His Excellency Eng. Ibrahim Al Omar, Governor of the Saudi Arabian General Investment Authority (SAGIA), along with and His Excellency Nouri Sabah Al Dulaimi, Iraq’s Minister of Planning, served as co-chairs of the Economic, Trade, Investment, Development and Relief Committee, a working group of the Saudi-Iraqi Coordination Council.
The committee convened on 23 May at Riyadh’s Ritz-Carlton Hotel. Discussion topics included the activation of previously confirmed agreements and memoranda of understanding which were signed in conjunction with the recent visit of Iraqi Prime Minister Adil Abdul-Mahdi.
In a statement following the meeting’s conclusion, His Excellency Governor Al Omar highlighted the significance of this step, stating that both parties are committed to developing their bilateral relations. He also stated that the Kingdom looks forward to a more prosperous Iraq, through enhanced cooperation between the two countries, along with a more diversified economy that the committee’s agreements seek to accomplish.
In parallel, SAGIA also held a forum for Saudi and Iraqi businessmen who discussed investment opportunities in both countries. The attendees said that they are optimistic about the future of the Saudi-Iraqi economic ties. They also said that they are encouraged by the close working relationship between the two countries as reflected by the formation of the Saudi-Iraqi Coordination Council.
These meetings signal the commitment that both countries have in developing valuable growth opportunities, work towards mutual goals, and strengthen private sector companies in order to realize shared goals and interests.