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Last Updated: 19/04/2021 07:29:56 pm
Gulan-media - Iraq lands Saudi and Emirati investment deals worth over $6 billion
Iraq lands Saudi and Emirati investment deals worth over $6 billion
  
Date: 07/04/2021 : 12:48:5272 Views

ERBIL (Kurdistan 24) – Iraqi Prime Minister Mustafa al-Kadhimi made initial deals with Saudi Arabia and the United Arab Emirates (UAE) for investment projects in Iraq that the three nations say will be worth more than $6 billion.

Kadhimi visited Saudi Arabia last week and the United Arab Emirates on Sunday.

During a cabinet session back home in Baghdad on Tuesday, Kadhimi said that his trips to the two Gulf states were "successful by all standards and criteria."

The UAE announced that it had agreed to invest in Iraq at a value of some three billion dollars.

The official Saudi Press Agency previously quoted a joint statement that Riyadh had agreed to establish a fund with an estimated capital of three billion dollars as a contribution from the Kingdom in the interest of encouraging investment in Iraq.

The mutual fund "will benefit the Saudi and Iraqi economies, with the participation of the private sector on both sides," it reported.

Kadhimi pledged Wednesday during his long-awaited visit to the kingdom, aimed at forging closer economic and security ties, that Iraq "will never become a launchpad for attacks on Saudi Arabia."

Read More: Iraq PM seeks to soothe security concern on Saudi visit

The Iraqi leader was scheduled to travel to Saudi Arabia on his first foreign trip as prime minister last July, but the visit was cancelled at the last minute when King Salman was hospitalized for surgery to remove his gallbladder.

A trip to Tehran, Riyadh's arch-rival, went ahead, with the premier meeting Iran's supreme leader Ayatollah Ali Khamenei.

Editing by John J. Catherine

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