Business & Money | Friday 5 April, 2019 3:52 am |

Saudi Arabia will construct a sports city for the people of Iraq as a gift from Custodian of the Two Holy Mosques King Salman. The Kingdom will also provide a grant amounting to $1 billion to Iraq in order to contribute to its development, and by which the Kingdom would be a key partner in the reconstruction of Iraq.

This was announced by Minister of Commerce and Investment Majed Al-Qasabi, who headed the Saudi delegation at the second session of the Saudi-Iraqi Coordination Council here, on Wednesday. The 100,000-seat sports stadium is to be built on the outskirts of Baghdad.

On Thursday, the Saudi consulate was opened in Baghdad in the presence of Al-Qasabi and Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil Thamir Al-Ghadhban. On this occasion, the flag of Saudi Arabia was raised on the consulate building. Senior Iraqi officials and members of the Saudi-Iraqi Coordination Council attended the ceremony.

Al-Qasabi said, in a statement, that the works on the Jadeedah Arar Border Crossing between the Kingdom and Iraq would be completed within six months from now. “This will constitute a major step in the way of enhancing trade relations and raising the level of trade exchange between the two countries. Work also goes ahead to build a sports city in Baghdad after the allocation of land to construct it,” he said, noting that there are a number of economic agreements ready for signature between the two countries.

Addressing a joint press conference with Al-Ghadhban, Al-Qasabi said works are progressing well to open three more consulates in Iraqi cities in the near future.

Al-Qasabi said the relationship had entered a new phase. “There’s no doubt that this exchange, this discussion, is a two-way street that will strengthen these ties,” he said.

There are 13 agreements and memoranda of understanding between the Saudi and Iraqi sides in all fields, which are in their final stages, and will have a significant impact on raising the level of cooperation between the two countries to achieve the aspirations of their leaders and peoples.

The minister also stressed the keenness of the government of King Salman and Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, on supporting development projects in Iraq, including the Kingdom’s allocation of a loan amounting to $1 billion last year to support these projects, benefiting the two peoples, in addition to $500 million to make possible the exports announced by Minister of State for Foreign Affairs Adel Al-Jubeir in Kuwait last year, including King Salman Sports City project granted by King Salman as a gift to the Iraqi people.

He said that the Kingdom would grant annual scholarships to Iraqis to study in Saudi universities.

The second session of the Saudi-Iraqi Coordination Council, co-chaired by Al-Qasabi and Al-Ghadhban, proposed dozens of opportunities in Iraq for Saudi private investors and a free trade zone along the border between the two countries. Al-Ghadhban said the council had prepared memoranda of understanding that will be signed in Riyadh during the upcoming visit of Iraq’s prime minister.

The Council meeting discussed ways to enhance bilateral cooperation in order to serve the common interests of the two countries, promote bilateral relations in all fields, coordinating efforts to serve their common interests, develop strategic partnership and encourage the exchange of technical expertise. They also reviewed memoranda of understanding, which frame the bilateral cooperation between the two countries in various fields carried out by eight joint committees on cooperation in the fields of petrochemicals, transport, Haj, economy, inter-trade, culture and education.

Meanwhile, around 80 Saudi and Iraqi businessmen and investors held a meeting in the framework of the Iraqi-Saudi Economic Forum to discuss the prospects for cooperation and coordination in the fields of trade, investment and exchange of expertise. The first meeting of the Saudi-Iraqi Coordination Council was held in Riyadh in October 2017.

In a related development, Riyadh Chamber of Commerce and Industry and its Iraqi counterpart signed a memorandum of understanding on strengthening economic, trade, and investment cooperation to serve their common interests. The two sides agreed to coordinate visions and positions at regional and international economic forums, conferences and exhibitions, and conduct research and economic studies.

The high-level Saudi delegation, which included seven ministers, representatives of other government ministries and major private companies, wrapped up its two-day official visit on Thursday.