Egypt and Iraq agree on oil-for-reconstruction mechanism

Egypt and Iraq agree on oil-for-reconstruction mechanism
Egypt and Iraq have signed 15 agreements to establish an oil-for-reconstruction mechanism. (Social media)
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Updated 01 November 2020

Egypt and Iraq agree on oil-for-reconstruction mechanism

Egypt and Iraq agree on oil-for-reconstruction mechanism
  • Egyptian contracting companies were eager to explore the Iraqi market

CAIRO: Egypt and Iraq have reached a preliminary consensus to establish an oil-for-reconstruction mechanism.

The two countries have signed 15 agreements, programs, and protocols in the fields of transport, water resources, health, the environment, justice, investment, housing, construction, industry, trade, and finance.

Egyptian Prime Minister Mostafa Madbouly told a meeting in Baghdad that companies would carry out development projects in return for oil.

He said the agreement would boost bilateral cooperation and enhance the pace of development in Iraq, and that the two nations had great production and export potential. 

The meeting of the Egyptian-Iraqi Higher Committee also heard that there was a need to increase the volume and value of intra-trade and to remove all obstacles in the flow of goods between the two countries.

The prime minister said that the role of Arab Bridge Maritime, a commercial company founded by Egypt, Iraq, and Jordan in 1985, could be revitalized to bolster trade ties between the founding countries.

Madbouly said Cairo was seeking to increase cooperation in the fields of oil and gas, chemicals, and minerals, and that Egyptian contracting companies were eager to explore the Iraqi market and contribute to reconstruction efforts.

There would be job opportunities for Iraqis and they would gain expertise in different sectors, he said, adding that Egypt was prepared to increase cooperation in the electrical interconnection project with Iraq, in coordination with Jordan.

Iraqi Prime Minister Mustafa Al-Kadhimi told a news conference that his country looked forward to working with Egypt and strengthening cooperation. He also highlighted the importance of the joint Iraqi-Egyptian-Jordanian committee.

“A specific timeframe will be developed to activate the memoranda signed between Iraq and Egypt,” Madbouly said. “Baghdad and Cairo agree on the speedy activation of a group of projects implemented by the Egyptian side.”

He said the two sides also agreed on the issue of water security.


Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth is also illegal. (File/Shutterstock)
Updated 04 December 2020

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Arabia’s Public Prosecution affirmed that it is prohibited by law to intentionally take any action that creates a false or misleading impression about the capital market, prices, or value of any security or to induce third parties to buy, sell, or subscribe to this security.

It stated in a tweet that this is one of the serious crimes that require arrest, according to the Public Prosecutor's decision No. (1) dated 1/1/1442.

The following actions are considered fraudulent:

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth.

Performing a series of transactions on a specific security to influence on a particular stock.

Conducting a series of trades on a specific security, such as buying and/or selling a security, with the aim of price stabilization.

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