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SAUDI ARABIA IS MOVING QUICKLY TOWARDS IRAQ ECONOMICALLY... WHAT IS THE MESSAGE?
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SAUDI ARABIA IS MOVING QUICKLY TOWARDS IRAQ ECONOMICALLY... WHAT IS THE MESSAGE?
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[You must be registered and logged in to see this link.]5 hours ago78Iraqi-Saudi relations began to improve with the government of Haider al-Abadi in 2017. Since then, a Saudi embassy has been opened in Baghdad, and the Iraq-Saudi Coordination Council has been established. Kh
The Kingdom of Saudi Arabia continues to extend its economic arms in Iraq across a number of areas, despite the popular refusal to find a ground for the Saudi presence in the central and southern governorates due to accusations leveled against the Kingdom of supporting terrorism, but the Al-Kazemi government signed a set of agreements estimated at billions of dollars.
An informed source in the Central Bank of Iraq said that a large banking delegation will visit the Kingdom of Saudi Arabia, headed by Central Bank Governor Mustafa Ghalib, on November 19, and that Saudi Arabia has agreed to open two branches for the Trade Bank of Iraq and the National Bank of Iraq. A similar delegation visited Saudi Arabia in October and agreed to open the two branches, which would develop banking and economic relations.
For his part, Alaa Al-Din Al-Qaisi, a spokesman for the Border Ports Authority, said that Saudi Arabia had agreed to establish the Al-Jumaymah crossing in the Muthanna governorate, and the Iraqi side would bear the cost of its construction. The commission approved the Saudi proposal at its last meeting, but it may need more than a year to establish it.
Al-Muthanna Governorate has the highest poverty rate in Iraq, with 52% of the population living below the poverty line, and the Jumaymah crossing will be very beneficial. In addition, the Iraqi Ministry of Electricity has made it the main point for delivering electricity between Iraq and the Gulf states through the kingdom.
Muthanna Governor Ahmed Manfi said that the new border crossing is very important for the governorate, which has allocated 125 acres for the project, including the commercial exchange yard. He stressed that all the necessary steps have been completed, and "will contribute significantly to revitalizing the commercial movement between Saudi Arabia and Iraq."
Manfi indicated that the port will increase investment in addition to employment in the governorate, making it a hub for transporting Saudi goods to other Iraqi cities.
Karim Mohammed, head of the Muthanna Chamber of Commerce, said his group will use about 12 acres to build warehouses to store Saudi goods before transporting them to other places in Iraq. He pointed out that the new crossing will cut the time for transporting Saudi goods in half, and "more job opportunities will be available for the population."
Saudi Arabia wants a large share in the Iraqi market, to compete with Iran, Turkey and China, but the Arar border crossing is not enough to do so.
In addition to trade, Al Jumaima port will help transport Iraqi, Iranian and Turkish pilgrims to the kingdom during the Hajj season. Iraq will also benefit from the fees for the passage of trucks to neighboring countries, but this will be minimal at first due to the current regional tension.
Saudi Arabia plans to open two other crossings: Hafr Al-Batin on the Basra side, and Al-Awaqla on the Najaf side. The expansions may raise the trade exchange with Iraq to more than 3 billion dollars annually. However, it may face great difficulties, because all the borders with Saudi Arabia are located within the Shiite provinces, which the Saudi religious authorities denounce and are waiting for opportunities to inflict harm on them.
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An informed source in the Central Bank of Iraq said that a large banking delegation will visit the Kingdom of Saudi Arabia, headed by Central Bank Governor Mustafa Ghalib, on November 19, and that Saudi Arabia has agreed to open two branches for the Trade Bank of Iraq and the National Bank of Iraq. A similar delegation visited Saudi Arabia in October and agreed to open the two branches, which would develop banking and economic relations.
For his part, Alaa Al-Din Al-Qaisi, a spokesman for the Border Ports Authority, said that Saudi Arabia had agreed to establish the Al-Jumaymah crossing in the Muthanna governorate, and the Iraqi side would bear the cost of its construction. The commission approved the Saudi proposal at its last meeting, but it may need more than a year to establish it.
Al-Muthanna Governorate has the highest poverty rate in Iraq, with 52% of the population living below the poverty line, and the Jumaymah crossing will be very beneficial. In addition, the Iraqi Ministry of Electricity has made it the main point for delivering electricity between Iraq and the Gulf states through the kingdom.
Muthanna Governor Ahmed Manfi said that the new border crossing is very important for the governorate, which has allocated 125 acres for the project, including the commercial exchange yard. He stressed that all the necessary steps have been completed, and "will contribute significantly to revitalizing the commercial movement between Saudi Arabia and Iraq."
Manfi indicated that the port will increase investment in addition to employment in the governorate, making it a hub for transporting Saudi goods to other Iraqi cities.
Karim Mohammed, head of the Muthanna Chamber of Commerce, said his group will use about 12 acres to build warehouses to store Saudi goods before transporting them to other places in Iraq. He pointed out that the new crossing will cut the time for transporting Saudi goods in half, and "more job opportunities will be available for the population."
Saudi Arabia wants a large share in the Iraqi market, to compete with Iran, Turkey and China, but the Arar border crossing is not enough to do so.
In addition to trade, Al Jumaima port will help transport Iraqi, Iranian and Turkish pilgrims to the kingdom during the Hajj season. Iraq will also benefit from the fees for the passage of trucks to neighboring countries, but this will be minimal at first due to the current regional tension.
Saudi Arabia plans to open two other crossings: Hafr Al-Batin on the Basra side, and Al-Awaqla on the Najaf side. The expansions may raise the trade exchange with Iraq to more than 3 billion dollars annually. However, it may face great difficulties, because all the borders with Saudi Arabia are located within the Shiite provinces, which the Saudi religious authorities denounce and are waiting for opportunities to inflict harm on them.
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