The Saudi Export-Import Bank announced today, Monday, that a bank delegation is conducting a series of intensive meetings with companies and financial institutions in Iraq, reported Al Arabiya.
The meetings aim to enhance and expand the Kingdom’s non-oil exports in the Iraqi markets.
The bank detailed on the X platform that the delegation participating in the Baghdad International Fair is showcasing the bank’s financial and insurance products and services.
These presentations are taking place from January 10-19, according to the Arab World News Agency.
Saudi-Iraqi Economic Zone
Saudi Arabia is accelerating steps to establish its first free economic zone with Iraq. This zone will be located at the Arar border area, as announced by Saudi Investment Minister Khalid al-Falih.
The Saudi Economic Cities Authority is evaluating the linking of border regions and free zones to neighboring countries.
Minister Al-Falih expressed hope for the free economic zone with Iraq to become the first tax-free economic zone.
Investment Opportunities Unveiled
During the Northern Borders Investment Forum in Arar, Minister al-Falih highlighted around 100 new investment opportunities. These are valued at 20 billion Riyals, in addition to existing opportunities worth 80 billion Riyals.
Boosting Trade through Arar
The Arar land port has become a key commercial gateway between Saudi Arabia and Iraq. In the first half of this year, the land trade volume reached approximately 913.1 million Riyals.
Growing Trade Trends
In 2021, the trade volume between the two nations was about 3.5 billion Riyals. The Northern Border Chamber of Commerce and Industry reported a growth in trade from 294 million Riyals in January to 381 million Riyals in March.