LONDON: Saudi Arabia’s King Salman is giving Iraq $1 billion to build a sports city, Al-Ekhbariya news channel said on Wednesday, citing the Kingdom’s commerce and investment minister Majid bin Abdullah Al-Qassabi.
Both countries have been forging closer ties in recent months as part of an effort to stem the growing regional influence of Iran, while Iraq is seeking economic benefits from building stronger ties with the Kingdom.
The announcement of the pledge came as senior Saudi ministers traveled to Baghdad on Wednesday for meetings with Iraqi officials on trade and investment.
Al-Qassabi led the delegation for the second meeting of the Saudi-Iraqi Coordination Council.
At the meeting, the Saudi delegation was to meet with Iraqi President Barham Salih, Prime Minister Adil Abdul-Mahdi and Iraq Parliament Speaker Mohamed Halbousi.
The Saudi government delegation included Minister of Culture Prince Badr bin Abdullah bin Farhan, Minister of Environment, Water and Agriculture, Abdulrahman Al-Fadhli and Energy Minister Khalid Al-Falih.
The meetings were aimed at “exploring ways to develop trade activity and discuss investment opportunities,” it was reported.
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