Saudi Arabia is reportedly planning to officially reopen its Al-Jadidah Arar land border for trade with Iraq after 27 years. Iraqi pilgrims have continued to use the crossing during the closure, which came in the wake of Saddam Hussein’s 1990 invasion of Kuwait.
Saudi Minister of Trade and Investment Maguid Al Qasabi visited the Saudi Northern Borders and met governor Prince Faisal bin Khalid to view current procedures for pilgrims at the border. He stressed that his country intends to turn a new page with Iraq during the coming period. He added that the launch of a joint trade council between the country and Iraq comes to achieve this objective under his leadership. with ministers from both countries making up the membership.
In a statement to Saudi Press Agency (SPA) on Monday, Al Qasabi praised the cabinet decision and said the council would enhance opportunities for “trade exchange” and “joint cooperation” between the two countries. He stressed “the kingdom’s keen desire to open all fields of cooperation with Iraq to serve the interests of both brotherly countries”.
The Council aims to enhance communication between the two countries at a strategic level, deepen mutual political trust and open up new horizons of cooperation in various fields, according to SPA. The Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, decided on Monday to set up the General Authority for Military Industries, which enjoys legal status as well as financial and administrative independence.
The agency aims to regulate the military industry in the Kingdom, develop and monitor its performance, and do everything necessary to achieve its objectives.
The Cabinet decided that the authority shall have a board of directors chaired by the deputy prime minister and comprising the minister of energy, industry and mineral resources, the minister of finance, the minister of trade and investment, and the chairman of the board of directors of the Saudi Military Industries Co.
Last Wednesday, the state-owned Saudi Public Investment Fund (PIF) announced the launch of a national state company for arms manufacturing to produce thousands of jobs in the Kingdom. The new company, Saudi Arabian Military Industries (SAMI), is part of the Kingdom’s Vision 2030, the sovereign wealth fund PIF said in a statement.
Saudi Arabia and Iraq will also launch a joint trade commission, the Saudi Cabinet announced on Monday. “The Cabinet has decided to approve the establishment of the Saudi-Iraqi Coordinating Commission and to delegate the Saudi minister of trade and investments to sign on behalf of the kingdom,” read a statement carried by the press agency SPA.