Saudi Arabia, Iraq boost economic ties

Two countries agree to establish $3 billion joint fund as a contribution from Saudi Arabia in promoting investment in Iraq's economic fields.

CAIRO - Saudi Arabia and Iraq agreed to establish a joint fund, with an estimated capital of $3 billion dollars, as a contribution from the kingdom in promoting investment in Iraq's economic fields, Saudi state news agency (SPA) reported on Wednesday, citing a joint statement.

The joint fund will be for the "benefit of the Saudi and Iraqi economies, with the participation of the private sector from both sides," the statement added.

Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraq’s Prime Minister Mustafa al-Kadhimi held talks in Riyadh to discuss bilateral relations between the two countries.

Kadhimi arrived earlier on Wednesday in Riyadh and was received at King Khalid International Airport by the Crown Prince.

Saudi Arabia and Iraq also agreed on Wednesday to continue cooperation within OPEC and with full commitment to the requirements of the OPEC+ agreement, according to a joint statement carried by the Saudi Press Agency.

Both leaders also oversaw the singing of three other Memorandums of Understandings (MoUs), including one on the completion of an electrical interconnection project, enhancing coordination in the field of mutual support within the framework of multilateral diplomacy and another on enhancing investment opportunities for Saudi companies and calling for them to expand their activities in Iraq and in various fields and in the reconstruction efforts.