RIYADH: Saudi Arabia and the United Arab Emirates (UAE) have committed to allocate 6 billion dollars for expanding international trade and investment in Iraq.
The Federation of Iraqi Chambers of Commerce (FICC) said on Sunday that it also agreed to establish business councils of the Saudi Arabia and the UAE in Iraq.
FICC President Abdel Razzak Al-Zouhairy said that the UAE and the Kingdom deposited 3 billion dollars each to support their operations in Iraq, which include investment and trade activities, Arab News reported on Monday.
He said that Iraq’s unique geographical location provides it a competitive advantage to become an important player in world trade, particularly in trade routes between Europe and Asia.
He further said that Iraq is trying to maintain an integrated system for commercial operations to keep pace with the development of world trade, especially in the customs area of imports and exports of goods.
In June, the Saudi Export Development Authority (SEDA) organized a trade mission to Iraq under the theme “Made in Saudi.”
The event showcased the SEDA’s commitment to develop Saudi non-oil exports and its strategic goal of creating export opportunities to local exporters.
The trade mission witnessed the participation of more than 37 Saudi and 100 Iraqi companies from various fields, including construction materials, food products and packaging.
Saudi Arabia’s commercial project in Baghdad
In June, Saudi Arabia inked a contract with Iraq to establish a commercial project worth 1 billion dollars in Baghdad.
The project named Baghdad Avenue, is likely to become the largest shopping mall in Iraq, encompassing restaurants, coffee shops, and commercial offices.
Moreover, it will also house 4,000 apartments and 2,500 villas.
