Arab News, Tuesday, Jun 06, 2023 | Thul-Qidah 17, 1444
Saudi Arabia to build commercial project worth $1bn in Baghdad
Saudi Arabia:
Saudi Arabia has signed a contract with Iraq to establish a commercial project
worth $1 billion in Baghdad, bolstering the economic ties between the two
nations, reported the Iraqi News Agency.
Abdulaziz Al-Shammari, the Saudi ambassador to
Iraq, revealed that the Kingdom inked a contract with Iraq to develop a massive
commercial project near Baghdad International Airport, according to the INA.
Dubbed Baghdad Avenue, the project is expected to
become the largest shopping mall in Iraq, encompassing coffee shops, restaurants
and commercial offices. Additionally, it will house 4,000 apartments and 2,500
villas.
“Baghdad Avenue will be a distinguished project
and a surprise to all Iraqis. It is the largest mall in Iraq and will include
cafes and restaurants with large areas and commercial offices for major Iraqi
companies,” Al-Shammari said.
“Iraqi and Saudi relations are witnessing a wonderful stage,” he added.
Al-Shammari highlighted the recent visit of the
King Salman Medical Center’s team to Baghdad, stating that the knowledge
exchange between Iraqi and Saudi doctors epitomizes the strong relations between
the two countries.
“Today, we started reaping its real fruits through
the visit of the King Salman Medical Center team to Baghdad, which is the first
specialized and practical visit through which we witness the exchange of
experiences between the best-skilled doctors in the Kingdom, as well as the best
Iraqi doctors, to exchange experiences in fields and subspecialties, which is
the first fruit,” he said.
Al-Shammari also noted that both countries would
soon host meetings featuring economic and cultural discussions. He stated: “The
subsequent phase will witness significant momentum in activities occurring
between the two nations.”
In March, Saudi Public Investment Fund created a
new company to invest in various industries across Iraq, with a capital of $3
billion.
The Saudi-Iraqi Investment Co. will invest in
infrastructure, mining, agriculture, real estate development and financial
services, CEO Muteb Al-Shathri said during the Saudi-Iraqi Coordination Council
held in the Kingdom.