Thursday, January 9, 2025
CBI Tower and Grand Faw Port Ranked Among World’s Top Mega Projects for 2025, 9 JAN
CBI Tower and Grand Faw Port Ranked Among World’s Top Mega Projects for 2025
Follow-up – INA
The British platform The B1M, renowned for its focus on the construction sector, has ranked two major Iraqi projects—the Central Bank Tower in Baghdad and the Grand Faw Port in Basra—among the world’s most significant mega-projects for 2025.
According to the B1M’s report, the Central Bank Tower secured the 11th position, while the Grand Faw Port claimed the 10th.
This ranking underscores Iraq’s impressive progress in the fields of architecture and infrastructure on the global stage.
The B1M is recognized as one of the leading channels specializing in the coverage of large-scale construction projects, technological innovations, and emerging trends such as sustainability and smart cities, offering in-depth insights into the ongoing transformations in the global infrastructure sector.
TIDBIT FROM FRANK26: "My denominations are all in 25k notes, would I be able to exchange those?" , 9 JAN
Frank26
Question: "My denominations are all in 25k notes, would I be able to exchange those?"
Yes you can exchange 25k notes. You can exchange all of the notes.
The only one you can't exchange is the one that has the picture of Saddam on it. Those are called Swiss notes. You don't want those. The other one too is the 50 Iraqi dinar. Those are null and void. They're gone. You can't use those.
Parliamentary Finance confirms to the World Bank the importance of the survival of infrastructures on the path of development in the hands of the government, 9 JAN
Baghdad / Nina / Chairman of the Parliamentary Finance Committee Atwan Al-Atwani discussed with the World Bank delegation headed by Jean-Christophe Carre, Regional Director for the Middle East, on Wednesday, supporting the project of rehabilitating railways and connecting railways from southern Iraq, passing through the north to Turkey, as part of the Development Road project.
A statement from the committee said: “Al-Atwani stressed during the meeting that the infrastructure of the development path will be in the hands of the government so that this important project that connects Iraq with the countries of the world is not subject to influences, and that the development road project is not just a crossing point, but we seek to be a gateway to activate various economic and commercial activities and develop infrastructure.”
Al-Atwani called on the World Bank delegation to “provide new narrations and ideas on achieving the optimal investment of this huge project, which is hoped to make Iraq an economic corridor linking Asia with Europe,” stressing the “need to accelerate the submission of the feasibility study related to the railway sector development plan within the development road project, and contribute to mobilizing international expertise and attracting the private sector to invest in it in the interest of the country, and looking forward to holding joint workshops and expanded meetings with the World Bank, to provide a full briefing on the details of the project and discuss its details to provide broad nemential support for this borrowing.”
For his part, the delegation stressed the readiness of the World Bank team to submit a feasibility study, project path and details by next February.
DINAR GURUS UPDATE, 9 JAN
DINAR GURUS UPDATE
- 💰 Frank 26 reports that Chase Bank is prepared to help with dinar exchanges when it “goes live.”
- 📉 Pimp expresses concerns over discussions suggesting the dinar may lose value against the U.S. dollar.
- 🏛️ Jeff notes that Iraq’s parliament has not convened since September 28, delaying critical legislation.
- 📈 A government advisor predicts unprecedented growth in Iraq’s non-oil GDP for 2024.
- 🏦 Banking experts stress the need to restore customer confidence to bring cash into the banking system.
- 📜 Mountain Goat emphasizes the urgency of legislating the oil and gas law for Iraq’s stability.
- 🏦 Frank confirms that most dinar notes can be exchanged, except for specific outdated ones.
Key Insights
🔍 Preparedness of Banking Institutions: The anecdote from Chase Bank highlights an emerging readiness among financial institutions to handle the dinar exchange. This suggests that banks recognize a potential shift in currency value and are preparing to accommodate customers. This proactive approach may lead to increased trust and participation among dinar holders in the banking system.
⚖️ Potential Currency Devaluation: Pimp’s concerns regarding the discussions about the dinar losing value against the U.S. dollar raise critical questions about the Iraqi economy’s health. Should these discussions materialize into reality, it could lead to a loss of confidence among investors and ordinary citizens in the dinar, ultimately stalling any potential economic recovery or growth.
📅 Legislative Stalemate: Jeff’s observation that parliament has not held sessions since late September indicates significant political stagnation. This delay in legislative processes, especially concerning critical economic laws, further complicates Iraq’s path to stability and growth. The lack of action could signal deeper issues within the political landscape that may need addressing before any economic reforms can take place.
📊 Growth Projections for Non-Oil GDP: The prediction of unprecedented growth rates in Iraq’s non-oil GDP for 2024 is a positive indicator for economic diversification. This could signal a shift from oil dependency, allowing the country to become more resilient to fluctuations in oil prices, thereby fostering a more stable economic environment conducive to investment.
💼 Importance of Banking Sector Confidence: The stress on restoring customer confidence in banks is crucial for getting excess cash back into the financial system. Increased deposits could provide banks with more liquidity, enabling them to offer loans and foster economic growth. This is particularly significant in a country where cash transactions often dominate.
📋 Urgency of Oil and Gas Law Legislation: Mountain Goat’s call for expedited action on the oil and gas law underscores the importance of this legislation in stabilizing Iraq’s economy. This law is not only a constitutional requirement but also necessary for ensuring equitable resource distribution and fostering investment in the sector.
💵 Exchange Readiness of Currency Notes: Frank’s clarification on the exchangeability of various dinar notes, except for certain outdated ones, provides essential information for investors. This detail can influence decisions for those holding dinars, guiding them on which notes to retain or exchange as the situation evolves.
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