An informed source told Shafaq News Agency, "During his visit, bin Farhan is scheduled to meet with senior Iraqi officials to discuss bilateral cooperation and the latest regional developments."
The source further revealed, "The visit underscores the commitment of both nations to bolster joint efforts and address mutual concerns, particularly in light of recent regional developments that necessitate increased coordination to promote stability and security."
Iraq and Saudi Arabia, which have experienced periods of tension, are now focusing on deepening their relationship through trade, investment, and regional security cooperation. Saudi Arabia has announced investments exceeding $5 billion in various sectors across Iraq, with a significant portion directed towards the real estate sector in Baghdad.
Trade between the two countries has also seen a notable increase, with official figures showing a 50% rise from 2021 to 2022, reaching $1.5 billion.
In addition, last July, the Iraqi Ministry of Electricity and the Saudi Ministry of Energy signed a technical advisory contract to advance an electrical connection project.
MNA/PR
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