Tuesday, August 27, 2024
DINAR REVALUATION UPDATE: Establishment of the Commercial Arbitration Center in Iraq 2024, 26 AUGUST
Establishment of the Commercial Arbitration Center in Iraq 2024
In 2024, a significant development in the Iraqi legal landscape was the establishment of the Commercial Arbitration Center in Iraq, aimed at addressing commercial disputes and fostering an environment conducive to investment and economic growth. [2]:url2. [4]:url4. [6]:url6.
Enhancing Commercial Dispute Resolution
The Commercial Arbitration Center's establishment in Iraq marked a pivotal step in improving the resolution of commercial disputes within the country. This initiative was supported by international organizations and was seen as a way to streamline dispute resolution processes, making them more efficient and internationally aligned.
Expansion of Global Arbitration Networks
The center's establishment was also significant for its role in expanding global arbitration networks. Iraq's inclusion brought the number of International Chamber of Commerce (ICC) national committees to 92. indicating a growing recognition of Iraq's role in international commerce and arbitration.
Promoting Peace, Prosperity, and Opportunity
The ICC Iraq's launch aimed to support institutional objectives that foster peace, prosperity, and opportunity for all through local commissions focusing on arbitration, alternative dispute resolution (ADR), digital economy, intellectual property, and trade and investment. This move was expected to encourage foreign investment and bolster the local economy by providing a credible and efficient dispute resolution mechanism.
Challenges and Opportunities
Despite the positive outlook, the center faced challenges, including navigating the complexities of a post-conflict society and addressing issues of corruption and fairness in arbitration. [4]:url4. Nevertheless, the center's establishment was viewed as a crucial step toward overcoming these challenges and establishing Iraq as a more stable and attractive destination for commercial activities.
Boosting Investment
The role of commercial arbitration in boosting investment was highlighted during an event organized by the Federation of Iraqi Chambers of Commerce in collaboration with the United States Agency for International Development (USAID). Key figures emphasized the importance of arbitration in resolving disputes and attracting foreign investors, underscoring the need for adherence to international conventions and standards.
ANALYSIS OF IRAQ NEWS BY KAPERONI, 27 AUGUST
Kaperoni
Article 1: "Is it time to remove the zeros?
"Article 2: "Is Iraq heading towards printing new paper currency?"
These articles discuss a LOP...Iraq is converting to digital currency over time removing the paper money.
Kaperoni
The discussion in Iraq is not an RV but a currency exchange LOP. Symposiums were held last fall to educate many of the citizens on such an event. There would be little to no gain, in fact, based on the numbers published it would be a loss if they did so.
Kaperoni
Community Comment: "Seems like there's some good news & some so not good. I have the feeling we aren't close, by a long shot."
I pointed out a few months ago that Iraq was ending the currency auction at the end of this year. Nothing is going to happen with the dinar until after that and they begin to diversify their economy.
Kaperoni
The Iraqi dinar is a currency of a country it's not a lottery ticket. There is no magical RV...Owning dinar is risky, which may strengthen over time, but it's a long-term investment.
Article: "Iraq speeds up steps to join WTO"
Those that follow me know that we posted information that stated the Central Bank of Iraq planned to end the currency auctions at the end of this year, joining the WTO sometime next year would also benefit them.
Kaperoni
Seems to be a lot of hype lately that people are getting excited for some Dinar RV. Not how currencies work. Iraq has a lot of work to do...If and when the dinar goes up in value it will be based on the success and growth of Iraq's economy.
Kaperoni
Community Comment: "Does this have a negative, positive or neutral effect on our investment?"
Article: "Mazhar Muhammad Salih: Our cash reserves are the highest and there are no fears of the dollar rising" This is good news.
--Kaperoni
Question: "So the RV tomorrow 3:00? Lol" You need to change your thinking. There is no RV, never will be one. The only way that dinar can go up in value is 'gradually' over time based on the success and growth of Iraq's own economy.
Kaperoni
Article: "Establishment of the Commercial Arbitration Center in Iraq" Article quote: "the importance of commercial communication with various countries around the world and organizing relations in a way that achieves mutual benefit for all parties, especially as Iraq is on the verge of rejoining the World Trade Organization (WTO). He explained
that this project comes as one of the achievements within the file of Iraq's accession to the International Chamber of Commerce (ICC)." WTO requirement. Establishment of the Commercial Arbitration Center in Iraq
DINAR REVALUATION : ANOTHER MOVE OF IRAQ TO DIVERSIFY ITS ECONOMY & TECHNOLOGY , 27 AUGUST
British Company Secures Solar Power Plant Contract in Basra
In a significant development for the energy sector in Iraq, a British company has been awarded a contract to design and supply a solar power plant for the Majnoon oil field in Basra Governorate. This move aligns with Iraq's efforts to diversify its energy mix and reduce dependence on oil while addressing environmental concerns.
The Contract Details
The project is being implemented for the benefit of the Basra Oil Company (BOC) and is part of a broader strategy to incorporate renewable energy sources into Iraq's energy infrastructure. The solar power plant, once operational, will contribute to the country's goal of increasing its renewable energy capacity.
Impact on Local Economy
The contract award is not only a boost for the renewable energy sector but also a positive development for the local economy. It is expected to create jobs and stimulate local employment, particularly in the Basra region. The British company's commitment to investing in local employment and skills development underscores the mutually beneficial nature of the partnership.
Alignment with Global Trends
This contract is indicative of a global trend toward greater investment in renewable energy sources, particularly solar power. Iraq's decision to award this contract to a British company highlights the country's openness to international collaboration in the pursuit of sustainable energy solutions.
"MANY COUNTRIES ESPECIALLY THE USA ARE REPLACING IRAQ'S NEED OF ELECTRICITY FROM IRAN!!!". BY FRANK26, 27 AUGUST
KTFA
FRANK26: "MANY COUNTRIES ESPECIALLY THE USA ARE REPLACING IRAQ'S NEED OF ELECTRICITY FROM IRAN!!!"..........F26
British company wins contract to supply solar power plant for oil field in Basra
8/26/2024
British company Hydro-C has won a contract to design and supply a solar power plant for the Majnoon oil field in Basra Governorate. According to a statement issued by the Iraq-British Business Council (IBBC), a copy of which was received by Al-Eqtisad News, the project will be implemented for the benefit of the Basra Oil Company (BOC), which is operated by Antonoil Services and KBR.
The plant, which will be imported from the United Kingdom and installed in Iraq, is part of the plan of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Minister of Oil, Hayan Abdul-Ghani, to support sustainable energy projects and combat climate change.
After a six-month technical and commercial evaluation process, Hydro-C has officially been awarded the project, which can be developed and replicated in major oil and gas fields in Iraq.
Hassan Hashmat, CEO of Hydro C, said, “This is great news for many people, including our stakeholders, and especially the Iraqi people, as we begin the transition to green energy in the country and provide a much-needed source of electricity,” adding that “this will enable
British companies to develop local skills in Iraq and help the country build sustainable green energy projects.”
“IBBC is delighted to see Hydro-C take control of this important and innovative new energy sector. After many months of work and extensive preparation by Mr Hashmat, this project is a model of what is possible for the future and will benefit all those involved in the green transformation,” commented Christophe Michels, Managing Director of the Iraq-Britain Business Council (IBBC), calling it “a win for the UK, IBBC, Iraq and in particular Hydro-C.”
"THERE'S NO NEED TO PRINT NEW CURRENCY IN IRAQ" BY MILITIAMAN, 27 AUGUST
Militia Man
Article quote: "At this time there is no acute problem regarding cash liquidity"
There's no need to print new currency...They've yet to do anything different.
They spent about $50 million in printing currency and it wasn't triple zero notes. There's no reason for it. You can't spend $50 million while you're burning up money to print new ones, especially if they were perfectly good.
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The United States is going to say we're ready to go.
We're not playing games anymore...we're going to do it our way. Iraq either you're on board or you're not on board...No wonder those guys are barking...because the parallel markets are going to go away and fast.
They know what they need to do. Change the value of their currency and no one's going to want their [black market] USD. They're going to know the Iraqi dinar is going to be powerful just like Sudani said...