Saudi and Omani firms are looking to make significant investments with Iraqi companies to help support the country’s private sector.
The International Finance Corporation, an arm of the World Bank, said on Sunday it will put an additional $1 billion into Iraq to help boost the country’s private sector. One of the biggest parts of that package is an agreement with Saudi Arabia’s Al Muhaidib Group and Iraq’s Al-Maysarah to invest up to $200 million in the construction materials industry. Iraq’s government-owned oil seller said it was in talks with Oman’s OQ on a deal to market Iraqi crude globally. The two firms are also considering building an oil pipeline and storage facility in Oman to help boost Iraq’s crude exports.
Gulf states are increasingly looking to use investment deals to cement trade ties and counter Iranian influence in countries like Iraq, Lebanon, and Syria.