and RV. 

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-frank26-22-nov.html 

https://dinarevaluation.blogspot.com/2023/11/iraq-boots-on-bground-report-by-firefly.html

Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections, 26 NOV

 Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections

A member of the Kurdistan Democratic Party expected that the draft oil and gas law would be postponed to next year due to continuing disagreements over it.

Wafa Muhammad Karim told Al-Furat News Agency, “The oil and gas law has reached the stage of final touches before being sent to the House of Representatives, but the entry into the oil-producing governorates required more time to write the draft, in addition to the presence of political parties that want to obstruct the law.”

He added, "So far, the law has not been sent to Parliament and will be postponed until next year, because it is one of the most complex laws passed in Iraq."

Karim expected that "the draft law will be implemented after the Kurdistan Regional Parliament elections {scheduled for the beginning of next year} due to its legislative difficulty."

Prime Minister Muhammad Shiaa Al-Sudani confirmed on the second of last August that the draft oil and gas law is part of the commitment to the ministerial approach, which the House of Representatives voted on, and will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth and improves the reality of the economy in its various aspects, and contributes to the economic reform that The government has made it a priority.

Al-Sudani directed the formation of a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, in addition to inviting the governors of the oil-producing governorates, Basra, Maysan, Kirkuk, and Dhi Qar, and the general directors of government oil companies to the ongoing technical dialogues regarding the law, provided that it is followed by These dialogues complete the political dialogue to agree on submitting the draft law.  LINK

Iraq's anticipated decline in government spending relative to GDP: Statista analysis, 26 NOV

 Iraq's anticipated decline in government spending relative to GDP: Statista analysis

Shafaq News / The German data specialist site "Statista" anticipated a decline in government spending as a percentage of Iraq's Gross Domestic Product (GDP) in the coming years.

According to a report published by the website, the percentage of government spending to GDP for the year 2023 reached 49.95%, marking the highest government spending in the past five years.

 

The report indicated an expected decrease in this percentage over the next five years, with projections indicating it will decrease to 48.29% in 2024, 45.28% in 2027, and 44.49% in 2028.

The Gross Domestic Product (GDP) refers to an economic indicator measuring the monetary value of all goods and services produced within a country's borders over a specified period. It is noteworthy that GDP is not an indicator of social welfare or overall wealth.

https://shafaq.com/en/Economy/Iraq-s-anticipated-decline-in-government-spending-relative-to-GDP-Statista-analysis

"RV UPDATE" BY KAPERONI, 26 NOV

 Kaperoni 

 If and when the day comes where Iraq begins to diversify their economy, then they can begin to withdraw some of the larger notes from circulation and begin to raise the value to counter inflation gradually.  This process then could begin to introduce a smaller notes to replace the larger notes as the currency appreciates. But again, this would have to happen gradually over time so Iraq could reduce the money supply, which currently is over 90 trillion.

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-rayren98-kaperoni-23-nov.html

 A lot of people probably don't realize, but  I've been in the dinar investment since 2008.  Probably one of the most knowledgeable on the facts, and read most professional documents ever written pertaining to the dinar. I know what I'm talking about.

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-rayren98-kaperoni-jeff-18.html

 We found out very quickly many years ago that there would never be an RV of the Iraqi dinar or the term reinstatement.  Those are made up terms and will not happen.  

If this is something new to you to hear it's probably best that you learn it now because there will be no single RV or overnight RV or reinstatement of the Iraqi dinar.  The Iraqi dinar is not a lottery ticket...If the dinar is ever going to go up in value it will go up gradually as a result of the success and growth of their own economy...

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-breitling-kaperoni-16-nov.html

Iraq's CBI Governor Al-Alaq Reveals Plans for Crucial Meeting with US Tr...