Saudi Arabia and Iraq to set up $3bn joint fund

Dubai: Saudi Arabia and Iraq have agreed to set up a joint fund, with capital estimated at $3 billion, as a contribution from the kingdom in promoting investment in Iraq’s economic fields, according to a joint statement.

The joint fund will help boost Saudi Arabian and Iraqi economies, with the participation of the private sector from both sides, Al Arabiya reported.

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.

Cooperation within OPEC

The Iraqi Prime Minister arrived earlier on Wednesday in the Kingdom’s capital city and was received at King Khalid International Airport by the Crown Prince.

Saudi Arabia and Iraq also agreed 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.