Iraq Inks 12 MoUs with Saudi Arabia in Investment Projects

The Ministry of Investment in Saudi Arabia has signed 12 memorandums of understanding with the Iraq Development Fund and Saudi companies. This deal aims to strengthen economic ties between the two countries and enhance cooperation in various investment projects in Baghdad. These quality investment projects are expected to provide significant benefits to both nations.

The MoUs were endorsed within the sight of Saudi Minister of Speculation Khalid Al-Falih, Iraq's Delegate Prime Minister and Minister of Arranging Muhammad Ali Tamim and Mohammed Al-Najjar, executive of the Iraq Development Fund. 

“The memorandums of understanding signed between Saudi companies and the Iraq Development Fund came with the aim of enhancing cooperation in a number of qualitative investment projects in Iraq,” said Iraq’s Ministry of Planning in a statement.  

In December 2023, Saudi Arabia and Iraq consented to an organization arrangement to support industrial funding in the confidential area. Also, the prime minister of Iraq, Mohammed Shia' Al-Sudani, the state head of Iraq, affirmed the agreement between the Iraqi organization Al-Diyar and Saudi Arabia's Northern Locale Cement Co.

The alliance in the cement business likewise denoted the initial joint effort between Iraq's and Saudi Arabia's private sectors. Al-Sudani added that such partnerships will cultivate future participation between Iraqi organizations and firms and their Saudi partners.

He emphasized that these drives will strengthen the private sectors of the two nations, create more jobs, and advance sustainable development. In May 2023, Saudi Arabia's sovereign wealth fund made a unit with $3 billion to put resources into ventures across Iraq.