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FINANCIAL NEWS
Germany’s MAN inks USD14m Iraq truck deal
05 Nov 2011
(MENAFN) Germany’s MAN managing director of the company’s representative in Iraq, Peter Mayr, said that the firm inked a USD14 million contract with Numoor Al-Bararry, an Iraqi firm, to build commercial trucks in Baghdad, reported Arab News.
Mayr added that the two companies would establish a local assembly line of MAN trucks in Iraq in addition to a maintenance workshop; moreover, the project would produce 3,000 vehicles annually.
On the other hand, Numoor’s managing director, Ali Al-Obaidi, said that the project would be forecasted to start operations in 2012 and would hire around 700 Iraqis.
It is worth noting that Iraq is trying to restore its manufacturing industry following years of war and economic sanctions, where most of the country’s factories remain idle or in unsafe areas.
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