Saudi-Iraq Business Council estimates $1.33 billion trade volume

Shafaq News/ The Saudi-Iraq Business Council has estimated the trade exchange between the two countries at 5 billion Saudi riyals ($1.33 billion), marking a 12% annual growth, according to the council’s president, Mohammed Al-Khorayef.

The council stated in a report that it is working on boosting Saudi investments in Iraq, “aligning with the interest from both the private and governmental sectors in the Kingdom to invest in Baghdad.”

The report highlighted that Iraq is preparing to introduce a law to protect Saudi-Iraqi investments, which is expected to be discussed in parliament in the coming months, aiming to strengthen economic cooperation between the Kingdom and Iraq, according to a statement from the Federation of Saudi Chambers.

In December 2023, Saudi Arabia and Iraq signed a partnership agreement in the industrial private sector investments, with the Saudi ambassador emphasizing the numerous investment opportunities under consideration.

Additionally, in November, Saudi Investment Minister Khalid Al-Falih announced that the Kingdom is studying the launch of its first free economic zone with Iraq at the Arar border area, expressing hopes that the zone would be the first with a neighboring country to operate without taxes, fees, or entry visas, facilitating investor services in both nations.

($1 = 3.75 Saudi riyals)