Saudi Arabia and the United Arab Emirates (UAE) have jointly pledged $6 billion to facilitate investment ventures in Iraq.
Saudi Arabia and the United Arab Emirates (UAE) have jointly pledged $6 billion to support the expansion of international trade and investment in Iraq, according to a report by the Iraqi News Agency. The Federation of Iraqi Chambers of Commerce also announced its agreement to establish business councils from both countries within Iraq.
Abdel Razzak Al-Zouhairy, President of the Federation of Iraqi Chambers of Commerce, revealed that the UAE and Saudi Arabia have each deposited $3 billion to support their operations in Iraq, including trade and investment activities. Al-Zouhairy highlighted Iraq’s advantageous geographical location, which positions the country as a significant player in global trade, particularly in the trade routes between Europe and Asia.
Iraq aims to establish a comprehensive system for commercial activities that aligns with the development of global trade, with a specific focus on streamlining customs processes for the entry and exit of goods, as stated by Al-Zouhairy.
In a recent initiative titled “Made in Saudi,” the Saudi Export Development Authority organized a trade mission to Iraq. This event showcased the authority’s commitment to boosting Saudi non-oil exports and its strategic objective of providing export opportunities to local businesses. The trade mission witnessed the participation of more than 37 Saudi companies and 100 Iraqi firms from various sectors, including construction materials, food products, and packaging.
Furthermore, in June, Saudi Arabia signed a contract with Iraq to establish a commercial project valued at $1 billion in Baghdad. The project, named Baghdad Avenue, is set to become the largest shopping mall in Iraq, encompassing coffee shops, restaurants, and commercial offices, as reported by the Iraqi News Agency.
The commitment of Saudi Arabia and the UAE to invest $6 billion in Iraq reflects their confidence in the country’s economic potential and their desire to strengthen bilateral trade ties. These initiatives not only contribute to Iraq’s economic growth but also create opportunities for businesses from Saudi Arabia, the UAE, and Iraq to collaborate and expand their presence in the region. As Iraq continues to develop its trade infrastructure and improve customs processes, it is poised to attract further foreign investments and establish itself as a vital hub for international commerce.
