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Economy News - Baghdad
The agreement signed between the Iraqi and Saudi sides in the field of industrial investments for the private sector is considered an important partnership and a stimulating initiative that will raise the level of services in the Iraqi market.
The Director Commissioner of the Iraqi Diar Company, Salman Dawoud Salman, said, “Under the sponsorship of the Iraqi Fund for Development, the Iraqi and Saudi sides participated in the private sector for the first time.”
He explained, "Al-Diyar Company acquired 49 percent of the investments of the Saudi Northern Factory in Iraq," noting that "the company is considered one of the important companies in the industrial field."
He added, "The industrial city is considered one of the strategic projects with an area of 6,000 dunams and is located in the Al-Najaf Governorate," noting that "there are 6 factories under construction in the industrial city and work is progressing at a continuous pace."
For his part, the director of the Northern Cement Company in Saudi Arabia, Saud Al-Arifi, expressed his “happiness at signing a partnership agreement in the field of industrial investments for the private sector,” noting that it “is the first real investment partnership in the sector at this level.”
He continued, "We hope that this initiative will motivate other investors to take the same approach and create joint and beneficial investments for everyone," noting that "the investment environment is excellent, the opportunities are available, and the Iraqi market is promising in all respects."
He added, "The government is working to support and facilitate procedures," calling on "all investors in the Gulf countries to take the initiative and seize the distinctive opportunities that will raise the level of services and construction in the Iraqi market."
He added, "Many projects will see the light soon."
Source: Iraqi News Agency (INA)
Added 12/06/2023 - 4:42 PM https://economy-news.net/content.php?id=38234