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January 30, 2016

Iraq will cooperate with any production-cutting decisions -oil minister

BAGHDAD - Iraq's oil minister said on Saturday his country was ready to accept a decision by OPEC and non-OPEC members to cut crude production.


"Iraq will agree and cooperate if producers really want to cooperate to cut," Adel Abdul Mahdi told reporters in Baghdad.

He said that Iraq's southern oil exports through Jan. 24 averaged 3.324 million barrels per day (bpd), with production at about 3.7 million bpd.

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Jan 18 2016

Saudi Arabia and  Mexico sign 9 cooperation pacts

Riyadh -- Saudi Arabia and Mexico signed nine agreements, memoranda of understanding and technical cooperation programs in the presence of Custodian of the Two Holy Mosques King Salman and Mexican President Enrique Pena Nieto here on Sunday.

A memorandum of understanding for cooperation in the field of tourism was co-signed by Prince Sultan bin Salman, President of Saudi Commission for Tourism and National Heritage, and Mexican Secretary of Foreign Relations Claudia Ruiz Massieu.


A security cooperation agreement to fight transnational organized crime in the two countries was co-signed by Deputy Crown Prince Muhammad bin Salman, Second Deputy Premier and Minister of Defense, and Mexican Secretary of Foreign Relations Claudia Ruiz Massieu.

A memorandum of understanding in the energy sector between the two countries was co-signed by Minister of Petroleum and Mineral Resources Ali Al-Naimi and Mexican Secretary of Energy Pedro Joaquin Coldwell.

An agreement to avoid double taxation and prevent tax evasion was co-signed by Minister of Finance Ibrahim Al-Assaf and Mexican Secretary of Foreign Relations Claudia Ruiz Massieu.

A memorandum of understanding between the Saudi Fund for Development and the Mexican National Bank for Foreign Trade was co-signed by Minister of Finance Ibrahim Al-Assaf and Director General of the External Commercial Bank Alejandro Diaz.

A technical cooperation program in the field of specifications, standards, quality was co-signed by Minister of Commerce and Industry Tawfiq Al-Rabiah and Mexican Secretary of Economy Ildefonso Guajardo Villarreal.

General agreements in economic, trade, investment, educational, scientific, technical, youth and sports fields were co-signed by Minister of Foreign Affairs Adel Al-Jubeir and Mexican Secretary of Foreign Relations Claudia Ruiz Massieu.

A memorandum of cooperation in the field of higher education and scientific research was co-signed by Minister of Education Dr. Ahmed Al-Issa and Mexican Secretary of Public Education Aurelio Nuno.

Air Services Agreement between the two countries was co-signed President of the General Authority of Civil Aviation Sulaiman Al-Hamdan and Mexican Secretary of Communications and Transport Gerardo Ruiz.
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Watch: Russian Airstrike Video Shows ISIS Fighters Run Scared — Only 34 ISIS Bases Left, Reports Claim


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[size=32]Sharm el-Sheikh Flights Cancelled At Last Minute By Egyptian Authorities

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Egyptian authorities have cancelled flights from Sharm el-Sheikh at the last minute. Some passengers had gone through security before they found out they would not be going home. The call comes as authorities continue to debate over why a Russian flight blew up earlier this week.

British authorities believe that terrorists were to blame, as Russia says the black box shows there was an explosion on the plane. ISIS claims that it blew up the plane, although there are some doubting the terrorist group, claiming it is just trying to spark fear.
Photo by David Degner/Getty Images
Flights were expected to return to normal today, after cancellations on Thursday. However, EasyJet, one of the British companies that offers flights in Sharm el-Sheikh, says that only two of its 10 expected flights will go ahead. The company has not been able to give any other details, but says that Egyptian authorities made the call. Passengers are understandably angry, as they are stuck in their holiday destination with no time scale for when they will return home.

According to The Independent, British Prime Minister David Cameron believes that the Russian plane this week was “brought down by a bomb.” British intelligence shows that terrorists were already plotting with ISIS in the area, and now the British companies are on high alert. They need to put their passengers first, even if it means cancelling more flights in and out of Sharm el-Sheikh. Some passengers were not expected to travel until next week but had chosen to cut their holiday short due to the Russian plane crash. West London resident Lauryn Mudzimu says that many people who were supposed to fly home on November 14, the same date as she, have decided to head to the airport now.

This is affecting businesses in Sharm el-Sheikh, businesses that rely heavily on tourism. Too many tourists are panicking and leaving early, meaning that the businesses are now struggling. This is one of the most popular times for British tourists as the weather is much warmer than in their native countries.

Flight cancellations started yesterday. CNN reported that flights would resume on Friday, and that was expected until this morning. The decision was made that carry-on luggage would only be allowed to help with security measures, and the rest of passengers’ luggage would be sent back home separately. There was no statement to say how or when the luggage would return.
Photo by David Degner/Getty Images
The United States also confirms that it was likely a bomb that blew up the Russian plane. US intelligence suggests that the bomb was placed on the plane before takeoff. It is possible that someone inside Sharm el-Sheikh airport was involved, but Egyptian officials disagree with this. An investigation committee has been launched, and there is no evidence to support these claims. The claims are not helping with the state of panic in the tourist resort.

Not all flights from Sharm el-Sheikh will be cancelled today. There will be a restricted number, but that does not make it easier for passengers. EasyJet believes that the decision is “political” more than for a security reason. All passengers really want to know is why they have been stranded in an airport, and whether the rumor of a standoff between the British and Egyptian governments is to blame. British Airways so far believes that none of its flights have been affected, but that could change in due course. Passengers are recommended to check with their airlines to find out if their flights will still go ahead to avoid the hassle at the airport. It is unclear when Sharm el-Sheikh airport will return to normality, and whether a resolution will be gained between the two debating governments.
[Featured photo by [url=http://www.gettyimages.co.uk/photos/sharm-el-sheikh?agreementtypes=ed&phrase=sharm el-sheikh&sort=best&excludenudity=true]David Degner/Getty Images[/url]]
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November 2, 2015

Al-Abadi: Iraq to remove all obstacles of foreign investment

Iraqi Prime Minister Haidar al-Abadi said that he intends to remove all obstacles in the way of foreign investment, adding that Baghdad is hundred percent secure.

He made the remarks in inauguration ceremony for the 42nd Baghdad International Exhibition, which Iranians with 36 companies had strong participation there.

The exhibition was inaugurated on Sunday in the presence of premier al-Abadi, a number of senior officials as well as foreign representatives in Baghdad.

Al-Abadi underlined in opening ceremony that Iraq is moving towards free market economy and intends firmly to remove all obstacles in the way of investment.

He said that capital, Baghdad, is hundred percent secure against terrorism and foreign companies can invest in different sectors.

In the 42nd Baghdad International Exhibition 590 foreign, Arab and Iraqi companies from 22 countries have participated, which is rarely precedented in comparison with past years.

[size=18]The exhibition will last until November 10, 2015.

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Iraq's GDP shrank by 6.7 pct in first quarter - bond prospectus





DUBAI, Sept 9 ( [You must be registered and logged in to see this link.] ) - Iraq's economic activity shrank by 6.7 percent in the first quarter compared to the same period last year, according to the prospectus for a sovereign international bond issue.

The figure for 2015 excludes most economic activity for areas in the north and west, which have been occupied by Islamic State militants for more than a year. The figure for 2014 includes those regions' activity.

(Reporting by David French; Writing by Stephen Kalin; Editing by Louise Ireland) ((stephen.kalin@thomsonreuters.com; +961 81639179; [You must be registered and logged in to see this link.] Messaging: [You must be registered and logged in to see this link.]))



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Iraq's Abadi orders commanders to face trial over Ramadi withdrawal

Iraq to endorse new investment law next week



By Majida Mohsen [You must be [You must be registered and logged in to see this link.] and [You must be registered and logged in to see this link.] to see this image.] Photo Credit:REUTERS/Thaier Al-Sudani  

[i]The legislation has been seen as a positive move towards raising the country's attractiveness among foreign investors. [/i]


Iraq's parliament is expected to endorse in the coming week the new investment law in the hope of supporting the private sector, attracting more foreign investments, as well as ending corruption and red tape.


The new law will include amendments to Law No. 2 of 2010, which amended Law No. 13 of 2006. The move comes as thousands of Iraqis took to the streets over the past days demanding political and economic reforms in the country.

"The old law was not enough and it did not handle problems that the investment sector is facing in Iraq," said MP Najeeba Najeeb, member of the Parliamentary Finance Committee. "We held a number of meetings and conferences with local and foreign experts, and we have arrived at a conclusion that new legal amendments should be made."

Najeeb pointed out that the old investment law provided more power to the central government, while also setting obstacles for foreign investors to acquire land in the country.

"The amendments will decentralize the decision-making authority and streamline procedures so as to allow investors to acquire lands within 15 days," she added.

Shaker Al Zameli, head of the Baghdad Investment Commission, said the previous legislation was not entirely repressive, as it gave investors the right to obtain project permits within 45 days and offered a three-year tax exemption. However, he admitted that administrative corruption and bureaucracy have hindered the law's implementation.

"Amendments in the new law are a step in the right direction, especially since these will give investors the right to refer to international arbitration if necessary. The old law lacked this provision," Al Zameli said.

He also revealed that the number of investment projects in Iraq since 2010 reached 320, valued at about USD 15 billion.

MP Mithaq Al Hamidi, another member of the Parliamentary Finance Committee, said the existing law contains several impediments to attracting investments. She welcomed the new law's endorsement next week, "along with other political and legislative reforms".

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Feeling the heat, Iraq declares Thursday a holiday


BAGHDAD, July 15 (Reuters) - Iraq's government has declared Thursday an official holiday because of a heatwave.

A cabinet statement said several provinces had reported temperatures above 50 degrees Celsius (122 Fahrenheit), particularly gruelling for people who are not eating or drinking during long daylight hours in the Muslim holy month of Ramadan.

The announcement effectively brings forward a public holiday at the end of Ramadan. The Eid al-Fitr holiday is due to start by Saturday, and Friday is the weekend in Iraq.

(Reporting by Saif Hameed; Editing by Louise Ireland) ((Saif.Hameed@thomsonreuters.com;))
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