Saudi Gazette report

RIYADH — Saudi Arabia and Iraq have decided to set up a joint fund estimated at $3 billion as a contribution from Saudi Arabia in promoting investment in Iraq’s economic fields for the benefit of the Saudi and Iraqi economies with the participation of the private sector on both sides, according to a joint statement.

Both sides have also agreed to do the following:

— Cooperation in the fields of energy and renewable energy and activating and accelerating the joint action plan under the umbrella of the Saudi-Iraqi Coordination Council, with the need to continue cooperation and coordination within the scope of work of OPEC and OPEC+ in a way that guarantees the stability of the global oil markets.

— The completion of the electrical interconnection project due to its importance for the two countries.

— Enhancing coordination in the field of mutual support and support within the framework of multilateral diplomacy.

— Enhancing investment opportunities for Saudi companies and calling them to expand their activities in Iraq and in various fields and in the reconstruction efforts.

Earlier in the day, Crown Prince Muhammad Bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi held a formal discussion session in the royal court at Al-Yamamah Palace in Riyadh.

The talks focused on prospects for bilateral cooperation between the two countries and ways to enhance them in all fields. Views were exchanged on issues and issues of concern to the two countries in the regional and international arenas in a way that contributes to supporting and enhancing security and stability in the region and the world.

The two sides praised the results of the virtual meeting that took place between the Custodian of the Two Holy Mosques and the Iraqi premier recently in which the two sides sought to strengthen bilateral relations.

They expressed their satisfaction with the level of cooperation and coordination between the two countries, stressing their determination to continue and deepen aspects of cooperation and coordination between them in a way that serves common interests in various fields, especially political, security, military, commercial, investment, cultural and tourism.

The two sides affirmed their keenness on bilateral cooperation in various fields, activating the agreements and memoranda of understanding reached between the two countries, and urged the ministries and relevant authorities in the two countries to make more efforts to ensure the speedy completion and implementation of these agreements.

They also stressed the continuation of joint cooperation and coordination in confronting the threat of extremism and terrorism as a threat to the countries of the region and the world.