Saudi Arabia’s Ministry of Investment (MISA) oversaw the signing of 12 memoranda of understanding between Saudi companies and the Iraq Development Fund. The aim of these agreements is to promote cooperation in various high-quality investment projects in Iraq.
According to the Ministry, the signing ceremony took place in the presence of Eng. Khalid Al Falih, Saudi minister of Investment, Muhammad Tamim Iraq’s deputy prime minister of planning, and Mohammed Al-Najjar, chairman of the Iraq Development Fund.
بحضور معالي نائب رئيس الوزراء العراقي، محمد تميم، و معالي @Khalid_AlFalih، ومعالي
الرئيس التنفيذي لصندوق العراق للتنمية، شهدت #وزارة_الاستثمار توقيع 12 شركة سعودية،مذكرات تفاهم، مع الصندوق، بهدف تعزيز التعاون في عدد من المشروعات الاستثمارية النوعية، في جمهورية العراق الشقيقة. pic.twitter.com/JD8JiEEdre— وزارة الاستثمار (@MISA) April 4, 2024
In December 2023, Saudi Arabia and Iraq signed a partnership agreement to encourage private sector industrial investments. This initiative is part of the broader efforts of both countries to strengthen their bilateral relations and attract foreign investment.
In December 2023, the Prime Minister of Iraq, Mohammed Shia’ Al Sudani, praised the partnership contract between the private Iraqi company Al-Diyar and Saudi Arabia’s Northern Region Cement.
The partnership, focused on the cement industry, marked the first collaboration between the private sectors of Iraq and Saudi Arabia.
Al Sudani highlighted that this partnership paves the way for future collaborations between Iraqi businesses, companies, and their Saudi counterparts. It also encourages the private sectors of both countries to create more job opportunities, promote sustainable development, and strengthen economic interdependence between Iraq and its neighboring nations.
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