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UAE and Saudi to invest $6 billion in Iraq to promote international trade

Each deposited $3 billion to support their operations in Iraq

UAE and Saudi to invest $6 billion in Iraq to promote international trade
[Source photo: Anvita Gupta/Fast Company Middle East]

Expanding trade and investment to Iraq, Saudi Arabia and the UAE committed to allocating $6 billion. 

The Iraqi News Agency reported that the Federation of Iraqi Chambers of Commerce (FICC) will establish KSA and UAE business councils in Iraq.

FICC President Abdel Razzak Al-Zouhairy said, “The UAE and Saudi Arabia deposited $3 billion each to support their operations in Iraq, which include trade and investment activities.”  

Al-Zouhairy reiterated the importance of Iraq’s geographical location in facilitating global trade, especially between Europe and Asia. He added that Iraq is actively working towards establishing an integrated system for commercial activities to align with the advancements of global trade, especially in the customs domain. 

In June, the Saudi Export Development Authority organized a trade mission to Iraq aiming to underscore its commitment to develop non-oil exports from the kingdom and provide export opportunities to local exporters of Iraq.  Around 37 Saudi companies and 100 Iraqi firms participated in the event. The firms ranged from food products to packaging and construction materials. 

Last month the two nations also signed a contract to set up a commercial project called Baghdad Avenue worth $1 billion. The project is building the largest shopping mall in Iraq, with restaurants, cafes, commercial spaces, and offices. It will also have 4,000 apartments and 2,500 villas. 

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