Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Arab countries offer Iraq to set up industrial cities

Iraq has received requests from five countries to create industrial cities within the country. Creative Commons
  • Iraqi ministry revealed that it has received several offers from Syria, Jordan, Saudi Arabia, Iran and Kuwait to build industrial cities in the country
  • The first contract was signed in the holy Karbala for the construction of an industrial city specialized in petrochemicals and engineering

Iraq’s Ministry of Industry and Minerals has said it has received requests from five countries to create industrial cities within the country.

Hamid Awad Muhammad, Director General of the Industrial Cities Authority of the Ministry of Industry and Minerals, was quoted by the official Iraqi News Agency as saying: “After the issuance of the Industrial Cities Authority Law No. 2 of 2019, the role of the Industrial Cities Authority was activated during the second half of 2020.”

He added: “The authority was able to establish industrial cities in all governorates.”

He went on to say, “Buildup of industrial cities comes due to its importance in providing services and job opportunities for young people, as well as random buildings by constructing industrial cities with services that have been focused on and given great importance, therefore, such cities were established in each governorate.”

Muhammad stressed: “The first agreement for build an economic city was signed with Jordan, and the procedures were completed for the purpose of declaring it.”

He added: “Those cities are of great importance, including their geographical location, which is located on the borders, in addition to some desert areas.”

Muhammad also said, “There is a tendency from neighboring countries to build industrial cities in Iraq, and we have received several offers from Syria, Jordan, Saudi Arabia, Iran, and Kuwait.”

He noted: “The next stage it will the stage of industrial cities, which will be very important to support the country’s economy.”

The director also said: “During a record period, the first contract was signed in the holy Karbala for the construction of an industrial city specialized in petrochemicals and engineering within an area of 5,300 acres.”

He added: “An industrial city was announced in Wasit also with an area of 5,000 acres, and we are waiting for offers from investors, as well as the presence of a city in Dhi Qar Governorate.”