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Saudi Arabia, UAE invest $6 billion in Iraq operations

The United Arab Emirates and Saudi Arabia will join together to boost trade and commerce in Iraq.
Iraq's Foreign Minister Fuad Hussein (R) shakes hands with his Saudi counterpart, Faisal bin Farhan Al Saud, in Baghdad on Feb. 2, 2023.

DUBAI — Saudi Arabia and the United Arab Emirates (UAE) reached an agreement on Sunday to allocate $6 billion to support investments in Iraq and form business councils. 

The purpose of the agreement is to improve trade between the countries and invest in projects within Iraq, reported the state-owned Iraq News Agency (INA). 

What happened: The UAE and Saudi Arabia each invested $3 billion for investment and commercial projects in Iraq in an agreement announced Sunday. 

Abdul al-Razzaq al-Zuhairi, head of the Federation of Iraqi Chambers of Commerce (FICC), stressed the importance of the agreement to get Iraq’s economy back on track. 

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