RIYADH: Saudi Commerce and Investment Minister Majid Al-Qassabi said the Cabinet decision to establish the Saudi-Iraqi Coordination Council enhances the opportunities for trade exchange and joint cooperation to promote relations between the two countries.
“It reflects the Kingdom’s desire and keenness to open all areas of cooperation with Iraq to serve the common interests of the two brotherly countries,” said Al-Qassabi, who heads the council, which comprises a number of ministers and members from the relevant authorities.
“The Iraqi and Saudi people are from one social fabric, and they have a common cultural heritage,” the minister said. He maintained that there will be joint cooperation between the two sides in current international and regional affairs, also in safeguarding common interests and developing partnerships among the private sectors in the two countries.
Applauding the Cabinet’s decision to establish the council, Mohammed Al-Khunaizi, a senior member of the Shoura Council, described it as a significant step to enhance cooperation between the two countries at various levels. “Crown Prince Mohammed bin Salman has opened new areas of cooperation, and this decision is in the direction of establishing good relations with the neighbors,” he underlined.
Majed Abdullah Al-Hedayan, a legal consultant, said the council will also be helpful in establishing international security and peace in the Middle East, adding that it will promote investment opportunities to establish vital infrastructure projects and increase the volume of trade exchange between Saudi Arabia and Iraq.
“This will also help achieve the aspirations of the peoples of the region to create an investment climate conducive to creating jobs for citizens, as well as contribute to programs for sustainable development and investment of human resources for the desired social welfare,” said Al-Hedayan.
The council aims to enhance communication between the two countries at the strategic level, deepen mutual political trust and open up new horizons of cooperation in various fields including economic development, security, investment, tourism, culture and media, as well as enhancing joint cooperation between the two sides in current international and regional affairs.
Saudi-Iraqi Coordination Council to boost bilateral trade, cooperation: Commerce minister
Saudi-Iraqi Coordination Council to boost bilateral trade, cooperation: Commerce minister
Saudi-Yemen program provides $81.2m to operate more than 70 power plants
- Grant will improve reliability of electrical power to critical facilities, including hospitals, medical centers, roads, schools, airports and ports
- Move follows last week’s announcement by the SDRPY of a larger aid package totaling $506 million to support Yemen
LONDON: A tripartite agreement was signed on Wednesday between the Saudi Development and Reconstruction Program for Yemen, the oil company Petromasila, and Yemen’s Ministry of Energy and Electricity to supply petroleum derivatives for the country’s power plants.
SDRPY is supporting the Yemeni government with an $81.2 million grant to purchase 339 million liters of diesel and mazut from Petromasila to operate more than 70 power plants across various Yemeni governorates.
The grant follows last week’s announcement by the SDRPY of a $506 million aid package to support Yemen’s education, health, government and infrastructure sectors.
The SDRPY highlighted that the grant will improve the reliability of electrical power to critical facilities, including hospitals, medical centers, roads, schools, airports and ports. Additionally, the funding will stimulate the Yemeni economy and support the Central Bank of Yemen by easing the pressure on foreign exchange reserves.
It reduces the Ministry of Finance’s fuel-related financial burden and supports the Ministry of Electricity and Energy in improving the efficiency of power plants in Yemen, the SDRPY said.
In 2018, the SDRPY provided $180 million, in addition to $422 million in 2021 and another $200 million in 2022, as grants to Yemen to purchase oil derivatives and operate vital sectors of the country.
