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Officially.. Signing the contract to implement the Gulf electricity interconnection with Iraq, 10 OCT

 Officially.. Signing the contract to implement the Gulf electricity interconnection with Iraq

10/9/2024

The Gulf Cooperation Council countries signed, on Wednesday, a contract to implement the Gulf electricity market linkage project with Iraq, which will enhance energy security and allow the GCC countries to supply Iraq with about 3.94 terawatt-hours annually at competitive prices less than the cost of local production, leading to a reduction in public expenditures .

The signing took place at the headquarters of the Gulf Interconnection Authority in Dammam, eastern Saudi Arabia, under the patronage of Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, who launched the update of the control center systems for the electrical interconnection network, which aims to improve the efficiency and flexibility of electricity systems in the face of current and future challenges.

Bin Badr Al-Aziz stated that implementing the project to link the Gulf electricity market with Iraq will contribute to the sustainability of energy supply and the establishment of local projects, and enhance the stability of the electricity grid in Iraq, which reduces dependence on expensive traditional energy sources and increases the effectiveness of using available resources  .

He stressed that the Gulf electricity interconnection project is one of the strategic projects that strengthens the bonds of cooperation in the economic and social fields between the GCC countries and neighboring countries, and enjoys the support of the leaders of the GCC countries in order to achieve security and stability of the energy system in the region .

Bin Abdulaziz stressed the need for expansion and that the role should not be limited to ensuring the flow of energy only; as the actual steps have begun through signing memoranda of understanding to study the possibility of electrical interconnection with Iraq, Jordan and Egypt, and at the beginning of next year, the actual operation of the interconnection with Iraq will begin.

He explained that signing the contract to implement the Gulf electricity market linkage project with Iraq will contribute to enhancing energy security and enable the GCC countries to supply Iraq with about 3.94 terawatt-hours annually, according to the targets set for 2025, and at competitive prices less than the cost of local production, which will lead to reducing public expenditures.  LINK

RV UPDATE BY MARKZ, 10 OCT

 MarkZ   

[via PDK]  

 “Parliamentary Finance: These are the reasons for the rise in the exchange rate of the dollar against the Iraqi dinar”

  There have been fluctuations going on right now. 

The Central Bank is saying “It’s not us” They have a pegged exchange rate and the inconsistencies are because of smugglers and unscrupulous business people in some unlicensed exchange offices.

 The reality is that this is going to exist until the value of the dinar is the same or more than the rate of the US dollar. And they know it at the Central Bank. 

They know this problem will instantly go away the moment they get a rate change...

 I think the Central bank is letting us know how close they are to the REER. (Real Effective Exchange Rate)

DINAR GURUS UPDATES @DINARREVALUATION

Iraq plans to build 52 advanced residential cities, 10 OCT

  Iraq plans to build 52 advanced residential cities

10/9/2024   Baghdad: Hussein Thaghab  

The “Real Estate Investment in Digital Transformation” Forum focused on the inevitability of adopting technology in the real estate sector and the benefits it brings to the country, at a time when nearly 200,000 housing units are being built and 52 residential cities are being planned.

The Prime Minister’s speech was read on behalf of the Digital Transformation Advisor, Dr. Hassan Al-Khatib, who said: “This forum enhances the reality of investment in Iraq and keeps pace with the development in digital transformation, which the government attaches special importance to due to its role in achieving sustainable economic development.”
He added that “the development of digital technologies will contain challenges and that cooperation with the private sector achieves the goals that the government aspires to, which will push the digital transformation process forward and enhance safe work paths in all sectors.”

He continued that “digital transformation has significant positive effects on the national economy, and Iraq is witnessing the construction of more than 200,000 housing units, which requires the introduction of advanced technology.”

He pointed out that "the country needs to introduce an infrastructure that accelerates the provision of services," noting that "the expansion in construction and the need for communications accelerates the achievement of digital transformation," warning of "the need for an infrastructure that is several times what is available, represented by the Internet, in a way that develops the Iraqi economy to large levels and helps in enhancing production and expanding services and contributes to doubling the annual gross domestic product periodically."

He stated that "the government has a plan to establish a digital academy to train thousands, even millions, of human resources to enable them to use and benefit from new technologies."

Chairman of the Baghdad Investment Commission Ali Al-Attar said: "Many housing projects have begun by introducing digital data, and this plan requires developing the
digital system."

He pointed out "the importance of developing digital performance, and we must work to prepare specialized human resources in this plan that aims to adopt technologies that are the most modern
in the world."

Representative of the Ministry of Construction and Housing, Hamid Abdul Hamad, stated that “residential cities are among the most important aspects of the government program,” noting that “the study of establishing 52 residential cities is ongoing, 5 of which have been put forward, and the cities’ specifications include that they be smart.”

He pointed out that “the city designs were not approved unless they included advanced technology and the adoption of advanced global companies in the field of
digitization.”

Executive Director of the Iraqi Private Banks Association, Ali Tariq, said that “digital transformation represents the most important direction for developing the economic reality in the country, as it rises to advanced and secure levels for money paths in Iraq.”

He pointed out that “rising to global performance requires advanced digital transactions, and here we must start from where the world ended and keep pace with the developments witnessed by the international work arena.”

He pointed out that “the balance of development during the coming period must be the most efficient, and this must be coupled with real work that comes with advanced technology and the necessary human resources.”

Financial expert Dr. Abdul Hafeez Abdul Latif described the government’s insistence on digital transformation as “the first step towards achieving sustainable economic development,” and explained that “the government’s approach represents an important step in the right direction that serves the country and reflects a bright image to
the world.”

He pointed out that "correcting paths and creating an ideal environment lies in the extent of adopting digital transformation within Iraq, and the banking system has become a supporter of developing the reality of performance in Iraq through the digital transformation sought by
the government."   LINK

MANY ARE CONFUSED ON WHAT THE DELETING ZEROS MEANS BY SKYWALKER, 10 OCT

 SkyWalker  

Removing or as Dr. Shabibi said cutting zeros, IMO is not a lop.

 Many are confused on what deleting zeros means.

 How did the inflationary zeros get on the dinar we hold?  

 The Saddam Swiss dinar was collected and swapped for the new dinar...

Deleting the zeros is simply repeating the process by collecting three zero notes back to the banks and swapping them with lower notes.

LATEST INSIGHTS OF MARKZ TODAY @DINARREVALUATION