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Saudi Arabia grants a license to an Iraqi bank to open a branch in the Kingdom
- Time: 05/05/2021 03:07:55
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{Economist: Al Furat News} The Saudi Cabinet agreed, on Tuesday, to grant a license to the Iraqi National Bank to open a branch in the Kingdom.
It is noteworthy that the Iraqi-Saudi relations have witnessed remarkable progress, the latest of which was the visit of Prime Minister Mustafa Al-Kazemi to Riyadh at the head of a high-ranking government delegation on the first of last April.
"The establishment of a joint Iraqi-Saudi fund, the capital of which is estimated at three billion dollars, as a contribution from Saudi Arabia in promoting investment in economic fields in Iraq, for the benefit of the Saudi and Iraqi economies, with the participation of the private sector on both sides," the two countries said in the joint statement after the visit.
Bilateral agreements were also signed that included (an agreement to avoid double taxation, an agreement for cooperation in the field of development planning for economic diversification and private sector development, a cooperation agreement between the Saudi Contractors Authority and the Iraqi Contractors Union for the reconstruction of Iraq, and the agreement for financing Saudi exports to Iraq).
Two memoranda of understanding and cooperation were also signed, which included (a memorandum of understanding between the Iraqi Media Network and the Saudi Radio and Television Authority, and a memorandum of cooperation between the King Abdul Aziz House in the Kingdom and the House of National Books and Documents in the Republic of Iraq).
Ammar Al-Masoudi
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{Economist: Al Furat News} The Saudi Cabinet agreed, on Tuesday, to grant a license to the Iraqi National Bank to open a branch in the Kingdom.
It is noteworthy that the Iraqi-Saudi relations have witnessed remarkable progress, the latest of which was the visit of Prime Minister Mustafa Al-Kazemi to Riyadh at the head of a high-ranking government delegation on the first of last April.
"The establishment of a joint Iraqi-Saudi fund, the capital of which is estimated at three billion dollars, as a contribution from Saudi Arabia in promoting investment in economic fields in Iraq, for the benefit of the Saudi and Iraqi economies, with the participation of the private sector on both sides," the two countries said in the joint statement after the visit.
Bilateral agreements were also signed that included (an agreement to avoid double taxation, an agreement for cooperation in the field of development planning for economic diversification and private sector development, a cooperation agreement between the Saudi Contractors Authority and the Iraqi Contractors Union for the reconstruction of Iraq, and the agreement for financing Saudi exports to Iraq).
Two memoranda of understanding and cooperation were also signed, which included (a memorandum of understanding between the Iraqi Media Network and the Saudi Radio and Television Authority, and a memorandum of cooperation between the King Abdul Aziz House in the Kingdom and the House of National Books and Documents in the Republic of Iraq).
Ammar Al-Masoudi
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