Billion-Dollar Boost: Saudi Arabia Invests In Baghdad’s Commercial Sector

Saudi Arabia and Iraq are strengthening their economic ties with a $1 billion commercial project in Baghdad. The project, called Baghdad Avenue, is expected to be the biggest shopping mall in Iraq with cafes, restaurants, commercial offices, 4,000 apartments, and 2,500 villas. Abdulaziz Al-Shammari, the Saudi ambassador to Iraq, said that the project will be a surprise to all Iraqis and will include large areas for commercial activities.

Al-Shammari also highlighted the recent visit of the King Salman Medical Center’s team to Baghdad, which was the first specialized and practical visit between the two nations. He said that the knowledge exchange between Iraqi and Saudi doctors embodies the strong relations between the countries and shows that both nations are committed to developing their relationships in various fields.

In addition, both countries will soon host meetings that feature economic and cultural discussions. Al-Shammari emphasized that the subsequent phase will witness significant momentum in activities occurring between the two nations. This development comes after the Saudi Public Investment Fund created a new company in March to invest $3 billion in various industries across Iraq, including infrastructure, mining, agriculture, real estate development, and financial services.

As Saudi Arabia and Iraq continue to strengthen their economic ties, it is expected that both nations will continue to engage in more initiatives that aim to enhance their relationship, promote economic growth, and facilitate cultural exchange.

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