Since January 2002, Saudi private companies had been awarded $65 million worth of trade deals with Iraq under the framework of the United Nation’s oil-for-food program. Nearly 80 percent of these deals were sealed since the beginning of May, reported Al-Watan.
Despite the breaking off of diplomatic ties since the 1991 Gulf War, over one billion-dollar commodities have been exported from Saudi Arabia to its northern neighbor since the initiation of the oil-for-food scheme in year-end 1996, according to Iraqi Trade Minister Muhammad Mahdi Saleh.
Over 35 Saudi firms signed $298 million worth of commercial contracts with Iraqi enterprises throughout the year 2001, under UN supervision, according to the Saudi Exports Promotion Center. Some $117 million of the contracts were in food product supply ventures, $104 million spare parts supply contracts and $77 million for medical supplies provision contracts. — (menareport.com)
© 2002 Mena Report (www.menareport.com )