Latest news with #MohammedHanoun
Shafaq News
6 days ago
- Politics
- Shafaq News
Iraqi Trade Ministry denies links to Wasit fire
Shafaq News – Wasit On Thursday, the Iraqi Ministry of Trade clarified that it has no connection to the hypermarket where a devastating fire broke out in Wasit. In a statement, Ministry Spokesperson Mohammed Hanoun expressed condolences to the victims' families, stressing that the commercial center 'is not affiliated with the Ministry in any form.' He also urged "accuracy in the handling of public information." Earlier, a massive fire swept through a major shopping complex in the city of Kut, the capital of Wasit province. According to the Civil Defense, the blaze killed over 60 people, including women and children.
Asharq Al-Awsat
19-06-2025
- Business
- Asharq Al-Awsat
Iraq Braces for Economic Fallout from Heavy Reliance on Iran amid Escalating Conflict
As tensions escalate between Iran and Israel, Iraq is nervously eyeing the potential fallout from a conflict that could have deep and lasting consequences for the country. While Iraqi authorities and political parties maintain a publicly cautious and reserved stance, behind closed doors, concerns are mounting over what many see as Iraq's overreliance on Iran in critical sectors such as energy and trade. A political source speaking to Asharq Al-Awsat revealed that, although officials are holding back from public commentary, there is a growing consensus among political actors that Iraq could face significant disruption regardless of how the conflict unfolds. 'There's an unspoken recognition that many things will change after this war,' the source said. Already, early signs of strain are surfacing. Iraq's Ministry of Trade unveiled a new contingency plan this week to safeguard food security amid fears of disrupted supply chains. Spokesperson Mohammed Hanoun stated the plan aims to 'ensure continuity of essential supplies without significant price hikes,' through the buildup of strategic reserves and strengthened market oversight to prevent hoarding or price manipulation. Security services, meanwhile, reported the arrest of 660 individuals accused of exploiting regional instability. More visibly, daily life is beginning to feel the pressure: consumer activity is slowing, prices of some goods are creeping up, and travel logistics have grown more complex. With Baghdad International Airport temporarily closed, Basra has become the only functional air entry point. According to sources, the cost of returning to Iraq by land via Jordan has soared from $70 to $250 per passenger. Experts warn that Iraq's economic fragility and its deep entanglement with Iran leave it acutely vulnerable. Dr. Siham Youssef, a professor of international economics, explained that Iraq's heavy dependence on oil exports - comprising over 90% of state revenue - offers little cushion in times of geopolitical upheaval. While global oil prices have risen by 8% to 12%, Youssef cautioned that any benefit could be wiped out by rising transportation costs, insurance premiums, or damage to infrastructure. Compounding the issue is Iraq's reliance on Iranian gas for electricity production. If the conflict interrupts Iranian gas flows, Iraq may face severe power shortages, rising costs, and mounting pressure on an already stretched budget. Shipping risks are also increasing, with Iraq's ports located dangerously close to potential conflict zones. Youssef noted that international shipping and insurance firms may soon classify Iraqi ports as 'high-risk,' leading to surging logistics costs. Additionally, the closure of Iraqi airspace threatens not only civil aviation but also the loss of overflight revenues.
Iraqi News
18-06-2025
- Business
- Iraqi News
Iraq launches comprehensive plan to ensure food security amid regional tensions
Baghdad ( – Iraq's Ministry of Trade announced on Monday (June 16, 2025) a package of proactive measures to ensure national food security amidst rising regional tensions, particularly potential supply chain disruptions from the Iran-Israel conflict. Ministry spokesperson Mohammed Hanoun stated the comprehensive plan includes bolstering strategic food stockpiles by contracting for large quantities of imported rice and securing domestic sugar and oil supplies. The plan also includes government decisions to facilitate imports through temporary customs exemptions on basic food items during emergencies. To support local production and reduce import dependency, the government is increasing the purchase price of wheat from Iraqi farmers. For citizens, the plan includes distributing food to needy families and doubling the contents of the public ration card during any potential crisis. Hanoun added that 24/7 field teams have been formed to monitor markets, control prices, and prevent hoarding. He stressed this is a high-level coordinated effort to secure food reserves for several months and protect the public.
Shafaq News
16-06-2025
- Business
- Shafaq News
Baghdad braces for crisis with food security strategy
Shafaq News/ On Monday, Iraq's Ministry of Trade unveiled a comprehensive emergency plan to safeguard national food security in the face of potential disruptions linked to the Iran-Israel war. Ministry spokesperson Mohammed Hanoun stated that the package includes contracts to import substantial quantities of rice, along with measures to secure domestic supplies of sugar and cooking oil. The plan also outlines steps to safeguard national storage facilities against climate-related risks, helping preserve the country's strategic reserves. To ease potential supply chain pressures, the Iraqi government has introduced temporary customs exemptions on essential food imports and lifted administrative restrictions during emergencies. The ministry has also increased wheat procurement prices to support farmers and reduce dependency on imports in case of global trade disruptions, adding, 'The ministry will distribute food aid to low-income families and other vulnerable groups, in addition to doubling the items included in Iraq's food ration card during peak crises.' On the enforcement front, the ministry has activated emergency monitoring efforts, deploying 'round-the-clock field teams' to supervise markets, prevent price manipulation, and combat hoarding. Citizens are urged to report violations through the 'Raqibni' (Monitor Me) platform, with the ministry promising 'immediate and direct responses.'
Iraqi News
30-05-2025
- Business
- Iraqi News
2nd Iraqi Franchise Exhibition kicks off in Baghdad
Baghdad ( – The second edition of the Iraqi Franchise Exhibition launched at the Baghdad International Fairgrounds on Wednesday (May 28, 2025), attracting significant participation from 11 Arab and foreign countries alongside numerous local and international companies. The event, running until May 30th, is a key platform for the franchising sector in Iraq. Mohammed Hanoun, Deputy Director General of Iraq's General Company for Exhibitions and Commercial Services, described the expo as a 'vital platform for idea exchange and networking between manufacturers, investors, and businessmen.' He emphasized it as a real opportunity to boost partnerships and investment in franchising, a key driver for sustainable economic growth. Supported by the Ministry of Trade, the exhibition aims to introduce leading international and local brands – including popular restaurant chains like 'Mandi wa Tannour' and firms from diverse sectors such as food, apparel, education, and services. Hanoun noted the event helps establish the franchise concept in the Iraqi market, providing a conducive environment for global companies to enter locally and for Iraqi investors to secure exclusive international brand rights. The exhibition is open daily from 10 AM to 6 PM.
