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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Kuwait-Iraq Economic Ties On Revival Course

    Neno
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    Kuwait-Iraq Economic Ties On Revival Course - Page 2 Empty Kuwait-Iraq Economic Ties On Revival Course

    Post by Neno Fri 05 Apr 2013, 2:24 pm

    First topic message reminder :

    wayoutnow sent this to me, we thought you all might like it as we thought that that that flight sealed the lifting of VII. Probably email it to all too... ;)


    Kuwait-Iraq Economic Ties On Revival Course


    Cos Eye Expansion


    KUWAIT CITY, April 4

    A landmark flight from Iraq that
    touched down in late February at Kuwait International Airport looks set
    to usher in a new era of stronger economic ties between the two Gulf
    neighbours. The resumption of direct air-travel between the countries,
    which is building on a steadily rising flow of traffic from Kuwait to
    Baghdad, spells good news for business leaders.

    The arrival of
    the Iraqi Airways Airbus 320 in Kuwait on Feb 27 signalled the
    resumption of regular air links between the two countries after a break
    of more than two decades dating back to the 1990-91 Gulf War.Relations, which have warmed considerably over the past year, moved up a
    level in January when the Kuwaiti Parliament agreed to a compensation
    payment of KD 142m ($498m) from Iraq for damage and losses incurred by
    its national carrier
    Kuwait Airways
    during the invasion and occupation.

    Kuwait initially sought up
    to KD 340m ($1.2bn) to cover the loss of 10 aircraft and ground-based
    equipment in a reparation claim that dragged on long after a number of
    other disputes dating back to the Saddam Hussein-era had been settled.
    Its willingness to accept a lower figure is seen by many as an
    indication that Kuwait is keen to open up to Iraq and explore new
    business links with its neighbour.

    In a reciprocal move,
    Kuwait Airways
    has indicated it is considering resuming flights to Iraq. The airline
    plans to add to its fleet ahead of a proposed partial privatisation by
    buying or leasing up to 21 new aircraft over the next two years, which
    will enable it to serve a number of new routes.

    Similar
    expansion plans are also planned for a number of other firms, including
    telecommunications giant Zain and finance house National Bank of Kuwait
    (NBK), which are both well established in the Iraqi market through their
    local majority-owned subsidiaries.
    Zain Iraq plans to launch an initial public offering (IPO) on the Iraq
    Stock Exchange (ISE), which will see the parent company sell-off 25% of
    its 76% stake in the Iraqi operation. The sale forms part of the
    conditions of Zain's licence agreement, although the Kuwaiti firm will
    retain a controlling interest in the mobile phone service provider,
    which made a profit of KD 104.9m ($368m) last year. Some of the proceeds
    from the IPO are expected to be used to expand Zain Iraq's operations,
    which could include obtaining more bandwidth for 3G services.

    The
    IPO, which local media reports have said will likely be concluded by
    the middle of this year, should attract plenty of interest, with
    observers expecting it to net Zain significantly more than the partial
    float of its rival, Asiacell, in February. That IPO was the largest in
    Iraq to date and raised $1.27bn.

    NBK is also boosting its
    operations in Iraq through its subsidiary, the Credit Bank of Iraq. In a
    move seen as key for the expansion of the Iraqi stock market, Credit
    Bank was given authorisation in January to act as a custodian bank,
    permitting it to manage settlements, receive or deliver securities
    purchased or sold and report on clients' marketable securities and
    funds.

    NBK, which holds an 80% stake in Credit Bank and is acting
    as advisor to Zain, will be well placed to take advantage of the
    expected rise in activity on the ISE, which is likely to be fuelled, in
    part, by the mobile phone IPOs.






    Independent oil producer Kuwait Energy is also actively participating in
    the Iraqi economy, most recently by laying the ground work to develop a
    number of blocks in the south of the country. In a recent interview
    with news agency Reuters, the company's CEO, Sara Akbar, said
    maintaining close ties with the central government in Baghdad was key to
    the firm's operations.

    "From the beginning, our ambition was to
    be able to develop gas in Iraq and to export some of that gas to
    Kuwait," she said. Akbar added that closer economic ties between Kuwait
    and Iraq, including plans to open up a gas field close to the border
    with Kuwait, made sound business sense, saying, "From an economic point
    of view, it's a very logical project that will tie the two countries
    together."

    Even though continued unrest in Iraq still gives cause
    for concern, the outlook for the country appears promising, with the
    IMF forecasting economic growth of 14.7% this year, up from 10.2% in
    2012. Kuwaiti businesses will be aware that its neighbour's ongoing
    development, together with improved bilateral relations, puts them in a
    favourable position as Iraq edges towards greater participation in the
    regional and international market.





    ©️ Arab Times 2013



    http://www.zawya.com/story/ZAWYA20130405052521/
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    Kuwait-Iraq Economic Ties On Revival Course - Page 2 Empty Re: Kuwait-Iraq Economic Ties On Revival Course

    Post by ron-man Sat 06 Apr 2013, 2:08 pm

    Thank you Randy.

      Current date/time is Thu 28 Mar 2024, 8:05 am