Confectionery Group Sets Dh100m Sales Target

HMBS Group, one of the largest business conglomerates in Iraq, plans to increase sales of its confectionery products by expanding its distribution network to 32 countries this year, a top company executive said. The group has invested Dh220 million to set up a modern confectionery plant in Jebel Ali as a part of a Dh370-million […]

Credit Fundamentals of Mideast Resilient: Moody’s

There were no downgrades in any sovereign ratings in the Middle East in 2009 by Moody’s, which indicates the comparative resilience of the region’s credit fundamentals and the sovereign ratings should “stay the course” this year, Moody’s said in its first annual “Middle East Sovereign Outlook” report. According to the rating agency, 2010 should be […]

Iraq Sees ’10 Oil Output Up 0.25 Million B/D on Basra Deals

Iraq’s crude oil production could increase by more than 250,000 barrels a day by the end of this year as some oil deals recently signed with international oil companies to develop giant Iraqi oil fields have become effective, the head of the country’s largest oil firm, the South Oil Co., said Thursday. BP PLC (BP) […]

Oil Deals between Iraq and Global Majors

Iraq has signed a raft of deals with foreign oil companies that could take its crude output capacity up to 12 million barrels per day, rivaling top producer Saudi Arabia. There are still hurdles in the way, not least a March 7 parliamentary election that could usher in a new government inclined to try to […]

IMF and World Bank Plug Short-term Funding Gap

The International Monetary Fund (IMF) today approved a two-year support program for Iraq, amounting to about US$3.64 billion, to cover the country’s balance of payments needs. The Board’s approval makes approximately US$455 million immediately available to the Iraqi authorities. According to IMF’s Mr. Takatoshi Kato: “Iraq has made substantial progress in rebuilding its economy and […]

Dewan Wins Baghdad Design Contest

After months of study, registration and design work, Dewan Architects and Engineers, one of the region’s leading architectural and engineering consulting firms, have done it. They submitted the winning design for the contest organized by Baghdad Municipality. In the grand final Dewan were declared the winners and were presented with their award by the Iraqi […]

$67m for Roads in Baghdad

A total of 80 billion Iraqi dinars (ID), about US $67m, has been allocated to improve the roads in the capital Baghdad, the local municipality said on Tuesday. The money will be used to pave the main streets and highways in the capital, change traffic lights in central Baghdad and to continue construction work on […]

Vegetarian Oil Company Increases Production

The state-run Vegetarian Oils Company has achieved a 25 percent increase in its production in January 2010, compared to the previous month, the Iraqi Ministry of Industry and Minerals said on Tuesday. According to a statement received by Aswat al-Iraq news agency, “The Company’s sales reached 4.09 billion Iraqi dinars (ID) in January 2010, 31 […]

French Ambassador Reveals His Country’s Plans to Fund Service Projects in Iraq

French ambassador in Baghdad, Boris Bwalun, revealed on Monday his country’s plans to finance projects in sectors of energy, water, agriculture and transport; to facilitate the establishment of infrastructure in Iraq. The ambassador said in a press conference in Baghdad said that “the French Development Agency signed in November 2009 an official agreement for her […]

Iranian Trade Fair Kicks off

The exclusive fair of Iranian companies and traders was officially opened on Saturday in Basra Over 60 active companies and 200 traders have participated in the event, the Islamic Republic of Iran Broadcasting reported. On the sidelines of the exhibition the Iranian consul in Basra Mohammad-Reza Bagheban said that, “Iran hopes to double its trade […]

Karbala to host Iraq/Indian trade conference

An Indian commercial delegation wrapped up a visit to Karbala on Tuesday, where it agreed to hold a commercial conference in the city in mid April with the participation of Iraqi and Indian businessmen, the advisor to the Karbala Chamber of Commerce said. “The Indian delegation during its week long visit learned about the security, […]

Ministry seeks greater trade role for Iraq

The Iraqi Trade Ministry wants to improve Iraq’s international role that has been minimized due to wars and embargo. “The undisciplined policies of Saddam Hussein’s regime negatively affected Iraq’s international role,” the Ministry said in a release on Tuesday received by Aswat al-Iraq news agency. It said that a political and economic plan should be […]