MZ: We spend the first hour cutting up with Matt and Lucas and CBD Guru’s today...then the news.
MZ: Not a lot of news this morning….possibly because its Easter weekend. The bond side was very quiet overnight.
MZ: There are some very happy bond holders….and we are seeing movement. It is all positive.
MZ: I do have a group facilitator….one who is helping with the process, who is traveling this weekend (very unusual over Easter) to the Midwest. I am hoping this is indicative of timing.
Mark, do you think they’ve reached the 30% threshold on the bond movement? thanks
MZ: I do not think they have reached 30% yet….but we are really close to it.
Underwater progress: Second section of Grand Faw Tunnel successfully submerged
Shafaq News/ On Saturday, Iraq marked the completion of a key phase in the construction of the immersed tunnel at Grand Faw Port, a major infrastructure project underway in the southern province of Basra.
In an interview with Shafaq News, Farhan Al-Fartousi, director of the General Company for Ports of Iraq, confirmed that the second segment of the tunnel was successfully positioned beneath the Khor al-Zubair navigation channel.
The section was submerged to a depth of 23 meters, with 12 meters of water above it. Measuring 126 meters in length and weighing 45,000 tonnes, the segment is equipped with advanced balance and guidance systems that enabled accurate placement and alignment with the first segment previously installed.
With the second segment in place, the completed portion of the tunnel now extends 441 meters out of a planned total of 1,244 meters.
In February, the company reported that the project contractor had started installing flotation devices, GPS systems, and surveying towers on the first tunnel segment in preparation for its immersion. These tools were used to ensure precise alignment of the structure beneath the navigation channel.
Al-Fartousi noted that all technical aspects of the tunnel are under close supervision by the company’s engineering teams in coordination with an Italian consultancy. He emphasized the importance of precision in the planning and execution process, stating that “every calculation must be exact; there is no margin for error in a project of this scale and complexity.”
The immersed tunnel forms part of the strategic Grand Faw Port project. Once completed, it will link the Faw Peninsula with the Umm Qasr area through an underwater route. The company expects construction of the tunnel to be finalized by the end of this year.
Al-Nasiri confirms the Central Bank's methodology for banking reform and development that contributes to accelerating Iraq’s accession to the World Trade Organization
Samir Al-Nassiri, the economic and banking advisor, during his participation in the specialized workshop held by the Ministry of Commerce to discuss the organization of Iraq to the World Trade Organization,
stressed the role of the banking sector in contributing to accelerating the organization and the important role of the financial and banking sector in it and referred to the investigator in 2023 and 2024 of the procedures Carried out by the central bank in cooperation with the government mainly with regard to regulating foreign trade financing and the electronic platform Direct between banks and global correspondent banks
(ending the currency auction Dec 31,2024) based on the approved reform and development methodology, official data and monetary policy indicators for 2024 and planned for 2025 and 2026 in cooperation with international consulting firms specialized in this field and compliance with financial globalization and standard international standards adopted in member countries of the World Trade Organization.
Al-Nasiri explained about the most prominent axes of the banking reform project launched by the Central Bank this month in the presence and participation of the Prime Minister.
He drew attention to the war of the customs duties launched by the American administration and its effects in the medium and long term on the principles of standardization of fees. (Non oil revenues)
KMC for the member states of the organization, and what are the means of confrontation that will be adopted by the World Trade Organization and the Alkat Organization for the regulation of customs duties at the international level.
The workshop was held in the presence of the members of the governmental national committee concerned with the organization, in which Iraq currently occupies the status of observer with 21 other countries with 166 countries with full membership. In addition to the presence of representatives of the relevant ministries, the private sector and unions.
Omani minister hails Iraq’s Grand al-Faw Port: gateway to development
Shafaq News/ Omani Minister of Transport, Communications and Information Technology, Said bin Hamoud al-Maawali, on Friday, described Iraq’s Grand al-Faw Port as a “gateway to the region for the Development Road,” following a high-level visit to the southern megaproject.
Accompanied by his Iraqi counterpart, Transport Minister Razzaq Muhaibis al-Saadawi, the Omani official led a delegation to review progress on one of Iraq’s most ambitious infrastructure projects.
In a joint press conference, al-Saadawi said the Omani delegation was “greatly impressed” by the level of completion
achieved in several key areas of the port project, calling it “a major milestone for Iraq and the wider region, and a transformative step for trade and economic growth.”
Al-Maawali considered the Grand al-Faw Port “a gateway to regional development,” noting parallels with similar projects in Oman. “We have examined the components of this vast initiative in detail,” he said. “We affirm our desire to pursue an ambitious beginning and a meaningful partnership with Iraq.”
The Grand al-Faw Port is central to Iraq’s Development Road plan, which envisions a major transport corridor linking the Gulf to Europe through Iraq and Turkiye via a network of highways and railways, integrated with industrial and logistics hubs.
Article quote: “For the last three years Iraq has enjoyed relative stability, good oil prices and a growing economy. For those who invested in the Iraqi stock market, returns of over 100% are common and GDP in 2025 is estimated to be up to 5%.”
This comes from the IBBC at their recent meeting. As you can see, Iraq is doing quite well and life is moving forward for the Iraqi’s. They are doing all of this with a REER of 1300 which has been stable for three years.
