Iraq, Saudi Arabia sign partnership agreement in industrial investments
The national flags of Saudi Arabia and Iraq. Photo: Gulf Leaders Circle
Baghdad (IraqiNews.com) – Iraq and Saudi Arabia signed a collaboration agreement on Wednesday regarding private-sector industrial projects.
The collaboration agreement between Saudi Arabia and Iraq in industrial investments for the Saudi and Iraqi private sectors was signed by the president of the Iraq Fund for Development, according to the Iraqi News Agency (INA).
The Saudi ambassador to Iraq, Abdulaziz Al-Shammari, confirmed to INA that many opportunities are being studied to be proposed during the next few months.
Al-Shammari explained that the understanding between the leaderships of Saudi Arabia and Iraq resulted in the signing of this partnership agreement.
The Saudi official indicated that Saudi Arabia, through the Public Investment Fund (PIF), is interested in investment opportunities in the industrial, infrastructure, and real estate sectors, in collaboration with the Iraq Fund for Development.
Al-Shammari added that $3 billion is now available at the PIF, noting that coordination is ongoing between Iraq and Saudi Arabia to discuss investment opportunities.