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Saudi Arabia and the UAE have allocated $6 billion for investment in Iraq under an agreement with that country, the official Iraqi news agency reported on Monday.
After several rounds of talks, the two Gulf nations also agreed with Iraq to form joint business councils to fund trade and joint ventures, the agency said, quoting Abdul Razzak Al-Zuhairi, Chairman of Iraq’s Chambers’ Union.
Zuhairi said the talks with the two fellow OPEC members are part of a post-war push by Iraq to attract capital and secure sufficient funds for reconstruction.
“We have reached agreements with Saudi Arabia and the UAE to set up joint business councils to expand trade and investment,” he said.
“The UAE has also agreed to allocate $3 billion to support its operations in Iraq and fund investment projects… Saudi Arabia has also agreed to make a similar allocation…we believe the two countries have a serious desire to expand their activities in Iraq.”
(Writing by Nadim Kawach; Editing by Anoop Menon)
