Saudi Arabia studies establishing free zone with Iraq
The Jadidat Arar Port. Photo: SPA
Baghdad (IraqiNews.com) – The Saudi Minister of Investment, Khalid Al-Falih, announced on Sunday that Saudi Arabia is studying the establishment of the first free zone with Iraq in the border region of Arar.
During his participation in the Northern Border Investment Forum (NBIF), Al-Falih expressed his hope that the border region with Iraq in Arar will be the first free zone with a neighboring country where goods are exempted from taxes and fees and no entry visas are required for investors in the two countries.
The Jadidat Arar land port in the Saudi northern border region represents one of the gateways to the trade movement between Saudi Arabia and Iraq during the past two years.
The volume of trade exchange through the port during the first half of 2023 reached nearly $243.5 million, according to the Saudi Press Agency (SPA).
In the first quarter of 2023, trade movement between the two countries grew during March to about $101.6 million after it was about $81.3 million in January, and Saudi exports to Iraq rose to about $99.3 million in March after it was about $78.4 million in January.
Saudi Arabia’s imports from Iraq fell from $3.06 million in January to approximately 2.3 million in March.
The goods exported by Saudi Arabia to Iraq include aluminium, aluminium products, electrical appliances, grains, flour, dairy products, eggs, and animal products. The Iraqi exports to Saudi Arabia are mainly copper, copper products, resin, plant products, and sugar.