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Iraqi News
6 hours ago
- Business
- Iraqi News
Saudi Arabia's Ajyal to build petrochemical complex in Iraq
Baghdad ( – The Iraqi Minister of Industry and Minerals, Khalid Battal al-Najm, and officials from Saudi Arabia's Ajyal Group discussed on Tuesday a possible deal to construct a petrochemical complex in Iraq. During their meeting in the Iraqi capital, Baghdad, the two sides discussed the details of the project, which is expected to be based in the southern Iraqi province of Basra, according to a statement cited by the National Iraqi News Agency (NINA). According to al-Najm, the initiative is part of the ministry's objective to build strategic industries in Iraq to diversify revenue streams. The Iraqi Prime Minister, Mohammed Shia al-Sudani, reaffirmed earlier that Iraq is moving to increase its petrochemical projects. Al-Sudani indicated that the government's agenda, which includes attracting productive partnerships and providing the necessary investment climate, in addition to undertaking financial, banking, and tax reforms, increases the positive impact of foreign companies on the Iraqi economy. Iraq's commitment to growing its petrochemicals, petroleum derivatives, fertilizer, and other promising industrial projects will attract foreign investment and expertise, build a stable and diversified economy, and generate additional employment opportunities.
Iraqi News
10 hours ago
- Business
- Iraqi News
Iraq's poverty rate declines to 10.8%
Baghdad ( – The Iraqi Minister of Planning, Mohammed Ali Tamim, revealed on Wednesday that the poverty rate in Iraq has dropped to 10.8 percent between 2018 and 2024. During a conference held to discuss a report on poverty, Tamim explained that the study directly contributes to identifying fundamental requirements and increasing individuals' standards of living across the country based on the priorities it highlights, the state-run news agency (INA) reported. The government seeks to carry out programs to continue lowering the poverty rate, according to Tamim. The spokesperson for the Iraqi Ministry of Planning, Abdul Zahra al-Hindawi, said earlier that the decrease in poverty levels in Iraq is an outcome of the government's initiatives over the last several years, which included upgrading the social security network, strengthening the ration card system, and providing services to disadvantaged communities. As part of its efforts to reduce poverty, the government has supported the education sector by providing monthly grants to families with children at different educational stages, resulting in the enrollment of a large number of children from low-income families in schools. The Planning Ministry will soon unveil a fresh national strategy to tackle poverty in Iraq between 2026 and 2030. The strategy consists of policies and key measures aimed at improving the poor's living conditions in housing, health, education, income, and food security, as well as addressing climate change, assisting vulnerable groups, and empowering women.
Iraqi News
10 hours ago
- Business
- Iraqi News
Iraq's pharmaceutical industry flourishes, saving over $1 billion annually
Baghdad ( – Iraq is witnessing significant advancements in localizing its pharmaceutical industry, a strategic move that has already saved the country over $1 billion annually. Hamoudi Al-Lami, Advisor to the Prime Minister for Industry and Private Sector Development, announced today, Tuesday (July 29, 2025), that 34 pharmaceutical factories are currently operating at full capacity, with an additional 178 applications pending for new drug manufacturing plants. Al-Lami told the Iraqi News Agency (INA) that the government initiated a comprehensive program to localize the pharmaceutical industry from its very first week in office. This drive is underpinned by supportive Council of Ministers resolutions issued in 2023, which facilitate both the expansion of existing projects and the establishment of new ones. These facilitations include offering loans to investors and accepting production lines as collateral for opening credit. Government support extends to ensuring the availability of essential raw materials for both current and future industrial projects. Furthermore, the Ministry of Health has significantly reviewed and increased the prices at which it purchases medicines from national factories, more than doubling them. This policy has led to a surge in the value of contracts for the General Company for Marketing Drugs, rising from 144 billion Iraqi Dinars at the start of the current government's term to over 600 billion Dinars today. Al-Lami highlighted that domestically produced medicines now cover approximately a quarter of the cost of imported drugs, directly contributing to the annual savings exceeding $1 billion. The number of applications to establish factories for medicines and medical supplies has climbed to 178 as of July 1, up from 100 previously. These applications cover a diverse range of products, including various medicines, medical consumables, surgical sutures, intravenous solutions, syringes, and other medical devices, all thanks to the robust government support for investors. The number of operational pharmaceutical factories in Iraq has increased to 34, a notable rise from 22 at the time the current government was formed. Al-Lami pointed out that the 22 factories had remained constant since the establishment of the first pharmaceutical factory in 1956 until the current administration. The newly established factories are now operating at full capacity, substantially increasing the coverage of locally produced medicines. Al-Lami stressed that domestically produced medicines adhere to the highest international standards and specifications, undergoing rigorous pharmaceutical oversight using the latest technologies. Clinical trials are also being conducted for complex medications, such as those for blood diseases and cancer, which are now being produced locally through technology transfer from international companies. Concluding his remarks, Al-Lami reiterated that the Prime Minister's directives emphasize that 'efficacy and safety in drug production are a red line.' He highlighted that during the current government's tenure, 38 new medications for hypertension, 33 for diabetes, and 58 types of antibiotics covering both adults and children in various forms have been added to local production. Furthermore, the local production of 25 cancer treatment drugs has commenced through technology transfer initiatives.
Iraqi News
10 hours ago
- Business
- Iraqi News
Rafidain Bank settles 87% of Iraq's external debt, boosting sovereign rating
Baghdad ( – Rafidain Bank announced today, Wednesday (July 30, 2025), a significant achievement in managing Iraq's external debt, completing 87% of its foreign indebtedness file. This progress highlights effective institutional coordination between the government, the Ministry of Finance, and Rafidain Bank. In a statement received by the Iraqi News Agency (INA), the bank revealed substantial headway in settling international obligations through high-level financial and legal negotiations, resulting in a tangible reduction in the volume of external debt. The statement emphasized Iraq's commitment to the Paris Club Agreement. With direct approval from the Council of Ministers, Rafidain Bank finalized major negotiated settlements with Dutch and French creditor companies. A key highlight was Council of Ministers Resolution No. 403 of 2025, which settled three lawsuits filed by Dutch companies with a concession rate exceeding 90% in favor of the bank. Furthermore, Rafidain Bank has achieved notable legal successes abroad, particularly winning lawsuits in Turkey and Lebanon, which enabled it to recover over $2.8 million US Dollars. This reflects the efficiency of the bank's legal department and its capability to defend the state's rights before international courts. The bank affirmed its ongoing efforts to conclude the remaining aspects of the file through final settlements. This comprehensive approach is expected to enhance Iraq's sovereign rating and solidify international confidence in its financial stability and commitment to sound financial governance.
Iraqi News
10 hours ago
- Sport
- Iraqi News
Erbil and Duhok to host next stages of Iraqi Cycling League
Baghdad ( – The governorates of Erbil and Duhok are gearing up to host the third and fourth stages of the Iraqi Cycling Clubs League at the end of July and early August. Over 20 clubs are expected to participate in these crucial upcoming races. Erbil will be the venue for the third stage of the league, featuring competitions for advanced, U-23, youth, junior, and cadet categories. Races will run from July 31 to August 2, with teams from Baghdad and other governorates vying for top spots. Ali Hamid, President of the Iraqi Cycling Federation, stated that the technical conference for the third stage will take place on Thursday, with races kicking off on Friday, August 1. The first day's events include a 50 km team time trial for advanced and U-23 categories, followed by a 50 km individual time trial for youth. Junior and cadet categories will conclude the day with a 40 km individual time trial, featuring 5 km laps. Hamid further detailed that the second and final day of the Erbil stage will begin with a 32 km individual road race for advanced and U-23 categories. This will be followed by a 25 km individual time trial for youth, concluding with a 50 km individual road race for juniors. Following the events in Erbil, Duhok Governorate is set to host the fourth and final stage of the Cycling Clubs League between August 3 and 6. The technical conference in Duhok will be held on Sunday, with races commencing the following day. The first day in Duhok will feature a 15 km individual time trial for cadets and juniors, followed by a 70 km individual road race against the clock for juniors. The day will conclude with a 90 km individual road race for advanced and U-23 categories. Hamid added that the second day in Duhok will host two races: a 30 km team time trial for juniors and a 100 km individual road race for cadets. The final day of the fourth stage will feature a single 150 km race for advanced and U-23 categories, bringing the league to its conclusion.
