RIYADH: Iraqi Minister of Industry and Minerals Mohammed Shia Al-Sudani on Monday called on Saudi businessmen to partner with their Iraqi counterparts to take advantage of the huge investment opportunities in Iraq.
A senior corporate communications official from the Council of Saudi Chambers (CSC) told Arab News on Tuesday that the Iraqi minister made the statement at the Saudi-Iraqi Business Council meeting held at CSC headquarters on Monday.
Al-Sudani led an Iraqi delegation comprising experts in the fields of industry, minerals, and electricity.
He praised Saudi Arabia’s private sector for its success in building strategic partnerships with major international companies, and for its use of advanced technology, which helped produce high-quality goods.
“The Iraqi market of 37 million people is in need of Saudi goods and products,” Al-Sudani said, adding that his visits to a number of Saudi factories had reinforced his belief that they manufacture “the finest types of products.”
He also urged both parties to facilitate the smooth flow of Saudi goods into Iraq.
CSC Chairman Ahmed bin Sulaiman Al-Rajhi noted that the Kingdom and Iraq are linked not just by common interests, but also by “brotherhood, blood, history and culture.”
He expressed his hope that the meeting would produce practical ways to “facilitate investment, exploit the industrial and mining opportunities available in both countries, and remove obstacles facing businessmen in this regard.”
Saudi Arabian Business Council Chairman Mohammed Al-Khorayef also spoke at the meeting, discussing the achievements of the Saudi-Iraq Business Council since its establishment in November and also presenting a working paper called “Saudi Industry: The Best Choice for Iraq.”
Iraqi minister says country needs high-quality Saudi goods
Iraqi minister says country needs high-quality Saudi goods
Saudi Arabia launches initiative to reroute Gulf cargo to Red Sea ports
- The initiative comes as shipping through the Strait of Hormuz has been severely disrupted by the widening conflict in the region
- Since the US and Israel struck Iran last month, Tehran has moved to restrict passage through the waterway
RIYADH: Saudi Arabia has launched an initiative to redirect shipping from ports in the Arabian Gulf to its Red Sea ports amid the ongoing US-Israel-Iran war.
Transport Minister Saleh Al-Jasser, who also chairs the Saudi Ports Authority (Mawani), launched the Logistics Corridors Initiative alongside Zakat, Tax and Customs Authority Governor Suhail Abanmi, Mawani President Suliman Al-Mazroua, and other officials, the Saudi Press Agency reported.
The initiative will establish dedicated operational corridors to receive containers and cargo redirected from ports in the Kingdom's Eastern Region and other Gulf Cooperation Council states to Jeddah Islamic Port and other Red Sea coast ports.
Al-Jasser said the Kingdom was committed to ensuring supply-chain stability and the smooth flow of goods through global trade routes. Jeddah Islamic Port and other west coast ports, he added, were already playing a key role in accommodating shipments redirected from the east, while also linking Gulf cargo to regional and international markets.
The initiative comes as shipping through the Strait of Hormuz has been severely disrupted by the widening conflict in the region. Iran has long threatened to close the strait — the world's most critical oil and gas chokepoint, through which roughly a fifth of global oil supplies pass — in the event of a war.
Since the US and Israel struck Iran last month, Tehran has moved to restrict passage through the waterway, sending freight rates soaring and forcing shipping companies to seek alternative routes.
Saudi Arabia's Red Sea ports offer a viable bypass, connecting Gulf cargo to global markets without passing through the strait.
