Saudis to Invest Over SR2 Billion in Iraq  

RIYADH, 22 October 2006 — Many Saudi businessmen are now getting ready to establish a number of development projects in Iraq after the Iraqi Parliament approved its foreign investment law, the Al-Eqtisadiah daily reported.

Iraqi authorities are studying the projects and providing the necessary guarantees to attract investors and attract more Arabian capital. Thaeer Al-Feili, consultant at the Iraqi Ministry of Housing, said that there are three big projects that Saudi investors tend to launch in Iraq. The projects include industrial, housing and agricultural investments. The total investment of these projects are estimated at more that SR2.2 billion ($587 million). Al-Feili said that the biggest of these projects is the agricultural project, lead by big Saudi investors. The project will take large space of land and will improve the Iraqi agricultural production. He said that these investments would be the first step toward many Saudi investments coming to Iraq. He said that the General Iraqi Investment Committee has received many investment applications from Arabs and foreigners. He said that many Saudis applied for investment in Iraq and their requests is under study at the moment and soon it will be done within weeks.

He said, "Saudi investors have great experience in business investment especially investment abroad. They will help in developing the infrastructure of Iraq and their money investment will be a great benefit to Iraq." The investment projects will receive many incentives like tax free for ten years and the option to transfer the money abroad after paying the Iraqi government. The law will provide the investor, regardless of his nationality, all incentives and guarantees including living in Iraq.

Al-Feili said that Saudi businessmen supported Iraq in the past by exporting food to Iraq and other necessary products. He pointed out that a business forum would be held in the following two months in Kuwait where Iraqi businessmen will meet with Arab businessmen to reveal investment opportunities in Iraq. About 500 Saudi companies are expected to attend the gathering.