With the participation of 40 companies and a thousand merchants, Sulaymaniyah hosts the third edition of “Made in Iraq”.

The third edition of the “Made in Iraq” exhibition is scheduled to launch in Sulaymaniyah Governorate tomorrow, Wednesday, December 3, and will continue for four days.

According to information obtained by Shafaq News Agency, “The exhibition will witness the participation of forty major companies from the Kurdistan Region, in addition to the presence of approximately one thousand traders and investors from various Iraqi governorates.”

Aram Baban, a member of the Sulaimaniyah Chamber of Commerce and Industry, stated during a press conference attended by Shafaq News Agency that “the aim of organizing this event is to highlight Iraqi industrial products, grant commercial agencies to those wishing to invest and deal with local industries, in addition to providing an important opportunity to promote Iraqi products and open the way for granting investment licenses in industrial projects within the country.”

He stressed that “the exhibition has become a platform that contributes annually to supporting the national industry and enhancing the presence of Iraqi products in the markets.”

Shafaq.com

Six names are competing for the position of Speaker of the Iraqi Parliament.

An informed source in the National Political Council, which includes the Sunni political forces that won the elections, revealed on Tuesday the names nominated for the presidency of the House of Representatives in its new session.

The source told Shafaq News Agency that “the meeting of the National Political Council forces, which includes Sunni components and is scheduled to be held next Thursday, will discuss a list of names of candidates for the presidency of Parliament and the matching of the candidate’s biography with the controls set by the Council in choosing the new Speaker of Parliament.”

He added that “the list of candidates for the position includes the leader of the Progress Party, Mohammed al-Halbousi, former Minister of Education Mohammed Tamim, Minister of Defense Thabit Mohammed al-Abbasi, and the leader of the Azm Alliance, Muthanna al-Samarrai, in addition to Salem al-Issawi and Mahmoud al-Qaisi.”

The source indicated that “the requirements for the position of Speaker of Parliament have been set at 25 points,” explaining that “another session will be held after Thursday’s meeting to finalize the nomination of a suitable candidate for the new Speaker of Parliament.”

A political source previously revealed to Shafaq News Agency that the National Political Council, which unites the Sunni forces that won the recent parliamentary elections, intends to hold its first meeting next Thursday to discuss the distribution of positions among the council’s blocs and parties.

It is worth noting that the spokesman for the Sovereignty Alliance, Mohammed Abbas, revealed to Shafaq News Agency last Saturday that there are some secret names being discussed behind the scenes as candidates for the presidency of the Iraqi Parliament.

Last Sunday, the Sunni alliances and parties that won the elections announced the establishment of the “National Political Council” during an expanded meeting held at the initiative and invitation of the head of the Sovereignty Alliance, Khamis al-Khanjar, in Baghdad, with the aim of unifying visions and positions on major national issues and strengthening joint action between political leaders and blocs, according to a statement issued at the time.

According to the final election results, Sunni forces won 77 seats, making the reshaping of alliances a crucial factor in the negotiations to form the next government.

Shafaq.com

ExxonMobil is negotiating with Baghdad to inherit Lukoil’s stake.

ExxonMobil has approached Iraq’s oil ministry to express its interest in buying the majority stake held by Russia’s Lukoil in the giant West Qurna-2 oil field, according to five sources familiar with the matter who spoke to Reuters.

According to a Reuters report, Lukoil is trying to sell its international assets after the United States imposed sanctions on the company, adding that ExxonMobil’s move would be a major expansion of the leading American company’s return to Iraq, at a time when Moscow is trying to liquidate key energy assets.

He noted that Exxon declined to comment, while Lukoil did not respond to questions, explaining that the US Treasury Department has authorized potential buyers to speak to Lukoil until December 13, but that these buyers will need to obtain approval for specific deals.

The report stated that banking sources estimate the market value of the West Qurna-2 field at approximately $1.6 billion, based on its production and reserves exceeding 8 billion barrels.

The report noted that Lukoil’s largest overseas asset is its 75% operating stake in the West Qurna-2 oil field, one of the world’s largest oil fields, which produces about 470,000 barrels per day, representing about 0.5% of global oil supplies and 9% of total production in Iraq, the second largest producer in OPEC after Saudi Arabia.

He noted that Exxon had long operated the adjacent West Qurna-1 project before withdrawing last year, explaining that the American company signed a non-binding agreement with Iraq last October to help it develop the giant Majnoon oil field and expand oil exports.

The report quoted a senior Iraqi oil official as saying that “Exxon is our preferred choice to take over instead of Lukoil,” adding that the company “has the capability and experience to manage a large and complex field like West Qurna-2.”

On Monday, the Iraqi Oil Ministry invited several American oil companies to enter into negotiations regarding control of the West Qurna-2 oil field, and to seek to transfer the operation of the field to one of the companies through competitive bids.

It is worth noting that the Russian company Lukoil declared force majeure at the West Qurna-2 field on November 19th, after its operations were disrupted due to Western sanctions imposed on it, as it sent an official letter to the Iraqi Ministry of Oil stating that there were force majeure circumstances preventing it from continuing operations.

The West Qurna 2 field is one of the huge oil fields in southern Iraq. It was discovered in 1973, and its operating agreement includes the Russian company Lukoil with a 75% stake and the Iraqi South Oil Company. The field forms a key pillar of the Iraqi economy through its contribution to increasing oil production.

Shafaq.com

Rafidain Bank: Granted approximately 55 billion dinars to the “Riyada” initiative through 41 installments

Rafidain Bank announced on Tuesday that it has granted approximately 55 billion dinars to the “Riyada” initiative through 41 installments. A statement from the bank indicated that “the forty-first installment of the Riyada and Excellence Initiative to support small and medium enterprises has been released with a total amount of 1 billion Iraqi dinars and 82 entries.”

The statement added that “this payment comes as a continuation of efforts to finance entrepreneurs and youth within the Central Bank of Iraq’s initiative.”

He also pointed out that “the number of funded restrictions reached 4205 restrictions and the total value of the amounts granted so far amounted to 54,941,000,000 dinars, which reflects the bank’s commitment to supporting entrepreneurial projects that contribute to building the national economy.”

Burathanews.com

International bids for the Development Road project

The Ministry of Transport is preparing to open international tenders for the Development Road project at the end of this December, in a move that is considered the most prominent since its launch, signaling its official transition to the field implementation phase after the completion of most of the engineering and detailed designs.

The ministry’s media office director, Maitham Al-Safi, told Al-Sabah: “The ministry has made remarkable progress in completing the designs, which paves the way for contracting with specialized international companies that will undertake the implementation of the work packages, which include the highway, railways, industrial and logistics zones.”

He added that the Development Road project is one of the most important strategic projects that the government is relying on to transform Iraq into a logistical and commercial hub linking the Gulf to Turkey and then Europe, indicating that the length of the project extends for approximately 1,200 kilometers from the Grand Faw Port in Basra to the Iraqi-Turkish border.

He noted that a large proportion of the detailed designs for the highway and railway network were completed in cooperation with international consulting firms, and include bridges, stations, logistics corridors and supporting infrastructure, in addition to the continued completion of soil studies in a number of sections along the route.

Al-Safi noted that the project will enter its large-scale implementation phase at the beginning of next year, following the tendering process for international companies in separate packages covering road works, railways, and industrial zones. He explained that the completion of the first 62-kilometer section linking the ports of Faw and Umm Qasr represents the first concrete step in the comprehensive project.

Al-Safi explained that the development route is expected to contribute to providing thousands of job opportunities and revitalizing the transport, construction and logistics sectors, as well as attracting international investments to the industrial zones planned to be established along the route.

He added that the project is managed by an independent company to ensure its continuity and protect it from administrative changes, as it is a pivotal economic project that restores Iraq’s geographical role as a vital transit hub between Asia and Europe, and redraws trade routes in the region.

Alsabaah.iq

Financial fraud weakens citizens’ trust in banks.

Cases of online financial fraud are on the rise in the country, with citizens being targeted by fake calls and links that trick them into transferring their money to fraudulent accounts. This is what happened to Ayman, an employee at a private company, who lost 1.6 million dinars in minutes. Money exchange office owners in Baghdad confirmed that a lack of security awareness and citizens’ impatience make them easy prey for fraudsters who quickly transfer funds to multiple accounts. Dr. Ammar Al-Ithawi, a professor of cybersecurity at Al-Nahrain University, explained that these crimes rely more on psychological manipulation than technical vulnerabilities, noting that fraudsters use fake links or impersonate government officials to convince victims to transfer money.

Regarding funds, Alaa Al-Fahd, a member of the Central Bank’s media office, explained that the bank has strengthened its electronic security systems, issued alerts to banks, and participated in awareness campaigns and the pursuit of suspicious websites, emphasizing that recovering funds is only possible with very early reporting. Legal expert Mohammed Jumaa points out that outdated legislation does not cover modern cybercrimes, calling for updating laws to keep pace with developments. Economic expert Mustafa Al-Faraj affirms that the persistence of electronic financial fraud harms confidence in the banking system and hinders the transition to a digital economy.

Alsabaah.iq

Bitcoin falls below $86,000 amid investor reluctance

Cryptocurrencies saw a sharp decline on Monday, reviving a widespread sell-off that appeared to have subsided in previous days.

Bitcoin fell as much as 6% to below $86,000 during early Asian trading, while Ether dropped more than 7% to below $2,800, and Solana recorded a 7.8% decline.

This decline comes after a weeks-long sell-off that began when nearly $19 billion in debt-funded bets were liquidated in early October, days after Bitcoin hit a record high of $126,251.

The easing of selling pressure last week allowed the cryptocurrency to recover some of its gains, rising above $90,000 before falling back again.

Shafaq.com

US Deputy Secretary of State arrives in Baghdad

U.S. Deputy Assistant Secretary of State for Resource Management Michael Regas arrived in the Iraqi capital on a visit aimed at strengthening the partnership between Baghdad and Washington and supporting joint efforts to promote sovereignty, stability and prosperity in the country.

At Baghdad International Airport, Rigas was received by the Chargé d’Affaires of the US Embassy in Iraq, Joshua Harris, according to a post by the embassy on the X platform.

According to the blog post, this visit strengthens relations between the United States and Iraq by engaging with leaders and local communities to support shared goals related to achieving sovereignty and prosperity.

An official statement from the US State Department, translated by Shafaq News Agency, on November 25, confirmed that Regas would hold a series of meetings with senior Iraqi officials to discuss political, economic and security cooperation files, in addition to reviewing the work of US diplomatic facilities in Iraq.

According to the statement, Rigas will also participate in the opening of the new US Consulate General in Erbil, in steps that, according to Washington, confirm its long-term commitment to supporting Iraq and the US partnership with the Kurdistan Region.

Shafaq.com

IMF figures expose the hidden truth

IMF figures reveal the truth: A privileged minority controls the lion’s share of Iraq’s budget.
An Iraqi economist says that 20% of employees take 40% of the funds allocated for salaries, and that these go to the salaries of presidents and senior officials, both current and retired, while the salaries of all segments of the population are included in the remaining percentage of the budget, in its investment and operational aspects, attributing this to the International Monetary Fund.

Expert Duraid Al-Anzi adds in a media interview that all salaries are delayed except for the salaries of parliamentarians and the three presidencies, and the retirement salary of the presidents of the republic is not delayed, as are the retirement salaries of parliamentarians, and these expenses cannot be covered under any government, according to him.

So how does this happen? That is, millions of ordinary Iraqi employees and retirees have small salaries within the remaining 60% of the budget, of which 40% goes to salaries for a small number of officials and parliamentarians?

The point raised regarding the distribution of salaries of employees and officials in the Iraqi budget, as stated by the economic expert, quoting the International Monetary Fund, is a fundamental and worrying issue, and summarizes one of the structural problems in the management of public finances in Iraq; the difference here lies between the “numbers” and the “rates of salaries and allowances.”

The discrepancy observed between the small percentages of salaries for millions of ordinary employees and retirees and the enormous sums for a small number of officials and parliamentarians can be explained by an analysis of the expert’s statements and other relevant reports.

With reference to the salaries of senior officials (20%) for employees in Iraqi state departments, if we calculate their salaries and allowances, and they are the category associated with the three presidencies for the year 2024, for example, with a budget of $155 billion, it becomes clear to us the huge size of the large expenditure on those salaries, meaning that 40 percent amounts to $62 billion, of the size of the budget that was approved by the House of Representatives within the three-year budget.

Because of the enormity of the figures, some observers say there may be confusion or discrepancies in the reported figures, referring to what the research results show: that a small group of employees controls a huge amount.

But experts say that this huge amount (for 20% of officials, amounting to $62 billion of the budget) for a small group is due to the fact that the exorbitant salaries and allowances of senior officials and special grades (presidents, ministers, parliamentarians, undersecretaries, directors-general), advisors, and those of their predecessors among retired officials, are very high, and include huge financial allowances, bonuses, and very generous retirement rewards.

The number of deputy ministers, directors general, those in similar positions, and advisors is very large in Iraq compared to other countries, which increases the amount of money allocated to this category.

The latest economic reports and analyses of the Iraqi three-year budget (2023-2025) show the structural challenge related to the mass of salaries and allowances, which explains the disparity in spending ratios on employees and officials.

Salaries and allowances (including the salaries of Kurdistan Region employees) represent about 54% of the total planned federal budget.

According to some figures, this percentage increases, as estimates indicate that total salaries constitute between 65% and 67% of the state’s total actual spending. However, the salaries of employees in the Kurdistan Region, for example, are usually cut, and the distribution of their salaries and the salaries of other categories is irregular, while the salaries of officials continue as usual.

That percentage goes to millions of people, as the huge numbers of employees (who constitute the largest percentage of state employees) consume this percentage of the budget, even though their individual salaries may be modest compared to the salaries of the higher ranks.

Economic analysis focuses on the point that the salaries of millions of ordinary employees (despite their low individual salaries) constitute a large financial mass due to their large numbers.

The salaries and allowances of a small number of senior officials also constitute a huge financial bloc due to the astronomical rise in their individual salaries and retirement benefits.

But it is inequality that raises controversy regarding fairness in the distribution of wealth and the management of public funds, and is often cited as an example of the depletion of operating expenses and the concentration of spending on salaries and senior positions at the expense of development projects and services.

The financial percentages mentioned by expert Duraid Al-Anzi (40% for officials and parliamentarians) reveal a severe structural imbalance in the wage system, even if these percentages represent previous estimates or figures.

Officials and parliamentarians (a small number of the population) control 40% of the budget (or a large portion of salaries). This includes exorbitant salary and retirement benefits, and the salaries, allowances, and privileges of special grades (the three presidencies, ministers, parliamentarians, and undersecretaries), which are exceptionally high. The salary of one individual in this category is equivalent to the salary of tens or hundreds of ordinary employees, allowing a limited number of individuals to consume a very large share of the budget.

Ordinary employees (millions of people) have their share of what remains (and even if we assume that it is the largest part of the payroll at 60%), the explanation is that ordinary employees consume a large share due to numerical inflation (job redundancy), while officials consume a large share due to inflation in the individual value of salary and allowances (fictitious salaries).

This also explains expert Al-Anzi’s comment that “the salaries of parliamentarians and the three presidencies” are not delayed, because they represent financial obligations of the highest priority and are authorized to the highest allocations by decisions made by officials for themselves.

Shafaq.com

The Electoral Commission announces the date for sending the election results to the Federal Court.

The Independent High Electoral Commission announced on Monday that it had completed all procedures for appeals against the election results and sent them to the judicial body. It also set a date for sending the results to the Federal Court. The head of the commission’s media team, Imad Jamil, stated in a statement to the official agency that “sending the complete election results to the Federal Court for ratification will take place after the judicial body has finished considering all the appeals.”

Jamil explained that “the Commission has completed all appeals and submitted its recommendations regarding them,” indicating that “the work is now with the judicial body, which cannot be restricted to a specific period of ten days, as some appeals include technical or legal procedures that require them to be returned to the Commission for clarification or to complete the required technical procedures.”

He added that “the judicial body will be bound by the legal period of ten days, after receiving the last appeal from the commission and completing the procedures related to it.”

He also pointed out that “the judicial body is continuing to perform its work, and that a group of appeals that reached the commission have had the recommendations of the Board of Commissioners approved regarding their response.”

Burathanews.com