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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Qatari report: Saudi investment may pave the way for Iraq's accession to the Gulf Cooperation Counci

    Rocky
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    Qatari report: Saudi investment may pave the way for Iraq's accession to the Gulf Cooperation Counci Empty Qatari report: Saudi investment may pave the way for Iraq's accession to the Gulf Cooperation Counci

    Post by Rocky Sun 30 Oct 2022, 4:52 am

    Qatari report: Saudi investment may pave the way for Iraq's accession to the Gulf Cooperation Council

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    Economy News-Baghdad
    Saudi Arabia is seeking to invest in 5 countries, including Iraq, and intends to establish regional companies to invest 90 billion riyals ($24 billion), according to Saudi Crown Prince Mohammed bin Salman, Chairman of the Board of Directors of the Public Investment Fund.
    This came during last Wednesday’s announcement that the Public Investment Fund would target investment in Jordan, Bahrain, Sudan, Iraq and the Sultanate of Oman, after the launch of the Saudi Egyptian Investment Company last August. The investment will be in several strategic sectors, including: infrastructure and development Real estate, mining, healthcare, financial services, food and agriculture, manufacturing, communications, technology, and other sectors.
    The latest statistics indicate that the volume of trade exchange between Saudi Arabia and Iraq in 2020 rose to 3.88 billion riyals ($1.34 billion), while in 2019 it was about 3.41 billion riyals ($909 million), distributed among 3.37 billion riyals ($898 million) Saudi exports. And 41.8 million riyals ($11.2 million) Iraqi exports, which means that Iraq ranks 11th among Arab countries in the volume of trade exchange with Saudi Arabia.
    economic renaissance
    In light of this, the financial and economic advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, says that the selection of investment projects will be with the common desire between Iraq and Saudi Arabia, within the policy of building bridges, cooperation, and building opportunities for stability and progress for two large countries with a population of nearly 80 million people, and they are among the major oil producers in the world. the scientist.
    Saleh believes - in his statement to Al Jazeera Net - that "the agenda of Iraq's economic interests in the policy of cooperation with neighboring countries in general and Arab countries in particular, should outweigh any narrow considerations that are attached to remnants inherited from a narrow negative past due to the Gulf wars that wasted nearly half a century of development in An ancient country like Iraq, which was generated by the factors of estrangement between the countries of the region at the expense of their stability and progress, and lost opportunities for cooperation between them.
    And the government advisor goes on to say that "Saudi Arabia today has distinguished experience in the metallic and semi-heavy industries and distinguished manufacturing in the field of petrochemicals, the maritime transport sector, the technological and digital sector, and others, and in these areas it is possible to invest in Iraq."
    productive investment
    There is a welcome within the economic circles in Iraq for Saudi investment to enter the country, provided that it is productive, and this is explained by the economic researcher, Dr. Ali Dadush, by saying that the entry of these funds in a productive manner will have a positive impact on Iraq through long-term projects such as building factories and laboratories, in addition to the productive Saudi investment. It will contribute to the entry of foreign currency - especially the dollar - into Iraq, which will enhance its foreign cash reserves.
    On the other hand, Daadoush - in his speech to Al Jazeera Net - believes that this investment may be a prelude to Iraq's accession to the Gulf Cooperation Council, to benefit from the advantages enjoyed by member states such as energy networking, licenses for goods and services exchanged between them, skilled labor, artificial intelligence and others.
    As for the Iraqi banking sector, it can - according to Daadoush - raise its services through this investment, which opens the door for it to open up to the banking sector and Saudi financial services, by organizing specialized training courses for Iraqi banking workers, which will develop the Iraqi stock market and stimulate productive sectors .
    Dadush stresses that Iraq needs such investments to employ the unemployed and create added value in the productive sectors, in addition to benefiting from economic and political benefits that contribute to the process of regional economic integration between Iraq and Saudi Arabia.
    upgrading the infrastructure
    For her part, the representative of the "Sadiquon" bloc, Zainab Juma'a al-Moussawi, welcomed the entry of foreign investment into Iraq, including Saudi investment.
    Al-Moussawi said - in a statement to Al-Jazeera Net - that "Iraq needs the flow of funds and foreign investments from Saudi Arabia or others, to contribute to the reconstruction of its dilapidated infrastructure and superstructure, and to revitalize its industrial, agricultural, tourism and other sectors, to contribute a greater percentage to the country's gross domestic product."
    diversification of the economy
    For his part, Dadush says that the rise in Gulf investments - especially Saudi Arabia in Iraq - may diversify the sources of the Iraqi economy and revitalize the private sector, in addition to reducing the volume of commodity imports.
    The researcher concludes his speech by urging that investment in Iraq be appropriate and enhanced with government support, through the gradual raising of customs taxes on imported goods and services, since these investments need between 3 to 6 years to meet the local demand for goods and services.

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    Added 10/30/2022 - 10:37 AM
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