RIYADH, 9 July — Saudi companies won orders worth SR255.2 million ($68 million) in the first half of this year for supplying food and other essential commodities to Iraq under the United Nations food-for-oil program, according to a report released by the Saudi Export Development Center. The Council of Saudi Chambers of Commerce and Industry put the total volume of Saudi trade with Iraq to date at SR2.5 billion ($667 million).
Saudi businessmen said the most common hurdle they had to overcome was the delay in getting the deals approved by the UN commission that scrutinizes trade with Iraq under the food-for-oil program. They also pointed out that the commission did not respond to complaints by SEDC in this regard.
SEDC had raised the issue at the annual conference of countries participating in the UN program in New York last April. The inordinate delay had resulted in cancellation of contracts on several occasions incurring huge losses to Saudi businessmen, who were surprised by the fact that no other country taking part in the program did face the problem.
The Saudi firms exporting to Iraq have to submit their bids to SEDC for forwarding them to the UN commission after ensuring that the deals conform to UN conditions. The total trade with Iraq stood at SR1.4 billion ($373 million) last year.
