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Saudi Arabia, UAE allocate $6 billion to support investment in Iraq

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BAGHDAD (IraqiNews.com) – Saudi Arabia and the United Arab Emirates have allocated $6 billion to support their trade and investment activities within Iraq, as Iraq seeks to use its geographic location to keep pace with global trade.

The Federation of Iraqi Chambers of Commerce (FICC) announced on Sunday an agreement with the two countries to set up a business council, the Iraqi News Agency (INA) reported.

FICC Chairman Abdel Razzak El-Zouhairy explained that Iraq is trying to create an integrated system of business activities to keep pace with global trade, especially in relation to the movement of goods in and out. aspects of the customs system.

El-Zouhairy said that the FICC has received strong support from the Iraqi Council of Ministers and that the first step is to register the data of operating merchants and companies.

Iraqi officials clarified that Baghdad, Riyadh and Abu Dhabi are not only focusing on trade exchanges but also intend to carry out investment projects.

“The UAE and Saudi Arabia have each deposited $3 billion to support their operations in Iraq, which includes trade and investment activities,” the FICC chairman said.

Zuhairi added that Iraq’s geographical location makes it very important in global trade, especially in terms of trade routes from Europe to Asia and vice versa.

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