Arab News, Tuesday, May 02, 2023 | Shawwal 12, 1444
Saudi firms eye investment at Iraqi real estate exhibition
Saudi Arabia: Top Saudi companies are
in Baghdad to attract investment for the Kingdom’s construction sector at the
Iraq International Real Estate Investment 2023 Exhibition being held between May
1 and 4.
The visit is also an opportunity for the
delegation to promote the “Made in Saudi Arabia” program in the region, reported
the Saudi Press Agency.
According to the report, the Saudi pavilion
comprises 18 construction and real estate companies, besides representation from
the Saudi Export Development Authority and the Ministry of Investment.
The annual exhibition is considered one of the
largest gatherings of companies specializing in building and construction
materials in the Middle East and North Africa region.
The SPA report added that Saudi firms are
participating in the event to promote national goods and services and penetrate
the Iraqi market, seen as one of the most promising opportunities in the
region.
The event is also expected to reveal insights into
the latest trends in real estate, construction, pricing and realty investments.
The Saudi participation in the exhibition extends
its growing economic relations with Iraq.
The Kingdom’s non-oil exports to Iraq reached
SR14.8 billion ($3.95 billion) during the past five years, with the building
materials sector recording the highest export volume of SR4.42 billion.
The bilateral trade relationship between the
countries also received a major boost following the establishment of the
Saudi-Iraqi Coordination Council in 2017, as it opened up significant investment
avenues in various fields, including commerce, agriculture and industry.
The Saudi export authority has been working to
enhance and facilitate the process of trade exchange between both countries as
they cater to one of the most important regional markets.
It is promoting Saudi companies and providing them
access to more promising markets in line with the plans to diversify the economy
and sources of income in accordance with the objectives of the Kingdom’s Vision
2030 initiative.