Finance Minister and MP Review 2010 Budget

Finance Minister Baqer al-Zubaidi reviewed with chairman of the parliament’s finance committee the 2010 general budget, according to a Ministry’s statement.

“The minister received on Monday (Dec. 14) Alaa al-Saadon and discussed with him the 2010 general budget and measures taken by the Ministry to answer the committee’s questions and inquiries,” said the statement received by Aswat al-Iraq news agency.

For her part, the lawmaker praised the Ministry’s cooperation with the committee.

Iraq’s 2010 federal budget reaches $73 billion.

Middle East investment Increasing in Iraq

(Iraq Directory)

While Western companies snapped up big huge energy deals in Iraq, smaller regional companies from Iran and Turkey are working quietly to build a wider existence there, by pumping billions of dollars in housing projects and other projects.

Increased commitments by companies to invest in Iraq suddenly after violence has sharply declined and the government requested to help rebuild after years of war, sanctions and violence.   Dunia Frontier Advisory in a report said, that investors have announced projects worth about 156.7 billion dollars in Iraq this, and is not likely to implement all of them.

The focus of most light on the large deals concluded by the major oil companies like Exxon Mobil Co. & B.B ,to develop oil fields, but high security cost, which can represents 26 % of the total cost, according to one estimate, deter investment in other sectors.

While there is increasing number of Iranian investors in the activity of religious tourism, and Turkish companies dominate the market in the north Kurdish, Gulf companies run by Iraqi expatriates, command some building deals.

Turkish companies invest projects in North and intend to establish a project to develop multi-activities in the south worth eight billion dollars, while Iranian companies dealing with tourism, in support of pilgrims to the holy cities of Najaf and Karbala, and some industrial projects in Basrah in the south.

Lebanese investors opened a bank, and intend to establish residential projects, and a project for dairy products in Diwaniya, worth up to $ 500 million, whiles the Emirati investors looking to establish residential and infrastructure projects.

Office of Dunia Consultative said that Emirates has emerged as the largest foreign investor in Iraq this year, with pledges amounting to $ 37.7 billion followed by South Korea and the United States.

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