12 Saudi companies sign memoranda of understanding with the Iraq Development Fund

2024/04/04 15:59PM

The Ministry of Investment witnessed on Thursday the signing of memoranda of understanding between 12 Saudi companies and the Iraq Development Fund, with the aim of enhancing cooperation in various qualitative investment projects in the Republic of Iraq.

The signing of the memoranda of understanding took place in the presence of the Iraqi Deputy Prime Minister, Mohammed Tameem, the Saudi Minister of Investment, Engineer Khalid Al-Falih, and the CEO of the Iraq Development Fund, Mohammed Al-Najjar, according to the ministry's account on the 'X' platform.

In December of last year, Saudi Arabia signed an industrial investment partnership agreement with Iraq, as part of both countries' efforts to strengthen bilateral relations and attract foreign investments.

In December 2023, Iraqi Prime Minister Mohammed Shiaa Al-Sudani praised the partnership contract between the Iraqi private sector company Al-Diyar and the Saudi company Northern Region Cement, marking the first partnership between the private sectors of Iraq and Saudi Arabia in the cement industry.

At that time, Al-Sudani emphasized that this partnership paves the way for broader future collaborations between businessmen and companies in Iraq and their Saudi counterparts. This encourages the private sector in both brotherly countries to create more joint employment opportunities and sustainable development, strengthening the interconnectivity between the Iraqi economy and the economies of neighboring countries.