Saudi Investments in Iraq Protected by New Law
In a move to safeguard Saudi investments in Iraq, a new law is on the horizon as trade between the two nations sees a remarkable growth rate of 12 percent annually, as revealed by an official in Baghdad.
Enhancing Funding from Saudi Arabia to Iraq
Mohammed Al-Khareef, chairperson of the Saudi Iraqi Business Council, is actively working towards boosting funding from the Kingdom to Iraq. Both the private and governmental sectors in Saudi Arabia are displaying keen interest in investing in the country.
Milestone in Saudi-Iraq Relations
A significant turning point in the relations between Saudi Arabia and Iraq commenced in April 2019 with the inauguration of a new consulate in Baghdad and a $1 billion development loan. This marks a new phase of relations between the two nations.
Strengthening Economic Cooperation
The new law, expected to be implemented in the coming months, aims to solidify economic cooperation between Saudi Arabia and Iraq. Trade between the two countries has already reached SR5 billion ($1.33 billion), according to Al-Khareef.
Assessing Economic Ties and Promising Prospects
During an official visit to the Kingdom, Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers of Commerce, met with Shalan Al-Karim, head of the Saudi-Iraqi Friendship Committee in the Iraqi Parliament. The meeting focused on evaluating the economic ties between the two countries and exploring their promising prospects.
Building Strategic Partnerships
Discussions during the meeting also emphasized the need to activate the roles of business sectors in establishing effective commercial, investment, and strategic partnerships between Saudi Arabia and Iraq.
Memorandums of Understanding for Quality Investment Projects
In April, Saudi Arabia and Iraq signed 12 memorandums of understanding for quality investment projects to further strengthen economic ties. The agreements aim to enhance cooperation in various investment projects with Baghdad.
Encouraging Industrial Investments in the Private Sector
In December 2023, a partnership agreement was signed between Saudi Arabia and Iraq to promote industrial investments in the private sector. This agreement reflects a commitment to fostering economic growth and collaboration between the two nations.
First Collaboration in the Cement Industry
In a significant development, Mohammed Shia’ Al-Sudani, the prime minister of Iraq, confirmed a partnership between the Iraqi company Al-Diyar and Saudi Arabia’s Northern Region Cement Co. This collaboration marks the first of its kind between the private sectors of Iraq and Saudi Arabia, signaling new opportunities for mutual growth and cooperation.