MTC Atheer to increase investment in Iraq to $430 million by year-end to meet growing demand
The mobile telecoms market in Iraq will become one of the largest mobile markets in the Middle East by the end of the year, according to Ali Al Dahwi, General Manager of MTC Atheer.
United Arab Emirates: Monday, September 12 - 2005 at 16:57 GMT+4
The company, which currently operates the GSM network in southern Iraq and Baghdad, is rapidly expanding its infrastructure and increasing investment in the country to a total of $430 million, to meet this booming demand.
MTC Atheer launched services in southern Iraq in March 2004, and today has over 900,000 subscribers both in the South and Baghdad. As demand for mobile services in Iraq grows, MTC Atheer is increasing its investment in network infrastructure by 40% by the year-end, in order to be able to cater for an expected 1.5 million customers.
'The potential for development of the mobile services market in Iraq is much greater than initial studies suggested, and the growth so far has been huge. By the end of the year Iraq will have attracted four million mobile subscribers users in under two years, a phenomenal rate of growth,' said Al Dahwi. 'Iraq has a great opportunity to surpass most of the developing Arab states, so long as security can be achieved and development continues at a good pace.'
Al Dahwi was speaking at the Middle East, Gulf and North Africa GSM Conference, being held in Dubai on 11-12th September. He discussed the challenges that MTC Atheer has had to overcome to build its network in Iraq, including the need for round-the-clock site security, a lack of suitable sites and site access, unreliable power supplies, and the need to import network equipment. Growth in Iraq has also been mostly demand-based rather than planned, due to a lack of market information and population data. The company has managed to exceed its planned targets for Iraq however, reaching 500% greater subscriber numbers and 450% more capital investment that its original commitments.
The rest of this article which may impact the Iraqi Dinar can be found here.
Why cant we have some one in the Iraqi government tell us what is happening with regard to the revaluation of the dinar ? We only get so much speculation and untruths from the Gurus and those who want to sell Dinars .The people who want to be the first to tell the investors when the R,V. is happening will say anything just to say something .I very much need this to happen My 63 year old wife is still working all though she goes to work as a nurse practitioner every day . I am 73 and retired and even though I do have a fairly good retirement we still need her income and insurance . We need this so badly so she can stay at home when she is not feeling well . PLEASE ONLY TELL THE TRUTH !
Iraq has made tremendous progress during the past three or four years. If we look at data published at the Central Bank of Iraq’s website, we find good economic numbers there. Iraq’s economic growth (real GDP) for 2011 is estimated to be around 9.6%. According to Global Finance magazine, real GDP averaged 4.8% from 2008 to 2010. However, this growth rate fluctuated from 9.5% in 2008 to only .8% in 2010. Forecast for Inflation for 2011 is 5% which in my opinion is moderate for a growth rate of 9.6%. In addition, the country’s foreign reserve, currency and gold, is stated at $50 billion, an impressive achievement considering the fact that this number stood at $0.00 in 2003.
The country’s oil exports are averaging 2.1 – 2.2 million barrels per day. Work on building an infrastructure to prepare for an increase in oil production to a level of 4 – 5 million barrels per day is in progress and is expected to be completed within 2 years. Therefore, Iraq’s oil production is expected to rise to these levels when construction is completed.
In March of 2011, the International Monetary Fund (IMF) praised Iraq for implementing good economic and financial policies to control inflation and develop the private sector. These policies brought about results. Iraq on its part is strongly committed to being open to advice and guidance from the IMF.
On the political front and despite the present stalemate among political parties following last year’s general elections, progress in all parts of the country is being made to rebuild Iraq’s infrastructure. Improvements include better electricity and water supply, and a faster Internet guaranteed totally open and uncensored by the constitution.
These facts indicate that the value of the Iraqi currency, the Dinar, relative to the US dollar and other world major currencies will appreciate at some point in the future. I expect a level initially of 500 USD/IQD. The highest value yet for the Iraqi dinar was 1067.81 USD/IQD in London trading on 25 September, 2010.
Investors and traders in the Iraqi dinar are waiting for favorable developments to take place. These developments can take the form of positive signals regarding progress in negotiations between Iraq and the UN concerning UN chapter 7. Or, progress in resolving Iraq’s outstanding pre 2003 financial obligations to international companies and other parties. And of course an important development would be the much awaited rise in Iraq’s oil exports which I think will really make the difference to the country’s economy, to the Iraqi dinar, and to the security situation which is an important issue for most Iraqis.
However, I must mention that I do not expect the Iraqi dinar to rise to and stabilize around the 500 USD/IQD level until after the next general elections.
From an investor stand point, I am certain that investing in the Iraqi dinar is a good medium to long term investment, depending on the investor’s expectations.
Hayder A. Wahab
your state Currency exchange will exchange them back for us dollars and wire the money into your bank account. I already checked in my state. Just ask your bank and they will direct you. or go to a big bank like chase or hsbc. they handle all foreign currency exchange
It looks like the Iraqi Dinar is gonna revalue or reinstate very soon. Like within a week…
God please make this true…
We’ll all be wealthy very soon! I have family in Iraq and the US that both have reliable sources so just be positive and hope another war doesn’t pop off!
I got 1 million Dinars back in 2006. I paid $650 for the million and now they are worth $855 that not to bad. I’ll still keep mine for while longer and hope that they will go back to the $3 to 1 like before the war. But where in the US will we be able to exchange for the US dollar when the revalue happens?
I just read in ASK that Iraq is going to drop three zeros off their money. Ex: 100,000 Dinar with be 1000? What happens to the Dinar they spent so much on to print a few years ago and what happens to the Dinar I have now.
i bought 250,000.00 for $210.00 and the dinar was worth 3100 to 1 well in five years it is now sitting at 1170 so that is not bad in 5 yrs and we were at war for 4 of them now you hardly hear any thing about Iraq except that they are rebuilding there country and getting there oil wells going that is good i hope that when i retire in about 7 years i will be sitting on at least 1/2 million
too many promised dates… Will these happen before the end of the year? 2 more days..
Again I ask , is there anyplace in U S to cash in the dinars when they reval ? . What % does the U S government ? . Waiting to hear.
Thanks for listen.
where can i sell my dinars now and how much are they worh today dec 5,2009
when will the dinars hit?
I wouldn’t go as far as saying everyone’s going to be rich! you forget to realize you or well at least I do live in the U.S. and our Dollar has lost value and we are so indebted to foreign country’s that your money might make you financially stable for the remainder of your life.
We have inflation so bad the cost of living makes having 100 grand nothing more than an expensive car to buy. 1 million would most likely be the same and pay off our foreclosed homes and keep food on the table until we end up in a 4 grand a month nursing home.
Don’t want to rain on your parade, I am for taking the extra lottery ticket but it’s not the ticket to Filthy Bill Gates kinda rich, unless you bought 200 million Dinars then maybe close. Keep the positive hopes up that’s all we can do but lets keep it into perspective.
Hello.. I think the dinar is going to be a very profitable risk!! Where else can you take such a small risk..and the mere chance of becoming possibly wealthy.?!?!
I think in the near future the Iraq government is going to value the dollar, because they need the capital to rebuild. Think for a moment how the us economy would benefit from this…a lot of instant millionaires stimulating the economy.
That’s what the world needs.. It’s not only the US going to have rich people, but all over the world. This is going to be a world wide economic boost!!!!!!!!
sir , if iraqi govt will change their currency and print new one what is the use of present currency
Is there any idea when the Iraq dinar may go on the market for exchange??
life is about dreams and visions. god says that a man without a vision will perish. The dinar are going to hit and it may or may not be what our greed wants it to be but i have done plenty of homework on this and when the dinar hit and you did not take the risk. anyways, good fortunes to all you with that old American risk taking attitude that made this country. keep the faith….
I have some Dinars that I would like to sell. Can someone give me some info? I have found many conflicting prices. Can someone let me know what the true price is?
I’m sure that the new Dinar will hit ski high in the money market, because the fundamental of a country , they money value and the Treasury Department of Iraq will give it’s value For the global value for the Dinar. More than the Euro, more Than the Dollar, more than the Pound from Egypt. At a level That will increase the Economic status from that country that Have softer so much that I think that is they time to SHINE! Good Luck to the future IRAK.
Sir,Good evening I bought some of iraqi dinars while working for kbr in iraq.
So dinar will get hike value.Please reply me.
Thank you sir
Anand.
India.
I bought 2 million dinars while in Afghanistan and working for Halliburton. I am putting a lot of faith in the new Iraqi Dinar and I really hope that somebody can reassure me that these new Dinars are going to hit. I seriously hope that this isn?t just some Dinar Scam.