The Iraqi-Saudi Coordinating Council.. A Path Toward Integration

[yota691]

With the participation of hundreds of companies.. Jeddah will host the Iraqi-Saudi Forum tomorrow

money and business
   

Economy News / Baghdad
The activities of the "Saudi-Iraqi Economic Forum" will start tomorrow, Thursday, in Jeddah. It is organized by the Federation of Saudi Chambers with the participation of more than 300 companies, and in the presence of Iraqi Deputy Prime Minister Muhammad Tamim, Minister of Commerce Majid Al-Qasabi, and a number of ministers, officials, representatives of government and private agencies, and business owners from both countries.

The Saudi newspaper Al-Youm, in its issue issued today, quoted the head of the Federation of Saudi Chambers, Hassan Al-Huwaizi, as saying: The Saudi-Iraqi Business Council, which was established in 2017; It plays a pivotal role in raising the volume of trade exchange, defining the investment climate, and encouraging investors from both countries to establish joint investment projects.

He praised the interest accorded to Saudi economic relations by the political leadership in the two countries, which culminated in the establishment of the Saudi-Iraqi Coordination Council.

The opening session of the forum includes ministers and representatives of the Saudi and Iraqi private sectors, while its agenda includes presentations on the Joint Coordination Council, the Saudi-Iraqi Investment Company, and investment opportunities in the Kingdom and Iraq.

The opening session will witness the signing of a number of agreements and the holding of bilateral meetings between the two sides.

The forum is scheduled to discuss issues of activating the benefit from the Arar border crossing, the mechanism for exchanging information on investment opportunities, raising the volume of Saudi exports to Iraq, supplying products to Iraqi companies, and the role of the transport sector.

The business sectors in the Kingdom and Iraq are counting on the positive outputs of the forum in light of clear governmental support and interest, in conjunction with the work of the fifth session of the Joint Saudi-Iraqi Coordination Council in Jeddah.

The volume of trade exchange between the Kingdom and Iraq reached 5.7 billion riyals in 2022, achieving a growth of 50%, while the border crossing at Arar contributed to the growth of Saudi exports to Iraq by about 132%.

 

 

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Views 25

Added 05/24/2023 - 4:27 PM

[ronscarpa]

In the presence of 300 companies .. Jeddah hosts the Saudi-Iraqi Economic Forum

 

 

2023-05-24 // 05:35

 

Shafaq News / The activities of the "Saudi-Iraqi Economic Forum" will start tomorrow, Thursday, in Jeddah. It is organized by the Federation of Saudi Chambers with the participation of more than 300 companies, and in the presence of Iraqi Deputy Prime Minister Muhammad Tamim, Minister of Commerce Majid Al-Qasabi, and a number of ministers, officials, representatives of government and private agencies, and business owners from both countries.

 

The Saudi newspaper, Al-Youm, in its issue issued today, quoted the head of the Federation of Saudi Chambers, Hassan Al-Huwaizi, as saying: The Saudi-Iraqi Business Council, which was established in 2017; It plays a pivotal role in raising the volume of trade exchange, defining the investment climate, and encouraging investors from both countries to establish joint investment projects.

 

He praised the interest accorded to Saudi economic relations by the political leadership in the two countries, which culminated in the establishment of the Saudi-Iraqi Coordination Council.

 

The opening session of the forum includes ministers and representatives of the Saudi and Iraqi private sectors, while its agenda includes presentations on the Joint Coordination Council, the Saudi-Iraqi Investment Company, and investment opportunities in the Kingdom and Iraq.

 

The opening session will witness the signing of a number of agreements and the holding of bilateral meetings between the two sides.

 

The forum is scheduled to discuss issues of activating the use of the Arar border crossing, the mechanism for exchanging information on investment opportunities, raising the volume of Saudi exports to Iraq, supplying products to Iraqi companies, and the role of the transport sector.

 

The business sectors in the Kingdom and Iraq are counting on the positive outputs of the forum in light of clear governmental support and interest, in conjunction with the work of the fifth session of the Joint Saudi-Iraqi Coordination Council in Jeddah.

 

The volume of trade exchange between the Kingdom and Iraq reached 5.7 billion riyals in 2022, achieving a growth of 50%, while the border crossing at Arar contributed to the growth of Saudi exports to Iraq by about 132%.

 

https://shafaq.com/ar/اقتصـاد/بحضور-300-شركة-جدة-تحتضن-الملتقى-الاقتصادي-السعودي-العراقي

[screwball]

16 hours ago, ronscarpa said:

In the presence of 300 companies .. Jeddah hosts the Saudi-Iraqi Economic Forum

 

 

2023-05-24 // 05:35

 

Shafaq News / The activities of the "Saudi-Iraqi Economic Forum" will start tomorrow, Thursday, in Jeddah. It is organized by the Federation of Saudi Chambers with the participation of more than 300 companies, and in the presence of Iraqi Deputy Prime Minister Muhammad Tamim, Minister of Commerce Majid Al-Qasabi, and a number of ministers, officials, representatives of government and private agencies, and business owners from both countries.

 

The Saudi newspaper, Al-Youm, in its issue issued today, quoted the head of the Federation of Saudi Chambers, Hassan Al-Huwaizi, as saying: The Saudi-Iraqi Business Council, which was established in 2017; It plays a pivotal role in raising the volume of trade exchange, defining the investment climate, and encouraging investors from both countries to establish joint investment projects.

 

He praised the interest accorded to Saudi economic relations by the political leadership in the two countries, which culminated in the establishment of the Saudi-Iraqi Coordination Council.

 

The opening session of the forum includes ministers and representatives of the Saudi and Iraqi private sectors, while its agenda includes presentations on the Joint Coordination Council, the Saudi-Iraqi Investment Company, and investment opportunities in the Kingdom and Iraq.

 

The opening session will witness the signing of a number of agreements and the holding of bilateral meetings between the two sides.

 

The forum is scheduled to discuss issues of activating the use of the Arar border crossing, the mechanism for exchanging information on investment opportunities, raising the volume of Saudi exports to Iraq, supplying products to Iraqi companies, and the role of the transport sector.

 

The business sectors in the Kingdom and Iraq are counting on the positive outputs of the forum in light of clear governmental support and interest, in conjunction with the work of the fifth session of the Joint Saudi-Iraqi Coordination Council in Jeddah.

 

The volume of trade exchange between the Kingdom and Iraq reached 5.7 billion riyals in 2022, achieving a growth of 50%, while the border crossing at Arar contributed to the growth of Saudi exports to Iraq by about 132%.

 

https://shafaq.com/ar/اقتصـاد/بحضور-300-شركة-جدة-تحتضن-الملتقى-الاقتصادي-السعودي-العراقي

great timing I would say!

[yota691]

Iraqi-Saudi talks on money and economics

2023-05-25 01:29

 

Shafaq News/ The Iraqi Ministry of Finance announced, on Thursday, that a meeting will be held to discuss the development of mutual cooperation in the field of finance and economy. 

 

The ministry said in a statement, received by Shafaq News Agency, that Minister Taif Sami met with the Saudi Minister of Investment, Khaled Al-Falih, and discussed with him joint files in the fields of economy, money and investment, and openness towards developing partnership with the Kingdom in various sectors, on the sidelines of the meetings of the Iraqi-Saudi Coordination Council in Its fifth session held in the Kingdom of Saudi Arabia. 

 

The meeting witnessed, according to the statement, discussions on consolidating bilateral relations between the two friendly countries, through the development of mutual cooperation in the field of finance and economy, in addition to discussing the activation of memorandums of understanding signed between the two countries, especially with regard to the banking sector and the abundant investment opportunities in Iraq and facilitating entry requirements for Saudi investors.

 

Minister Taif reiterated her priority on raising the level of relations with the brothers in the Kingdom, and raising the level of strategic and investment relations to the highest levels, supporting and strengthening them in a way that serves the interests of the two countries and peoples in various fields.

 

On the sidelines of the session of the Coordinating Council, according to the statement, a meeting of the joint business council between the two countries and the Saudi-Iraqi economic forum will be held, in the presence of a number of businessmen in the two countries.

 

In 2017, the two countries established the Saudi-Iraqi Coordination Council with the aim of strengthening relations and communication between them at the strategic level and raising bilateral relations to new horizons in various fields, including economic, development, security, investment, tourism, cultural and media, as well as coordination on international and regional issues.

[yota691]

Allocating $130 million to Saudi and Iraqi exporters and importers

2023-05-25 05:54

 

 

Shafaq News/ The Minister of Industry and Mineral Resources, Bandar Al-Khorayef, announced on Thursday, supporting Saudi exporters and Iraqi importers through the Saudi Export-Import Bank, and signing with 3 banks for financing, exports and lines with a value of more than $130 million.

 

Al-Khorayef said, in a statement to reporters on the sidelines of the Saudi-Iraqi Economic Forum, that these lines are available to Saudi exporters and Iraqi importers, noting the availability of opportunities for industry in Saudi Arabia and for expansion in Iraq to benefit from the Iraqi market and vice versa, with integration in the mining sector between the two parties.

 

 

He pointed out the readiness of Saudi exporters in light of the presence of productive capabilities and capacities in Saudi Arabia, especially since the numbers are modest compared to the size of the ambition of the two countries.

 

Al-Khorayef added that the volume of intra-trade between the two countries exceeded 5 billion riyals, of which 3.9 billion is in favor of Saudi Arabia, while there are opportunities to develop and double these numbers through political will and infrastructure through the ports and its permanent and continuous development.

 

He noted the industrial capabilities and their ability to compete, especially with Saudi Arabia's keenness to support Iraq to build industrial capabilities, noting that the Saudi Export-Import Bank, in addition to the proposals, is working to benefit both sides in exporting products.

 

He revealed that there are discussions with the Iraqi side on the feasibility of establishing an industrial city to embrace Saudi products to facilitate the entry of Saudi investors, noting that there are consultations about the independence of that city inside Iraq or between the borders of the two countries.

 

Al-Khorayef went on to say that Saudi Arabia and Iraq are united by one geological region full of many minerals, while joint work is expected to benefit from the natural resources of phosphates, fertilizers and aluminum.

 

He stressed the existence of a convergence in the various strategies with regard to added value within the economy, whether for industries related to oil, gas and petrochemicals, or in the mining sector.

 

The activities of the "Saudi-Iraqi Economic Forum" were launched earlier today in Jeddah. It is organized by the Federation of Saudi Chambers with the participation of more than 300 companies, and in the presence of Iraqi Deputy Prime Minister Muhammad Tamim, Minister of Commerce Majid Al-Qasabi, and a number of ministers, officials, representatives of government and private agencies, and business owners from both countries.

 

Establishing a joint industrial city between Iraq and Saudi Arabia 

 

On the sidelines of the forum, Minister of Industry and Minerals Khaled Battal Al-Najm, with Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, discussed a number of issues of concern to industrial cooperation between Iraq and Saudi Arabia.

 

The minister affirmed the Iraqi government's keenness to settle bilateral relations with Saudi Arabia in all sectors, including the industrial sector, and its directions towards concluding real partnerships with regard to the Iraqi-Saudi Coordination Council, the various industrial fields, and the available investment opportunities.

 

He referred to the desire to cooperate with Saudi Arabia to establish a joint industrial city that would be a starting point for investments between the two countries, reviewing the ministry's procedures for establishing a joint economic city with Jordan and establishing industrial cities in a number of governorates and laying the foundation stone for other cities, pointing at the same time to the ministry's vision towards focusing on strategic industries in Iraq remained rich in natural resources and minerals, as it possesses the largest reserves in the world in sulfur and the second in phosphate reserves, in addition to other natural resources. 

 

Al-Najm called for holding a meeting with Saudi investors to develop a future plan for industrial partnership in light of the investment opportunities and projects available at the Iraqi Ministry of Industry and Minerals and the facilities and support provided in accordance with the law.

For his part, the Saudi Minister of Industry affirmed the desire of Saudi companies to work and invest in Iraq, pointing out that these companies possess expertise and experience in establishing industrial cities and have the desire to work jointly in this field.

 

Electrical connection between the two countries

 

For his part, Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim affirmed, in a speech he delivered during the forum, Iraq's sincere desire for the success of the Iraqi-Saudi Coordination Council, and for this council to complete its work and achieve more successes in the way of serving development in the two countries, indicating that the work of the council comes In a new phase based on two tracks, the first is to complete the steps in the previous phases, in order to achieve economic, investment and trade integration between the two countries.

 

He pointed out that the second track is related to future aspirations, and what the Coordinating Council should do, and the tasks awaiting it in light of the many difficulties and challenges that the world is witnessing today, drawing attention to the challenges expected to occur in the coming years, most notably climate changes, and their repercussions on security. Food and health, and increasing the percentage of vulnerable groups, all of which require drawing joint policies responsive to these challenges, especially in the field of water scarcity treatment and agricultural development.

 

The minister added that the great seriousness and high concern of the leaderships of the two countries will enable the council to continue its work and achieve what was agreed upon, based on the fraternal and historical ties and ties that unite our two countries and peoples, and the development of those ties and relations, on the foundations and firm principles of brotherhood.

 

He concluded by saying: The Council has a number of important issues that will be discussed during this session and that we will take steps forward in these files, including signing a number of memorandums of understanding in several areas, and completing the electrical connection requirements, in a way that contributes to strengthening joint cooperation between Iraq. and Saudi Arabia.

[yota691]

Shafaq News publishes the text of the joint final statement of the fifth session of the Iraqi-Saudi Coordination Council

2023-05-25 06:39

 

 

Shafaq News/ The fifth session of the Saudi-Iraqi Coordination Council was held today, Thursday, in Jeddah, Saudi Arabia.

 

According to the joint final statement of the Council, the Saudi and Iraqi sides affirmed their intention to strengthen relations between the two brotherly countries in all fields, and they reviewed the work of the fifth session of the Saudi-Iraqi Coordination Council and the agreements and memorandums of understanding that resulted from the previous four sessions aimed at strengthening relations between the two countries, and they approved the results of the Council’s work in Its fifth session and the conclusions of the sub-committees (Energy and Transformational Industries Committee, Political, Security and Military Committee, Cultural, Practical and Islamic Affairs Committee, Agricultural Committee, Economic, Trade, Investment, Development and Relief Committee, Education, Youth and Sports Committee, Transport, Border Crossings and Ports Committee, Finance and Banking Committee), which The most important ones included:

 

 

 

Emphasizing the importance of expanding and strengthening horizons of bilateral cooperation to serve the interests of the two countries and the two brotherly peoples in various fields, especially political, security, commercial, investment, cultural, educational, tourism and energy, and building on the positive results achieved in the mutual visits between officials of the two countries during the last period.

 

The two countries praised the successful efforts of the OPEC Plus countries in promoting stability in the global oil market. They also stressed the importance of continuing this cooperation and the need for all participating countries to adhere to the OPEC Plus agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy. The two sides also appreciated the progress in the work of the joint team to implement the Saudi electrical interconnection project

 

Iraqi with a capacity of 1000 megawatts in accordance with the principles of the agreement signed between the two sides, and affirmed their keenness and aspiration to speed up the completion of the offering and awarding procedures for the implementation of the project, in order to achieve the aspirations of the leaderships of the two countries and their peoples. Nibras Al Sharq petrochemical project.

 

The two sides affirmed their determination to raise the pace of economic and investment cooperation to advance investment relations to the level of promising investment opportunities and projects owned by the two countries, through concerted efforts to create a fertile and stimulating investment environment, create appropriate investment conditions, accommodate visits of mutual delegations, and hold joint investment activities periodically to discuss and explore. Promising investment opportunities and stimulating the government and private sectors to reach qualitative trade and investment exchanges in a way that achieves the aspirations of the two peoples by launching a set of joint initiatives and supporting companies to enter government competitions. The brotherly Republic of Iraq has also renewed its call for Saudi companies to invest in promising opportunities in Iraq and in various fields.

 

- The meeting witnessed a discussion of the establishment of the Saudi-Iraqi Investment Company, wholly owned by the Public Investment Fund, opportunities for building investment partnerships in Iraq, and a review of various investment opportunities in a number of sectors.

 

- The two sides praised the growth of the volume of intra-trade between the two brotherly countries, as the volume of trade exchange reached (1.5) billion dollars for the year 2022 AD, with an increase of (50%) compared to the year 2021 AD, which reflects the depth and sustainability of economic relations between the Kingdom of Saudi Arabia and the Republic of Iraq, and the two sides agreed to Continuing to enhance trade exchange between the two countries, benefiting from the opening of the new port of Arar, and accelerating the opening of the Jumaimah border crossing. The Kingdom praised the economic reforms pursued by the Government of the Republic of Iraq, and the two sides affirmed their keenness to enhance joint economic cooperation that aims to achieve stability and economic prosperity for the two brotherly peoples and enhance their ability to overcome the challenges facing them. imposed by the recent international crises.

 

The two sides praised the role of the Saudi Commercial Attaché and the Saudi Companies Center in Baghdad, which contributed to the development of intra-trade between the two countries and investments by enabling Saudi companies to open branches in the Republic of Iraq and facilitating access to investment opportunities and projects.

 

What has been accomplished in the financial sector was also praised, as the branch of the National Bank of Iraq will contribute to facilitating the process of intra-trade between the two countries, as well as the branch of the Trade Bank of Iraq when it starts its work, and the announcement of the Arab National Bank in the Kingdom of Saudi Arabia with the strategic partner "Arab Bank" to establish a "bank Al-Arabi Iraq”, and the promotion of investments between the two sides is supported by the double taxation avoidance agreement, which is expected to enter into force soon. Cooperation between the two central banks in the field of financial technologies, in addition to coordination between other financial agencies such as ministries of finance and financial market authorities.

 

The two sides stressed the importance of discussing prospects for cooperation and opportunities for integration and striving to build strategic partnerships in the special economic zones between the Kingdom of Saudi Arabia and the Republic of Iraq by working to establish a special economic zone on the borders of the two countries.

 

The Republic of Iraq hoped that the Kingdom of Saudi Arabia would announce an amount of one and a half billion dollars for the reconstruction of Iraq at the Kuwait Conference for the Reconstruction of Iraq, which was held during the period 12-14 February 2018 AD, and its pledges and contribution to it. The two sides urge the existing development projects presented by the Government of the Kingdom of Saudi Arabia through the Saudi Fund for Development, which It aims to contribute to the achievement of sustainable development in the Republic of Iraq. They also discussed the challenges facing the progress of development work, and how to overcome them to achieve the development goals of growth and prosperity, and praised the launched development projects funded by the Saudi Fund for Development.

 

The two sides reviewed the active role played by the Saudi-Iraqi Business Council in developing economic relations and cooperation between the business sectors of the two sides and supporting small and medium enterprises, and stressed the importance of continuing those efforts in coordination with government agencies in both countries to overcome any challenges facing the business community.

 

Continuing joint cooperation in confronting the threat of extremism and terrorism as an existential threat to the countries of the region and the world, and they agreed to continue supporting Iraq's efforts in cooperation with the international coalition to confront terrorism and extremism. The two sides also stressed the importance of cooperation in securing the borders between the two brotherly countries.

 

The two sides affirmed the continuation of cooperation in the field of transport and logistics services between the two countries, facilitating the movement of land, air and sea ports, travel procedures and the transportation of goods between the two countries, as direct flights between the two countries have been resumed, with carriers via the Saudi national airline.

 

Intensifying cooperation and exchanging views on matters and issues of concern to the two countries on the regional and international arenas, in a way that contributes to supporting and strengthening security and stability in the region and the world, and the need to remove the region from tensions and strive to establish sustainable security. They agreed to continue communication and exchange visits to complement bilateral consultations at the highest levels, to expand and follow up areas of joint cooperation in a way that serves the interests of the two brotherly countries.

 

Enhancing coordination in the field of mutual support and advocacy within the framework of multilateral diplomacy, especially for positions and jobs in international organizations.

 

Intensifying scientific, knowledge and educational cooperation between the two countries, maximizing the benefit from previous programs and initiatives, establishing academic and research partnerships between universities and higher education institutions in the two countries, as well as building 20 educational buildings in the Republic of Iraq, with the Iraqi side ready to overcome all direct obstacles to the implementation of the project. 

 

The Council’s secretariat was assigned from both sides to follow up the implementation in coordination with the relevant authorities. The Republic of Iraq wished the gift of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God protect him - to the brotherly Iraqi people regarding the establishment of a sports stadium and the Kingdom’s support for the Iraqi sports sector, where the two parties agreed to strengthen cooperation in The sports field through the establishment of various sporting events between the two countries. On the other hand, the Saudi side praised Iraq's hosting of the Gulf 25 and the resulting increase in cohesion between the peoples of the region.

 

The two parties agreed to set a vision and a mechanism for cooperation and investment encouragement in the field of tourism between the two countries.

 

The two sides agreed on the joint work plan for the years 2023-2024 AD, and the start of its implementation through the sub-committees emanating from the Council, and its direct follow-up by the two secretariats of the Council.

 

The two sides also stressed the importance of following up on the implementation of the results of the meetings of the previous sessions of the Council and its sub-committees, and the agreements resulting from them, and completing the regular procedures for the ratification and entry into force of those agreements, which will contribute to expanding and strengthening the scope of cooperation in a number of areas.

 

A number of memorandums of understanding were also signed between the two sides in the fields of tourism, culture, media and news.

 

At the end of the meeting, the council presidents, from the Saudi and Iraqi sides, stressed the importance of strengthening the relations that bind the two brotherly peoples in all fields, and moving them forward to match the aspirations and visions of the leaderships of the two countries in order to achieve common interests, enhance the security and stability of the region, and push the wheel of development for the benefit of the two brotherly peoples. and achieve their well-being.

[yota691]

'Nass' publishes the text of the final statement of the fifth session of the Iraqi-Saudi Coordination Council

2023.05.25 - 13:50

 

Baghdad - Nas  

"NAS" publishes the text of the final statement of the fifth session of the Iraqi-Saudi Coordination Council, which was held Thursday, in the Saudi city of Jeddah.  

  

  

Below is the text of the statement:  

  

(Draft joint final statement - intended to be announced)  

  

In continuation of the joint bilateral cooperation between the Kingdom of Saudi Arabia and the Republic of Iraq, and based on the historical fraternal ties between the two brotherly countries, and in implementation of the directives of His Royal Highness, Crown Prince and Prime Minister Prince Muhammad bin Salman bin Abdulaziz Al Saud - may God protect him - and His Excellency the Prime Minister of the Republic of Iraq, Mr. Muhammad Shiaa Al-Sudani, and the importance of bilateral work in strengthening these ties and the desire to consolidate the bonds of fruitful cooperation in all fields.  

  

The work of the fifth session of the Saudi-Iraqi Coordination Council was held on Thursday, Dhu al-Qi`dah 5, 1444 AH, corresponding to May 25, 2023 AD, in Jeddah Governorate, Kingdom of Saudi Arabia, in the presence of Their Highnesses and Excellencies members of the Council and heads of sub-committees from the Saudi and Iraqi sides, where the Saudi side was headed by His Excellency Dr. Majed Bin Abdullah Al-Qasabi, Minister of Commerce, Chairman of the Council from the Saudi side, and the Iraqi side was headed by His Excellency Dr. Muhammad Ali Tamim, Deputy Prime Minister and Minister of Planning, Chairman of the Council from the Iraqi side.  

  

The following is the text of the joint statement issued by the meeting:  

  

Proceeding from the deep-rooted and historical fraternal bonds and bonds that unite the Kingdom of Saudi Arabia and the Republic of Iraq, and between their two brotherly peoples, and in order to strengthen the distinguished relations between them, today, Thursday, Dhu al-Qi`dah 5, 1444 AH, corresponding to May 25, 2023, the work of the fifth session of the Saudi-Iraqi Coordination Council was held in Jeddah Governorate. in the Kingdom of Saudi Arabia.  

  

The Saudi and Iraqi sides affirmed their determination to strengthen relations between the two brotherly countries in all fields, and they reviewed the work of the fifth session of the Saudi-Iraqi Coordination Council and the agreements and memorandums of understanding that resulted from the previous four sessions aimed at strengthening the brotherly relations between the two brotherly countries, and they approved the results of the work of the Council in its fifth session. And the findings of the sub-committees (Energy and Transformational Industries Committee, Political, Security and Military Committee, Cultural, Media and Islamic Affairs Committee, Agricultural Committee, Economic, Trade, Investment, Development and Relief Committee, Education, Youth and Sports Committee, Transportation, Border Crossings and Ports Committee, Finance and Banking Committee), which included the most important :  

  

Emphasizing the importance of expanding and strengthening the horizons of bilateral cooperation to serve the interests of the two countries and the two brotherly peoples in various fields, especially political, security, trade, investment, cultural, educational, tourism and energy, and building on the positive results achieved in the mutual visits between officials of the two countries during the last period.  

  

 The two countries praised the successful efforts of the OPEC Plus countries in promoting stability in the global oil market. They also stressed the importance of continuing this cooperation and the need for all participating countries to adhere to the OPEC Plus agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy. The two sides also wished progress in the work of the joint team to implement the Saudi-Iraqi electrical interconnection project with a capacity of 1,000 megawatts in accordance with the principles of the agreement signed between the two sides, and affirmed their keenness and aspiration to speed up the completion of the bidding and awarding procedures for the implementation of the project, in order to achieve the aspirations of the leaderships of the two countries and their peoples, and the two sides also stressed the importance of providing requirements Necessary for the implementation of renewable energy projects with a capacity of 1000 megawatts, and the continuation of consultations and meetings for the implementation of the Nebras Al Sharq petrochemical project.  

  

The two sides affirmed their determination to raise the pace of economic and investment cooperation in order to advance investment relations to the level of the promising investment opportunities and projects that the two countries possess, through concerted efforts to create a fertile and stimulating investment environment, create appropriate investment conditions, accommodate visits of mutual delegations, and hold joint investment activities periodically to discuss Exploring promising investment opportunities and stimulating the government and private sectors to reach qualitative trade and investment exchanges in a manner that achieves the aspirations of the two peoples by launching a set of joint initiatives and supporting companies to enter government competitions. The brotherly Republic of Iraq has also renewed its call for Saudi companies to invest in promising opportunities in Iraq and in various fields.  

  

- The meeting witnessed a discussion of the establishment of the Saudi-Iraqi Investment Company, wholly owned by the Public Investment Fund, opportunities for building investment partnerships in Iraq, and a review of various investment opportunities in a number of sectors.  

  

- The two sides praised the growth of the volume of intra-trade between the two brotherly countries, as the volume of trade exchange amounted to (1.5) billion dollars for the year 2022 AD, an increase of (50%) compared to the year 2021 AD, which reflects the depth and sustainability of economic relations between the Kingdom of Saudi Arabia and the Republic of Iraq, and the two sides agreed to Continuing to enhance trade exchange between the two countries, benefiting from the opening of the new port of Arar, and accelerating the opening of the Jumaimah border crossing. The Kingdom praised the economic reforms pursued by the Government of the Republic of Iraq, and the two sides affirmed their keenness to enhance joint economic cooperation that aims to achieve stability and economic prosperity for the two brotherly peoples and enhance their ability to overcome the challenges facing them. imposed by the recent international crises.  

  

The two sides praised the role of the Saudi Commercial Attaché and the Saudi Companies Center in Baghdad, which contributed to the development of intra-trade between the two countries and investments by enabling Saudi companies to open branches in the Republic of Iraq and facilitating access to investment opportunities and projects.  

  

What has been accomplished in the financial sector was also praised, as the branch of the National Bank of Iraq will contribute to facilitating the process of intra-trade between the two countries, as well as the branch of the Trade Bank of Iraq when it starts its work, and the announcement of the Arab National Bank in the Kingdom of Saudi Arabia with the strategic partner "Arab Bank" to establish a "bank Al-Arabi Iraq”, and the promotion of investments between the two sides is supported by the double taxation avoidance agreement, which is expected to enter into force soon. Cooperation between the two central banks in the field of financial technologies, in addition to coordination between other financial agencies such as ministries of finance and financial market authorities.  

  

The two sides stressed the importance of discussing prospects for cooperation and opportunities for integration and striving to build strategic partnerships in the special economic zones between the Kingdom of Saudi Arabia and the Republic of Iraq by working to establish a special economic zone on the borders of the two countries.  

  

The Republic of Iraq hoped that the Kingdom of Saudi Arabia would announce an amount of one and a half billion dollars for the reconstruction of Iraq at the Kuwait Conference for the Reconstruction of Iraq, which was held during the period 12-14 February 2018, and its pledges and contribution to it. The two sides urge the existing development projects presented by the Government of the Kingdom of Saudi Arabia through the Saudi Fund for Development, which It aims to contribute to the achievement of sustainable development in the Republic of Iraq. They also discussed the challenges facing the progress of development work, and how to overcome them to achieve the development goals of growth and prosperity, and praised the launched development projects funded by the Saudi Fund for Development.  

  

The two sides reviewed the active role played by the Saudi-Iraqi Business Council in developing economic relations and cooperation between the business sectors of the two sides and supporting small and medium enterprises, and stressed the importance of continuing those efforts in coordination with government agencies in both countries to overcome any challenges facing the business community.  

  

Continuing joint cooperation in confronting the threat of extremism and terrorism as an existential threat to the countries of the region and the world, and they agreed to continue supporting Iraq's efforts in cooperation with the international coalition to confront terrorism and extremism. The two sides also stressed the importance of cooperation in securing the borders between the two brotherly countries.  

  

The two sides affirmed the continuation of cooperation in the field of transport and logistics services between the two countries, facilitating the movement of land, air and sea ports, travel procedures and the transportation of goods between the two countries, as direct flights between the two countries have been resumed, with carriers via the Saudi national airline.  

  

Intensifying cooperation and exchanging views on matters and issues of concern to the two countries on the regional and international arenas, in a way that contributes to supporting and strengthening security and stability in the region and the world, and the need to remove the region from tensions and strive to establish sustainable security. They agreed to continue communication and exchange visits to complement bilateral consultations at the highest levels, to expand and follow up areas of joint cooperation in a way that serves the interests of the two brotherly countries.  

  

Enhancing coordination in the field of mutual support and advocacy within the framework of multilateral diplomacy, especially for positions and jobs in international organizations.  

  

Intensifying scientific, knowledge and educational cooperation between the two countries, maximizing the benefit from previous programs and initiatives, establishing academic and research partnerships between universities and higher education institutions in the two countries, as well as building 20 educational buildings in the Republic of Iraq, with the Iraqi side ready to overcome all direct obstacles to the implementation of the project. The Council’s secretariat was assigned from both sides to follow up the implementation in coordination with the relevant authorities. The Republic of Iraq wished the gift of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God protect him - to the brotherly Iraqi people regarding the establishment of a sports stadium and the Kingdom’s support for the Iraqi sports sector, where the two parties agreed to strengthen cooperation in The sports field through the establishment of various sporting events between the two countries, and in return the Saudi side praised Iraq's hosting of the Gulf 25 and the resulting increase in cohesion between the peoples of the region.  

  

The two parties agreed to set a vision and a mechanism for cooperation and investment encouragement in the field of tourism between the two countries.  

  

The two sides agreed on the joint action plan for the years 2023-2024 AD, and the start of work on it through the sub-committees emanating from the Council, and its direct follow-up by the two secretariats of the Council.  

  

The two sides also stressed the importance of following up on the implementation of the results of the meetings of the previous sessions of the Council and its sub-committees, and the agreements resulting from them, and completing the regular procedures for the ratification and entry into force of those agreements, which will contribute to expanding and strengthening the scope of cooperation in a number of areas.  

  

A number of memorandums of understanding were also signed between the two sides in the fields of tourism, culture, media and news.  

  

At the end of the meeting, the council presidents, from the Saudi and Iraqi sides, stressed the importance of strengthening the relations that bind the two brotherly peoples in all fields, and moving them forward to match the aspirations and visions of the leaderships of the two countries in order to achieve common interests, enhance the security and stability of the region, and push the wheel of development for the benefit of the two brotherly peoples. and achieve their well-being.  

  

Jeddah-Saudi Arabia  

  

5 Dhu al-Qi`dah 1444 AH corresponding to May 25, 2023 AD  

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The Minister Of Finance Stresses The Importance Of Activating Memorandums Of Understanding With Saudi Arabia Regarding Banking Sectors

05/25/2023

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Earth News / Finance Minister Taif Sami stressed today, Thursday, the importance of activating the memorandums of understanding signed with the Saudi side, related to investment, agriculture, health and industry sectors.

A statement by the ministry, received by Earth News, stated that “Minister of Finance Taif Sami Muhammad stressed, in her second meeting with the Saudi Minister of Investment, His Excellency Khaled Al-Falih, the importance of activating the memorandums of understanding signed with the Saudi side related to the banking sectors and supporting projects in the sectors of industry, agriculture, health, and the field of trade movement between the two countries.” .
Sami explained, “The role of the committees emanating from both sides in activating the projects proposed by the Saudi brothers related to aspects of financing and grants provided for infrastructure purposes in Iraq, such as hospitals, schools, health centers, and grain silo projects in the governorates.”
Sami welcomed, "the desire of the Kingdom's government to contribute to the Iraqi Development Fund, which is to be established upon obtaining the approval of the Iraqi parliament."
The Minister of Finance also discussed, during her meeting with representatives of the Saudi Development Fund and the Islamic Bank, the proposed projects to be implemented in Iraq, and welcomed them, as she promised to include them in the general federal budget of the Republic of Iraq for the year 2024. It is noteworthy that the meetings came on the sidelines of the meetings of the Iraqi-Saudi Coordination
Council In its fifth session held in Jeddah, with the participation of a high-ranking delegation that included a number of ministers and the governor of the Central Bank, in addition to the Saudi-Iraqi Economic Forum, and in the presence of a number of businessmen from both countries.

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Launching a Saudi-Iraqi investment company with a capital of $3 billion

l 30 minutes ago

Sky News Arabia - Abu Dhabi

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Saudi Public Investment Fund logo

Miteb Al-Shathri, Acting CEO of the Saudi-Iraqi Investment Company, said on Thursday that the Saudi Public Investment Fund has established a new unit to invest in various sectors in Iraq with a capital of three billion dollars and is based in Saudi Arabia.

He added during the Saudi-Iraqi Coordination Council held in Saudi Arabia that the company will invest in areas including infrastructure, mining, agriculture, real estate development and financial services.

[yota691]

The Central Bank: Iraqi-Saudi cooperation in the field of exchanging experiences and electronic payment

 

drains
   

Economy News - Baghdad
The Central Bank of Iraq confirmed, on Thursday, the existence of Iraqi-Saudi cooperation in the field of exchanging experiences and electronic payment.

Deputy Governor Ammar Hamad Khalaf said, "During the meeting of the fifth session of the Iraqi-Saudi Coordination Council, cooperation was clear between the Central Bank of Iraq and the Central Bank of Saudi Arabia in many areas to provide banking services to merchants and beneficiaries."

Khalaf added, in an interview with the official news agency, that "one of the Iraqi banks has opened a branch in the Kingdom of Saudi Arabia, and there is another bank in the process of opening a branch in the Kingdom."

And he continued, "There is cooperation in the field of exchanging expertise and information and developing expertise in the field of financial technologies, electronic payment and other banking services between the Iraqi and Saudi central banks."

 

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Views 47

Added 05/25/2023 - 2:47 PM

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The Minister of Oil reveals the developments of Iraqi-Saudi cooperation in the fields of investment

2023.05.26 - 15:27

 

Baghdad - people  

On the sidelines of his participation in the Jeddah conference, Minister of Oil Hayan Abdul Ghani said that they are continuing joint work to implement the Saudi-Iraqi electrical interconnection project.  

  

  

  

The minister revealed, in statements followed by "NAS" on Friday (May 26, 2023), that they "discussed the possibility of establishing a station to generate electricity from solar energy, as well as joint work to establish specialized industrial cities."  

  

The minister also affirmed, "Iraq welcomes the participation of Saudi companies specialized in the field of developing oil fields and sites and investing in gas, and it was agreed with the Saudi side to establish a database of geological survey information and mining data."  

  

He added, "We are studying participation and investment by Saudi companies involved in developing the Crutch gas field in Anbar Province and in the East Nibras petrochemical project."  

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The Minister of Oil reveals the energy and manufacturing industries talks with Saudi Arabia

• Time: 05/26/2023 13:03:44
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{Economic: Al Furat News} Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani revealed the most important axes and projects that were discussed by the Energy and Transformational Industries Committee during the fifth session of the Iraqi-Saudi Coordination Council in Jeddah.

Abdul-Ghani said in a statement that {Euphrates News} received a copy of, and after his participation and chairmanship of the Energy and Transformational Industries Committee within the work of the Coordinating Council, that: “It was agreed with the Saudi side to establish a database of geological survey information and mining data, in addition to studying participation and investment by companies.” Saudi Arabia is concerned with developing the Crutch gas field in Anbar Governorate, and in the East Nibras petrochemical project.

And on cooperation in the electricity sector and joint interconnection, Abdul-Ghani indicated moving forward in joint work to implement the Saudi-Iraqi electrical interconnection project, in addition to discussing the possibility of establishing a station to generate electricity from solar energy, and joint work to establish specialized industrial cities.

The Deputy Prime Minister for Energy Affairs and Minister of Oil expressed the Iraqi side's welcome to the participation of Saudi companies specialized in the field of developing oil fields and sites and investing in gas within the fifth licensing rounds (+5) that were launched earlier this month, and the sixth round, to be launched during the coming period.

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Iraq and Saudi Arabia discuss activating memorandums of understanding for 4 sectors in Iraq

• Time: 05/25/2023 14:04:54
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• Read: 1,040 times

  

{Local: Al Furat News} Minister of Finance, Taif Sami Muhammad, stressed today, Thursday, the importance of activating the memorandums of understanding signed with the Saudi side related to the banking sectors, supporting projects in the sectors of industry, agriculture, health, and the field of trade movement between the two countries, in her second meeting with the Saudi Minister of Investment, His Excellency Khaled Al-Falih.

The media office of the Minister of Finance stated in a statement received by {Euphrates News}, that, "The role of the committees emanating from both sides in activating the projects proposed by the Saudi brothers related to aspects of financing and grants provided for the purposes of infrastructure in Iraq, such as hospitals, schools, health centers, and grain silo projects in the provinces." 

In the same context, the Minister of Finance welcomed the desire of the Kingdom's government to contribute to the Iraqi Development Fund, which is to be established once the approval of the Iraqi parliament is obtained.

She also discussed, during her meeting with representatives of the Saudi Development Fund and the Islamic Bank, the proposed projects to be implemented in Iraq, and welcomed them, as she promised to include them in the general federal budget of the Republic of Iraq for the year 2024.

It is noteworthy that the meetings came on the sidelines of the meetings of the Iraqi-Saudi Coordination Council in its fifth session held in Jeddah, with the participation of a high-level delegation that included a number of ministers and the governor of the Central Bank, in addition to the Saudi-Iraqi Economic Forum, in the presence of a number of businessmen in the two countries.

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The Iraqi-Saudi Coordinating Council concludes its work with the signing of a joint record

• Time: 05/25/2023 17:17:50
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• Read: 1,170 times

  

{Local: Al Furat News} The Iraqi-Saudi Coordinating Council concluded, Thursday evening, the work of its fifth session, which was hosted by the Jeddah Governorate in the Kingdom of Saudi Arabia, by signing a minutes of joint cooperation between the two countries in various fields.

 

According to the ministerial statement, {Euphrates News} received a copy of it, that: "The minutes were signed by the Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, head of the Iraqi side in the council, while it was signed by the Minister of Commerce, Majid Al-Qasabi, head of the Saudi side, on behalf of the Kingdom of Saudi Arabia."
In the statement, the two sides stressed "moving forward in enhancing joint cooperation in the political, economic, financial, investment, commercial, cultural and sports fields."

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Trade exchange between Iraq and Saudi Arabia amounts to $1.5 billion

money and business
   

Economy News-Baghdad
Today, Thursday, the Saudi Minister of Commerce, Majid Al-Qasabi, revealed that the volume of trade exchange with Iraq has increased to one billion and 500 million dollars, while stressing that his country is ready to provide all its capabilities to Iraq.

Al-Qasabi said on the sidelines of the Iraqi-Saudi Economic Forum: "The figures in the field of economic and trade cooperation between the two countries do not rise to the aspirations of leaders, businessmen and citizens of the two peoples, and we aspire to raise the level of cooperation."
He pointed out that "his country harnesses all its knowledge, systems and procedures and places them at the disposal of Iraq," pointing out that "the private sector is the real partner for development in any country and the real economic backbone and lever for any economy." 
Al-Qasabi revealed, "The volume of trade exchange between the two countries annually reached $1.5 billion last year, which is a larger number than it was previously."
He continued, "He will discuss with his Saudi counterparts monthly the challenges of investment opportunities, solutions and proposals, and will present proposals to Iraqi officials to encourage the investment process."
Al-Qasabi concluded: "I say to every Iraqi and Saudi, whether a businessman or an official; we are at your service and under your command in any problem."

 

 

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Views 513

Added 05/25/2023 - 9:33 PM

[yota691]

The Minister of Oil confirms moving forward with the implementation of the Saudi-Iraqi electrical interconnection project

2023-05-26 05:56

 

 

Shafaq News/ The Deputy Prime Minister for Energy Affairs and Minister of Oil revealed, on Friday, the most important axes and projects that were discussed by the Energy and Transformational Industries Committee during the fifth session of the Iraqi-Saudi Coordination Council in Jeddah.

 

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani said in a statement today, after his participation and chairmanship of the Energy and Transformational Industries Committee within the work of the Coordinating Council, that it was agreed with the Saudi side to establish a database of geological survey information and mining data, in addition to studying participation and investment by Saudi companies involved in the development of the crutch gas field in Anbar province, and in the East Nibras petrochemical project.

 

 

And on cooperation in the electricity sector and joint interconnection, Abdul-Ghani indicated moving forward in joint work to implement the Saudi-Iraqi electrical interconnection project, in addition to discussing the possibility of establishing a station to generate electricity from solar energy, and joint work to establish specialized industrial cities.

 

The Deputy Prime Minister for Energy Affairs and Minister of Oil expressed the Iraqi side's welcome to the participation of Saudi companies specialized in the field of developing oil fields and sites and investing in gas within the fifth licensing rounds (+5) that were launched earlier this month, and the sixth round, to be launched during the coming period. .

 

Iraq is seeking linkage projects with neighboring countries in order to compensate for the shortage in electric power that it has been suffering from for several years.

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Al-Sudani praises the successes of the Iraqi-Saudi Coordinating Council

second and third  2023/05/28

 

 

  Baghdad: morning

 

Prime Minister Mohammed Shia Al-Sudani praised, during his reception, yesterday, Saturday, the Saudi Minister of Transport, Saleh Al-Jasser, the successes achieved by the Coordinating Council between Iraq and the Kingdom of Saudi Arabia, and the constructive steps it took in the direction of developing relations between the two countries.

During the meeting, the Prime Minister affirmed Iraq's keenness to develop bilateral relations with the Kingdom of Saudi Arabia in various fields, in a way that achieves the aspirations of the two brotherly peoples, stressing the importance of integration between the countries of the region in the economic, investment and industrial aspects.

When he received the UAE Minister of Energy, Suhail Al Mazrouei, the Prime Minister discussed the relations between the two countries, especially those related to energy, which represents an important and vital sector, including industries and future investments.

The economic and investment opportunities offered by the development path project, and its future positive repercussions on the economy of Iraq and the countries of the region, were also reviewed.

Al-Sudani stressed that the current government has drawn up an integrated approach to develop the basic sectors in the country, stressing the government's keenness to provide a safe investment environment, especially since Iraq has become an investment destination. 

promising.

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The Iraqi-Saudi Coordinating Council.. A Path Toward Integration

The first  2023/06/03

 

 

  Baghdad: Hoda Al-Azzawi 

 

Since its first session in 2017, the Iraqi-Saudi Coordinating Council has made significant strides in consolidating the foundations of the relationship between the two brotherly countries based on giving priority to the interest of the two peoples and rooting ties between them by creating a more stable environment for development. A path towards economic integration between Iraq and Saudi Arabia that contributes to attracting investment and prosperity to the region.

The Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, said in an interview with "Al-Sabah" that "the Iraqi-Saudi Coordination Council is an important strategic council for the development of Iraq and the Gulf region, for two reasons, the first of which is that Iraq and Saudi Arabia constitute a major human force in the region, in addition to being They are the owners of the second oil production in the world and the third in terms of oil energy and its storage in the world.

He noted that "the Kingdom has been stable in recent years and has not been affected by major fluctuations, unlike many countries in the region and the world, and therefore it was able to modernize its economy and conduct a great diversification in it, and the Kingdom has good experiences in the fields of manufacturing, agriculture, digital and banking services, while Iraq is a virgin land." With great energies, the rapprochement between the two countries will generate great economic power.

And he indicated that he "relies on the Iraqi-Saudi Coordinating Council to bring about economic integration between Iraq and the Kingdom of Saudi Arabia, both in the field of modernizing the manufacturing industry and in the field of modernizing the extractive industry - petrochemicals and oil - especially since Saudi Arabia has a long history in this field."

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Saudi Arabia is considering financing the Bismayah project and its full completion

• Time: 06/29/2023 14:15:19
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{Economic: Al Furat News} The Chairman of the Investment Authority, Haider Muhammad Makiya, discussed the mechanisms of joint cooperation with the Saudi Minister of Investment, Khaled Al-Falih, to finance the Bismayah residential project.

 

Makiya stressed during the meeting, according to the Commission’s statement that {Euphrates News} received a copy of, “the necessity of bridging investment relations with the Kingdom of Saudi Arabia, especially with the Ministry of Investment and the Saudi Investment Fund, as it is one of the major funds in the world to determine financing paths for major strategic projects of a service nature to citizens,” referring to “ The importance of completing the housing units and their infrastructure within the Bismayah complex, and starting to provide the best services to the residents.

The head of the National Investment Commission referred to "the priorities set by the Iraqi government's special program represented in addressing the housing crisis and establishing major cities in all governorates of Iraq," pointing to the seriousness of Prime Minister Muhammad Shia'a al-Sudani in finding solutions that cover the needs of Iraqi citizens for adequate housing through agreement with investment companies. And investors to build housing complexes that suit them.

For his part, the Saudi Minister of Investment, Khaled Al-Falih, expressed his readiness to cooperate with the National Investment Commission in completing the success story in the Bismayah complex, which is one of the important investment signs in Baghdad, after studying the financial model to complete the entire project or other residential complexes or new cities in Iraq.

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Saudi Arabia is ready to finance the "Bismaya" housing project in Baghdad

2023-06-29 07:17

 

Shafaq News/ The National Investment Commission in Iraq said, on Thursday, that Saudi Arabia has expressed its readiness to complete the construction of housing units in the "Bismaya" residential complex in the capital, Baghdad.

 

The authority stated in a statement today that, in order to complete its procedures in the course of financing the Basmaya residential project, the head of the authority, Haider Muhammad Makiya, discussed mechanisms for joint cooperation with Saudi Minister of Investment Khaled Al-Falih to finance the Basmaya project.

 

During his meeting with Al-Falih, Makiya stressed the necessity of bridging investment relations with the Kingdom of Saudi Arabia, especially with the Ministry of Investment and the Saudi Investment Fund, as it is one of the major funds in the world to determine financing paths for major strategic projects of a service nature to citizens, indicating the importance of completing housing units and their infrastructure within the Bismayah complex. And to start providing the best services to the residents.

 

The head of the National Investment Commission referred to the priorities set by the Iraqi government's special program, represented by addressing the housing crisis and establishing major cities in all governorates of Iraq, pointing to the seriousness of the Prime Minister, Muhammad Shia' al-Sudani, in finding solutions that cover the needs of Iraqi citizens for adequate housing through agreement with investment companies and investors. To create housing complexes worthy of them.

 

For his part, the Saudi Minister of Investment, Khaled Al-Falih, expressed his willingness to cooperate with the National Investment Commission in completing the "success story" in the Bismayah complex, which is one of the important investment signs in Baghdad, after studying the financial model to complete the entire project or other residential complexes or new cities in Iraq. .

 

The modern Bismayah residential complex is located to the southeast of the city of Baghdad, about 10 km from the borders of the city of Baghdad on the road linking Baghdad-Kut.

 

On September 25, 2011, the Investment Authority opened the door to registration for the complex, after contracting with the South Korean Hanwha Company to construct 100,000 housing units in the Bismayah residential complex.