Samson: Kurdistan suspends official working hours next Tuesday
8th August, 2021
Today, Sunday, the Kurdistan Region announced the suspension of official working hours next Wednesday, on the occasion of the Islamic New Year, corresponding to the first of the month of Muharram.
A statement by the Department of Information and Information in the Kurdistan Regional Government, and (Al-Oula News) received a copy of it, stated that “the official working hours will be suspended after tomorrow, Tuesday, on the occasion of the Islamic New Year, corresponding to the first of the month of Muharram.”
The statement added that “Tuesday, the tenth of August, is an official holiday in government departments and institutions in the region on the occasion of the Islamic New Year.” INK
Don961: Because of its importance in financing development projects, the State
Council called for the speedy amendment of economic laws
Saturday 07 August 2021 Baghdad: Mustafa Al-Hashemi
Iraqi banks, both governmental and private, play a major role in the economic process, especially attracting investments and financing development projects, which the country needs at the current stage and sustainable development projects. Laws or amendments, proposed by the Central Bank and private banks, regarding some articles of the Banking Law No. 94 of 2004.
In this regard, he spoke to “Al-Sabah”, banking expert Samir Al-Nusairi, saying: “The economic process in Iraq depends on axes represented by the investment law, the Companies Law No. 21 of 1997 and its amendments, the Banking Law, and the law of the Iraqi market for securities, which should be amended, as well as On developing the banking sector and liberating it from some restrictions in order to successfully attract investments and improve opportunities for financing development projects.
Al-Nusairi added that “the Central Bank began amending Article 28 and a number of other articles of the Banking Law years ago and sent it through official channels, until it reached the State Council, and it has not been approved yet, despite the passage of more than 4 years on that.”
He stressed that “banks have an important role in granting loans and banking facilities and issuing letters of guarantee to investors, but they are prohibited from direct investment in projects due to the aforementioned restrictions.”
Al-Nusairi believed that “the State Council should expedite the consideration of the important amendments submitted by the Central Bank, especially as they enhance the reality of the banks’ work, and develop their performance in line with the need of the current stage, which the country is going through, to support legislation aimed at advancing the economic reality.”
For his part, the economic affairs specialist, Muhammad Ali Al-Rubaie, called on the State Council not to “delay the review of laws, especially economic ones, because they contribute to improving the country’s economic reality and achieving part of the welfare of citizens, by attracting investments that create enough job opportunities for all the unemployed.”
In an interview with Al-Sabah, Al-Rubaie indicated that “the country needs to bypass bureaucracy and expedite the review of legislation experts, in economic laws, and investment ones in particular, because Iraq is a land full of diverse investment opportunities, which if supported by legal legislation quickly, it will achieve A qualitative leap for the Iraqi economy.
And he indicated the need to amend laws, which are the basis of the economic process in Iraq represented by the Banking, Investment and Securities Law, in addition to the Companies Law, which has become incompatible with the updates that the world is witnessing, and with which the Iraqi economy must be in harmony. LINK
Samson: Trade: Holding two specialized exhibitions in Babylon and Najaf this year
8th August, 2021
The Ministry of Commerce announced, on Sunday, that the General Company for Iraqi Fairs and Commercial Services will hold specialized exhibitions during the coming months of September and November in the governorates of Babil and Najaf.
The Director General of the Exhibitions and Commercial Services Company, Sarmad Taha Saeed, said, in a statement received by Mawazine News, that “Babylon Governorate will witness the establishment of the first Babylon International Exhibition for Industries and National Production for the period from 26 to 30/9/2021 under the auspices of the Ministry of Industry and Minerals, while The Najaf Al-Ashraf Comprehensive Shopping Exhibition will be held for the period from 3 to 12/11/2021 in cooperation with the Najaf International Fair Administration.
Saeed said that “the specialized exhibitions contribute to moving the wheel of economic activity in the Iraqi provinces, opening the door to important investment opportunities and also contributing to the entry of major companies into the Iraqi market.”
It is worth noting that these exhibitions and festivals are a great opportunity for the participating companies to display their products in the Iraqi market, which is considered one of the promising markets. LINK