Saudi Arabia, Iraq to develop special economic zone

Jeddah, The Gulf Observer: Saudi Arabia and Iraq on Thursday signed a raft of agreements to boost economic cooperation and develop a special economic zone.

The deals were signed during the fifth session of the Saudi-Iraqi Coordination Council in Jeddah.

The two sides agreed to identify economic opportunities to boost bilateral trade and investments in various sectors.

Following the session, Saudi Commerce Minister Dr. Majid Al-Qasabi said the meeting was an affirmation of the brotherly relations between the two countries and aimed to strengthen the strategic partnership.

Iraq’s Deputy Prime Minister Dr. Mohammad Ali Tamim, who is also the planning minister, said Baghdad wants the joint council to succeed in its missions and achieve its goals.

The ministers praised the growth of trade between the two countries, which reached $1.5 billion in 2022.

Both officials agreed to enhance trade ties by effectively utilizing the newly opened Arar Port and expediting the opening of the Jumaimah border crossing.

A Saudi-Iraqi Economic Forum was also held on the sidelines of the coordination council meeting. The event was attended by more than 300 businessmen from the two countries.

The chairman of the Saudi-Iraqi Business Council, Mohammed Alkhorayef, said the Kingdom aims to raise exports to Iraq to $10 billion over the next five years.