Latest news with #AlSudani
Zawya
3 days ago
- Business
- Zawya
Iraq reviews Tsingshan's investment proposals in gas, sulphur and iron ore projects
Iraq's Industrial Coordination Council, chaired by Prime Minister Mohammed S. Al-Sudani, has reviewed investment proposals submitted by China's Tsingshan Holding Group covering gas, sulphur, and iron ore projects, according to a statement issued by the Prime Minister's Office. It said the Council discussed the privately-owned Chinese company's interest in operating the dry gas sector as part of the Basra Industrial City project. Additional proposals included investing in sulphur extraction at the Al-Lazka-2 field and the development of iron ore resources. Following the review, the Council directed the Ministry of Oil to coordinate and evaluate the proposals. (Writing by Majda Muhsen; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Iraqi News
01-06-2025
- Business
- Iraqi News
PM Al Sudani inaugurates new food factories, touts private sector support & export incentives
Baghdad ( – Iraqi Prime Minister Mohammed Shia Al Sudani inaugurated new factories for the United Arab Food Industries Company Ltd. in Mahmoudiya, south of Baghdad, on Saturday (May 31, 2025), underscoring the government's commitment to bolstering the national industrial sector. The Prime Minister toured the modern facilities, which in their first phase include pastry and pasta/noodle production lines, representing a 128 billion IQD investment and currently employing 800 workers, with plans to expand to over 1,000. Al Sudani praised the project as a successful private sector initiative, terming such entities 'true partners' in advancing the national economy. He confirmed the government's readiness to facilitate further expansion and reiterated efforts to remove obstacles for private businesses. Crucially, Al Sudani highlighted a government commitment to support Iraqi-made goods for export with an 18% subsidy of the product's value. 'Domestic production will save significant foreign currency and create jobs,' Al Sudani stated, noting the private sector's role in reducing unemployment to 13%. He affirmed the government's role is to organize, support, and prepare the ground for the private sector to lead production.
Iraq Business
24-05-2025
- Politics
- Iraq Business
Iraq PM announces "Reconstruction and Development Coalition"
By Sinan Mahmoud for The National. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq PM Al Sudani to run in elections with new alliance His sight set on a second term in office, Iraqi Prime Minister Mohammed Shia Al Sudani has unveiled a new alliance to compete in the country's national election later this year. Click here to read the full article.
Zawya
23-05-2025
- Business
- Zawya
Iraq plans domestic borrowing to bridge $49bln deficit
Iraq intends to borrow again from the local financial market this year to bridge an expected budget deficit of 64 trillion Iraqi dinars ($49 billion), a government advisor said on Wednesday. OPEC's second largest oil producer after Saudi Arabia has projected an average oil price of $70 a barrel in its landmark three-year budget for fiscal 2023-2025 years. But the Arab nation sold its crude for nearly $75 in the first quarter of 2025 before prices plunged below the budgeted level due to the rising spectre of a global trade war and a recent decision by OPEC Plus to lift supplies by 411,000 barrels per day (bpd) for June. 'The government will adopt flexibility in the 2025 budget…this means that it will try to control expenditure,' said Mudhar Saleh, a financial advisor to Prime Minister Mohammed Al-Sudani. Saleh told Iraq's Al-Forat TV that priority in spending this year would be given to salaries to civil servants, pensions and social care, which affects 8 million Iraqis. 'The 2025 budget envisages a deficit of IQD 64 trillion while spending was forecast at IQD 200 trillion ($153 billion)…the Finance Ministry will resort to borrowing whenever needed to cover the deficit,' he said. In June 2023, Iraq approved a three-year budget for the period 2023-2025 based on an average oil price of $70 a barrel and crude exports of 3.4 million bpd. Iraq's parliament has yet to pass the 2025 budget as it has not been sent by the cabinet apparently for fears funds may be used in campaigns for parliamentary elections, which are scheduled for November. 'A key reason for the delay in sending the draft budget for 2025 to parliament is that the government does not want funds to be exploited in election propagandas,' parliament's finance committee member Jamal Kocher said last month. (Writing by Nadim Kawach; Editing by Anoop Menon)
The National
21-05-2025
- Politics
- The National
Iraq PM Al Sudani to run in elections with new alliance
His sight set on a second term in office, Iraqi Prime Minister Mohammed Shia Al Sudani has unveiled a new alliance to compete in the country's national election later this year. 'We have placed the interest of Iraq and Iraqis first and foremost,' said a statement by the alliance on the parliamentary election due to take place on November 11, adding that it will 'build on the significant strides that have been achieved' since Mr Al Sudani took office in October 2022. The new Reconstruction and Development Coalition includes Mr Al Sudani's Al Foratain Movement, The National Coalition led by former prime minister Ayad Allawi and The National Contract Coalition led by the chairman of the paramilitary Popular Mobilisation Forces (PMF) Falih Al Fayyadh, according to the statement. The US sanctioned Mr Al Fayyadh for his role in the quelling of pro-democracy protests in 2019 with the support of Iran's Quds Force. Other alliances include The Soumar Land alliance, which is led by the Minister of Labour and Social Affairs, Ahmed Al Asadi, The National Alliance of Solutions, led by one of the Prime Minister's advisers, Mohammed Sahib Al Daraji, Karbala Creativity Alliance, and The Generations Gathering. This year's election will be the sixth since the 2003 US-led invasion that toppled Saddam Hussein. The last one, brought forward in response to demands from a pro-reform protest movement that began in 2019 across central and southern Iraq, took place in October 2021. Mr Al Sudani was the candidate for the Iran-aligned Co-ordination Framework – the largest political group in the Iraqi parliament, with 138 out of 329 seats and consisting of Iran-backed political parties and armed factions. Since taking office, political and security stability has encouraged his government to launch a series of infrastructure projects and to introduce reforms to improve the country's business environment and public services. Several mega deals have been signed with major international companies as well as countries, mainly in the field of energy. 'Our goals include sustainable reconstruction, economic growth, infrastructure development; and strengthening security, stability and international relations,' the statement added. Bitter rivalry among political elites, mainly among the country's majority Shiites, delayed the process of forming a government for a year, after the October 2021 election. Shiite cleric and political leader Moqtada Al Sadr's efforts to form the government failed, despite his Sadrist bloc winning 73 of the 329 seats in parliament. His desire to form a majority government only with Sunni and Kurdish parties upset his rivals in the Co-ordination Framework. In June 2022, Mr Al Sadr ordered his MPs to resign from parliament and withdraw from the country's political process until it was purged of what he described as 'the corrupt'. There have been no indications yet about whether or not Mr Al Sadr will take part in the November election.
