Dubai economic crisis threatens Iraqi economy
Thursday, April 1st 2010 2:45 PM
Baghdad, April 1 (AKnews)- A number of Iraqi economists expressed their fears of the continuing economic crisis in Dubai and its impact on Iraq.
"The Iraqi economy would be seriously compromised if the economic crisis in the United Arab Emirates continued because of the long-term economic relationship between Iraq and Dubai and the participation of a number of owners of large capital in investment projects in the country. " The economist Salam Keh Jah told The Independent National News Agency of Kurdistan (AKnews).
"The Finance Ministry must address this problem where the Iraqi money constitute 21 percent of the total Iraqi economy."
"The economic problems worsen unless legal solutions are available to improve the investment in the country with businessmen in the UAE, especially regarding the repayment mechanisms of money for investment projects that large amounts of money are allocated to."
The head of economic development orgainization Ali Makiyah said: "The level of the Iraqi dinar declined substantially after Dhubai crisis."
The economic expert, Husam al-Din al-Ani said: "The financial crisis in Dubai affect the entire region and especially Petroleum Exporting Countries such as Iraq and Saudi Arabia, which mainly depend on the cash banks in Dubai to export their oil."
al-Ani was "surprised that the Finance ministry and Iraqi Central Bank ignored this issue and transferred all relations with Dubai to commercial and not banking ones.
"Iraq has important investments in Dubai Mercantile Exchange and this requires fast processing."
The Chancellor of the Finance ministry denied that it will be affected by Dhubai's economic crisis and said to (AKnews) that "Iraq won't be affected in a way or another by the economic crisis in Dubai because Iraq doesn't have banking transactions with United Arab Emirates, but has only commercial dealings. "
"The Iraqi dinar and the oil barrel was not affected by the financial crisis and its impact on the economic situation in the country."
The UAE witnessed during the past few months economic blow thus it demanded of its bonds that worth 3,5 billion dollars in from the states.
The total outstanding of World Dubai reached to 59 billion thus the oil sales decreased and reached 5% to be about 75 dollars per barrel amid fears of new declines in stock markets and oil during this week.
Rn/gs AKnews
Thursday, April 1st 2010 2:45 PM
Baghdad, April 1 (AKnews)- A number of Iraqi economists expressed their fears of the continuing economic crisis in Dubai and its impact on Iraq.
"The Iraqi economy would be seriously compromised if the economic crisis in the United Arab Emirates continued because of the long-term economic relationship between Iraq and Dubai and the participation of a number of owners of large capital in investment projects in the country. " The economist Salam Keh Jah told The Independent National News Agency of Kurdistan (AKnews).
"The Finance Ministry must address this problem where the Iraqi money constitute 21 percent of the total Iraqi economy."
"The economic problems worsen unless legal solutions are available to improve the investment in the country with businessmen in the UAE, especially regarding the repayment mechanisms of money for investment projects that large amounts of money are allocated to."
The head of economic development orgainization Ali Makiyah said: "The level of the Iraqi dinar declined substantially after Dhubai crisis."
The economic expert, Husam al-Din al-Ani said: "The financial crisis in Dubai affect the entire region and especially Petroleum Exporting Countries such as Iraq and Saudi Arabia, which mainly depend on the cash banks in Dubai to export their oil."
al-Ani was "surprised that the Finance ministry and Iraqi Central Bank ignored this issue and transferred all relations with Dubai to commercial and not banking ones.
"Iraq has important investments in Dubai Mercantile Exchange and this requires fast processing."
The Chancellor of the Finance ministry denied that it will be affected by Dhubai's economic crisis and said to (AKnews) that "Iraq won't be affected in a way or another by the economic crisis in Dubai because Iraq doesn't have banking transactions with United Arab Emirates, but has only commercial dealings. "
"The Iraqi dinar and the oil barrel was not affected by the financial crisis and its impact on the economic situation in the country."
The UAE witnessed during the past few months economic blow thus it demanded of its bonds that worth 3,5 billion dollars in from the states.
The total outstanding of World Dubai reached to 59 billion thus the oil sales decreased and reached 5% to be about 75 dollars per barrel amid fears of new declines in stock markets and oil during this week.
Rn/gs AKnews