Saudi Minister of Commerce and Investment Dr. Majid bin Abdullah al-Qasabi announced Wednesday a $1 billion grant to Iraq and the construction of a sports city in the country as a gift from the Custodian of the Two Holy Mosques.
His announcement coincided with the arrival of a high-ranking Saudi delegation in Baghdad to attend the second Saudi-Iraqi Coordination Council meeting, which will be held during the visit.
The delegation comprises 100 officials, including seven ministers. It is considered the largest of its kind in 30 years, Iraqi Ambassador to Riyadh Qahtan al-Janabi told Asharq Al-Awsat.
It is headed by Qasabi and includes a number of ministers, representatives of ministries, directors of giant Saudi companies and bodies and a number of businessmen and cultural and security figures, said Iraq's Deputy Premier for Energy Affairs and Oil Minister Thamer Abbas al-Ghadhban.
Ghadhban, who is also head of the Saudi-Iraqi Coordination Council, added that the two countries will hold many meetings during the Council’s second session to discuss boosting joint cooperation in all fields to serve the two countries’ common interests at the economic, political, commercial, cultural and security levels.
The Saudi Chamber of Commerce and Industry (SCCI) signed Wednesday a memorandum of understanding (MoU) with the Baghdad Chamber of Commerce to increase trade exchange and economic and investment cooperation.
The MoU aims at strengthening economic ties between the two countries and harnessing them to serve common interests.
Both sides also agreed to coordinate their visions and positions in regional and international economic forums, conferences and exhibitions and conduct economic researches and studies to fill gaps in trade and economic laws and international standards.
The MoU stipulates holding an annual conference alternately between the two countries for companies, businessmen and women, building a database to serve the two states’ chambers in addition to encouraging exchange of trade in national products and more.
Chairman of the Board of Riyadh Chamber Ajlan al-Ajlan and Vice President of the Baghdad Chamber of Commerce Abdullah Saleh al-Jubouri co-signed the MoU.
The agreement will enable both sides to further promote the development of the business and trade sector, Ajlan told Asharq Al-Awsat.
He stressed both countries’ interest in contributing to the promotion of trade exchange, saying that according to official data, Saudi Arabia's non-oil exports to Iraq have amounted to about SAR10 billion ($2.6 billion) over the past five years.
