Iraq's Local Businesses Thrive amid Lockdown

Iraqis walk through a fresh produce market in the southern Iraqi city of Basra as some lockdown restrictions imposed during the novel coronavirus pandemic have been eased. AFP
Iraqis walk through a fresh produce market in the southern Iraqi city of Basra as some lockdown restrictions imposed during the novel coronavirus pandemic have been eased. AFP
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Iraq's Local Businesses Thrive amid Lockdown

Iraqis walk through a fresh produce market in the southern Iraqi city of Basra as some lockdown restrictions imposed during the novel coronavirus pandemic have been eased. AFP
Iraqis walk through a fresh produce market in the southern Iraqi city of Basra as some lockdown restrictions imposed during the novel coronavirus pandemic have been eased. AFP

A national lockdown in Iraq to contain the spread of the novel coronavirus pandemic has been favored by local businesses who no longer have to compete with Turkish, Iranian or Chinese imports.

Amin Qassem, who has operated in an ice cream factory in the oil-rich province of Basra since 2006 expressed his satisfaction over the new circumstances.

"The coronavirus crisis has allowed us to prove ourselves on the Iraqi market," he said.

"When there was cheap ice cream coming in from Iran, I had to lower my prices to sell so that my ice cream wouldn't be stuck melting in storage," he added .

"Now, I can sell at higher prices. We were able to win back the same markets where imports once crushed us."

Meanwhile, Hadi Abbud, who owns a plastics factory also in Basra, has already reported an exponential surge in orders for plastic tubing, usually brought in from China, AFP reported.

His factory has been working 24/7 to mould, cut and polish thick plastic cylinders proudly stamped "Made in Iraq."

"These days, I'm getting new orders for plastic tubes faster than I can even produce them," said Abbud, his white hair meticulously combed back.

Sales are so good he is planning to recruit another 50 workers for his 100-man factory.

"The situation has really changed," Abbud said, his smile barely concealed by the face mask he wore as part of mandated social distancing in his factory.

According to AFP, even at sea, the difference is notable.

"Starting around a month ago, there have been many more fish," said Mohammed Fadel, who sells his daily catch at a stand in Basra's downtown market.

In Basra's markets, tables are now heaving with rows of silvery fish and buckets of prawns, carefully examined by shoppers in gloves and masks.

The catches are so plentiful that a kilogramme of "zubeidy," a local sea bream, has dropped from $16 to $9.

"The number of fish -- and the prices -- are just extraordinary," said Fadel.



Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
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Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)

Shortly after the Saudi Cabinet approved the Petroleum and Petrochemical Law, Energy Minister Prince Abdulaziz bin Salman said on Tuesday the regulation aims to achieve a set of goals, mainly regulating petroleum and petrochemical operations, in a manner that contributes to economic growth.

The law also backs efforts to attract investments, elevates employment rates, upgrades energy efficiency, safeguards consumers and licensees, while ensuring product quality and creating a competitive environment that fuels fair economic yields for investors, the Minister said.

Prince Abdulaziz expressed his gratitude to Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister, for the Cabinet’s decision to approve the new law.

He praised the Saudi leadership for its support and empowerment of the energy sector, and its contribution in boosting the sector’s productivity to achieve the targets of Vision 2030.

The new law helps in building the local energy sector’s legislative framework, Prince Abdulaziz went on to say.

“This is accomplished by leveraging the top-tier international practices, boosting performance, achieving national objectives, and ensuring the optimal use of petroleum and petrochemical resources,” he said.

The new law, replacing the Petroleum Products Trade Law, helps ensure the security and reliability of local petroleum and petrochemical supplies, the minister explained.

This is on top of achieving optimal utilization of raw materials, supporting the localization of the industry’s value chain, enabling national strategies and plans, and enhancing the control and supervision of petroleum and petrochemical operations to step up compliance with laws and regulations, he added.

The new law combats practice violations by regulating the activities of use, sale, purchase, transportation, storage, export, import, packaging, and processing of these resources.

It also regulates the establishment and operation of distribution channels and petrochemical facilities, said Prince Abdulaziz.