A flurry of ministerial meetings strengthened growing relations that were cut when former Iraqi dictator Saddam Hussein invaded Kuwait.
The two governments are close to finalizing 13 agreements, Saudi Minister of Commerce and Investment Majid al-Qasabi said in a press conference with Iraq’s Oil Minister Thamer al-Ghadhban.
Proposals being discussed include a free trade zone on their shared border and investment opportunities for Saudi outfits like oil company Aramco, power generator and water desalination expert ACWA Power, and petrochemical manufacturer SABIC.
“What is good is that we have moved from the planning stage to implementation. What is good is that there is political will that gets translated into a will for implementation," said Qasabi.
Riyadh will provide Iraq with a $1 billion loan for development projects and an additional $500 million as support for exports, the minister explained.
They are also plans to build a 100,000-seat sports stadium in Baghdad.
Iraq’s Electricity Minister Luay al-Khatteeb met with Saudi Arabia’s Ministry of Energy Khalid al-Falih and discussed “broadening the horizons of mutual coordination between Iraq and Saudi Arabia in the fields of energy, electricity interconnection, attracting investment, financing production, transportation and distribution projects, and developing human capital,” Khatteeb tweeted.
Iraqi Planning Minister Sabah al-Dilemi said they may reopen the Arar border crossing.
Memoranda of understanding have been prepared and will be signed when Iraqi Prime Minister Adil Abdul-Mahdi visits Riyadh, according to Ghadhban. No date has been set, but his trip is expected to take place soon. Abdul-Mahdi is expected to visit Tehran on Saturday.
Qasabi also met with Barham Salih where the Iraqi president thanked Saudi Arabia and its king helping Iraq rebuild and care for millions displaced by conflict.
Iraq has become "a magnet for investors" after declaring victory over ISIS and opening up to its neighbours, Salih claimed.
The Saudi delegation “confirmed the readiness of Saudi businessmen and companies to effectively and influentially contribute to the reconstruction of Iraq," stated a readout from Salih’s office.
The Saudis also met with Speaker of the Iraqi Parliament Mohammed al-Halbousi and PM Abdul-Mahdi.
Sandwiched between regional rivals Iran and Saudi Arabia, Iraq wants to maintain good relations with both its neighbours. Tehran and Baghdad enjoy very close relations and the Iraqi leadership are keen to deepen its ties with Riyadh, fashioning Iraq into a hub where regional interests converge.
The Saudi visit was, for the most part, welcomed in Baghdad.
Head of the Wataniya bloc in the parliament Kadhim al-Shammari told Saudi Arabia’s state TV that the visiting delegation is the largest in the history of their bilateral ties and was warmly welcomed.
"The Saudi side is frankly serious in developing ties with the Iraqi side," said al-Shammari, pointing to concrete investments as proof.
"This means the relationship has evolved from mere diplomatic courtesy to reality and implementation," he said.
Salim Tihemir al-Tufaily, a member of Iraq’s parliamentary economy and investment committee, told Iraq’s state media that the high-level visit from the Kingdom was evidence of Iraq’s diplomatic prowess.
"Today we see all Arab regional and foreign countries want to build economic, political, social, and especially economic ties, with Iraq,” he said.
Iraqi-Saudi ties were realized in brick and mortar when Iraqi Minister of Foreign Affairs Mohammed al-Hakim helped raise the Saudi flag over the Kingdom’s consulate in Baghdad, opened on Thursday.
Three more missions are planned for elsewhere in Iraq, Qasabi said.
"This is a practical indicator of bolstered communications between Baghdad and Riyadh, and the keenness of the brotherly countries to facilitate consular services,” including facilitating pilgrimages to Mecca, read a statement from Hakim’s office.
After emerging from the black shadow of ISIS, Iraq has been trying to reposition itself regionally and internationally, adopting a policy of non-intervention in others domestic matters and maintaining an openness towards all neighbours.
The policy was conceived under the administration of former prime minister Haider al-Abadi and boosted by hardline Shiite cleric Muqtada al-Sadr who visited Saudi Arabia in 2017, breaking many taboos and paving the road for better relations.
Baghdad’s policy is especially relevant as it finds itself an unwilling player in rivalry between the US and Iran. While Washington demands Iraq cut its ties with Iran, especially in the energy sector, Tehran wants to keep the taps open and boost trade.
Abdul-Mahdi on Tuesday reiterated that Iraq wants to be a bridge, building relations based on commonalities and mutual interests, not fear or disputes. He is expected to visit both Saudi Arabia and Iran in the coming days or weeks.
President Salih visited both during his regional tour earlier this year.
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