Billion-Dollar Boost: Saudi Arabia Invests In Baghdad’s Commercial Sector

Saudi Arabia and Iraq are reinforcing their economic ties with a $1 billion business project in Baghdad. The job, called Baghdad Avenue, is expected to be the biggest shopping mall in Iraq with coffee shops, dining establishments, business workplaces, 4,000 homes, and 2,500 rental properties. Abdulaziz Al-Shammari, the Saudi ambassador to Iraq, stated that the task will be a surprise to all Iraqis and will include big locations for industrial activities.

Al-Shammari also highlighted the recent check out of the King Salman Medical Center’s team to Baghdad, which was the first specialized and practical go to in between the two nations. He said that the understanding exchange between Iraqi and Saudi physicians embodies the strong relations between the nations and shows that both countries are committed to developing their relationships in various fields.

In addition, both countries will quickly host conferences that include financial and cultural discussions. Al-Shammari stressed that the subsequent stage will witness significant momentum in activities happening in between the two countries. This development follows the Saudi Public Investment Fund produced a new business in March to invest $3 billion in numerous industries across Iraq, including infrastructure, mining, farming, property advancement, and financial services.

As Saudi Arabia and Iraq continue to reinforce their financial ties, it is anticipated that both countries will continue to engage in more initiatives that intend to enhance their relationship, promote financial growth, and help with cultural exchange.

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