Iraq, Saudi search to spice up financial cooperation

BAGHDAD: Iraq’s international minister on Thursday referred to as for extra financial cooperation with Saudi Arabia, specifically in funding and electrical energy, throughout a go to to Baghdad by his Saudi counterpart.

Fuad Hussein made no point out of resuming talks between Saudi Arabia and arch-rival Iran – beforehand mediated by Iraq – throughout a joint press convention.

“This vital go to comes at a time marked by nice challenges, so it’s important to speak and talk about these challenges which have an effect on the area as an entire,” Hussein mentioned, alongside Saudi International Minister Prince Faisal bin Farhan.

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Hussein hailed “whole cooperation” with Saudi Arabia on oil, notably inside the OPEC cartel.

Iraq’s international minister mentioned Riyadh was able to again Saudi corporations investing in Iraq, and welcomed it.

“We hope Iraq will likely be equipped with electrical energy, both by way of the Saudi community or that within the Gulf,” he mentioned.

Citing “optimistic financial growth” in Iraq, Prince Faisal mentioned this created alternatives for cooperation between the 2 nations’ non-public sectors.

Regardless of being oil-rich, Iraq suffers from crumbling infrastructure and public companies, after a long time of battle and endemic corruption.

Baghdad is at the moment closely depending on neighbouring Iran for its electrical energy and fuel, and has sought to diversify its vitality sources.

Arch-rivals Iran and Saudi Arabia again opposing sides in numerous conflicts within the area, together with in Yemen.

Baghdad has taken a task as a mediator between the regional rivals, after diplomatic relations between Riyadh and Tehran froze in 2016.

Since April 2021, Iraq has hosted a collection of conferences between the 2 sides, however no talks have been publicly introduced since April 2022.