Saudi Arabia's King Salman to fund $1bn sports city in Iraq
According to Construction Week, the huge sum positions the kingdom as a “key partner in the renaissance of Iraq”, in turn helping to contribute to the country’s ongoing development.
The announcement was made by Dr Majid bin Abdullah Al-Qasabi, Saudi Arabia's Minister of Trade and Investment, during the second session of the Saudi-Iraqi Coordination Council, in early April.
Specific details of the project were not announced at the time.
Leading a high-level Saudi delegation to Iraq, Al-Qasabi also announced the opening of the kingdom’s consulate in Baghdad on 4 April, as well as three consulates in various Iraqi provinces.
In a statement after his arrival in the Iraqi capital in April, the Saudi minister said the border port of Arar between the kingdom and Iraq will be completed within six months.
SPA added that a “number of economic agreements” between both countries are also due to be signed.
The news comes just weeks after the kingdom announced a concerted push to build recreational parks in the Saudi capital of Riyadh.
March 2019 saw four urban development projects worth $23bn (SAR86bn) launched in the Saudi Arabian capital, one of which is planned to become the world’s largest park. In line with the kingdom’s Vision 2030 goals, the various schemes – unveiled also by the Saudi King – are set to create 70,000 jobs.