Saudi Arabia to launch joint trade council with Iraq

Cabinet sets up General Authority for Military Industries

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.

The two countries had no diplomatic relations for a quarter of a century. They were severed in the wake of Saddam Hussein’s 1990 invasion of Kuwait, after which Saudi Arabia was the launchpad for a US-led coalition to remove Iraqi forces.

The Cabinet praised the positive developments achieved by the state budget in the second quarter of the fiscal year 1438/1439 (2017), which were represented in progress in revenues, improvement in spending efficiency, a drop in the deficit, and maintaining the level of basic services provided to citizens.

The Cabinet also reviewed the quarterly financial report which reflected progress in the achievement of a balanced financial performance in the medium term, and the effectiveness of economic reforms under the National Transformation Program and Vision 2030, which contributed to the generation of more non-oil revenues.

The Cabinet was briefed on the preparations of ministries and sectors participating in serving pilgrims and providing comfort for pilgrims and visitors of the Two Holy Mosques and holy sites. In this context, the Cabinet vehemently rejected the politicization of Hajj.

The Cabinet expressed thanks and appreciation to the crown prince on his directives to support 14 charity organizations in the Riyadh region with SR23 million ($6.1 million) from his own account.

The Cabinet praised the graduation of the first batch of those participating in the operations Decisive Storm and Restore Hope. They represented non-regular students of Imam Mohammed bin Saud Islamic University. The Cabinet appreciated their determination to pursue their studies and, at the same time, defend the country.

On the global front, the Cabinet expressed the Kingdom’s strong condemnation of terror acts in Egypt, Afghanistan, Pakistan, Burkina Faso and France, and its sympathy with the governments and peoples of these countries against all forms of terrorism and extremism.