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First Iraqi Bank Branch Opens in Saudi Arabia

via AAAWSAT AR.
via AAAWSAT AR.
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First Iraqi Bank Branch Opens in Saudi Arabia

via AAAWSAT AR.
via AAAWSAT AR.

Riyadh witnessed on Thursday the opening of "The Trade Bank of Iraq" (TBI), which was launched on the sidelines of the visit of Iraqi Prime Minister Adel Abdul Mahdi who was accompanied by a large delegation to Saudi Arabia.

Dr. Fuad Mohammed Hussein, Deputy Prime Minister and Minister of Finance opened the branch which is the first in the Kingdom. It will begin operating officially in mid-May.

The Deputy Prime Minister was joined by Ahmed Al Khulaifi, governor of SAMA.

For his part, Hussein said: “This is a hugely significant day for the financial sector of Iraq and the country as a whole.

“This is an important step towards reinforcing our relationship with the Saudi government and we look forward to advance bilateral ties between Iraq and Saudi Arabia.”

The Saudi Ministry of Foreign Affairs also issued a press statement following the meeting between King Salman and Mahdi highlighting the strong historical ties between the two sisterly countries and stressing the importance of investing the great potentialities and opportunities to enhance the existing cooperation.

Mahdi also met with Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defense.

They discussed ways to enhance bilateral relations and the latest developments at regional and international arenas.

The two sides also agreed to continue consultation and coordination to enhance the unity of Arab ranks and the joint Arab action.

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Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
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Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)

Saudi Arabia and Japan are close to unveiling a higher partnership council that will be headed by the countries’ leaderships in line with efforts to build a partnership that bolsters the technical transformation and joint research in clean energy, communications and other areas, revealed Saudi Ambassador to Japan Dr. Ghazi Binzagr.

He told Asharq Al-Awsat that the two countries will soon open a new chapter in their sophisticated strategic partnership.

The new council will be chaired by Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Japanese Prime Minister Shigeru Ishiba to push forward the Saudi-Japan Vision 2030, he added.

The council will elevate cooperation between the countries and pave the way for broader dialogue and consultations in various fields to bolster political, defense, economic, cultural and sports cooperation, he explained.

The two parties will work on critical technological partnerships that will focus on assessing and developing technologies to benefit from them, Binzagr said. They will also focus on the economy these technologies can create and in turn, the new jobs they will generate.

These jobs can be inside Saudi Arabia or abroad and provide employers with the opportunity to develop the sectors they are specialized in, he added.

Binzagr said Saudi Arabia and Japan will mark 70s years of relations in 2025, coinciding with the launch of Expo 2025 in Osaka in which the Kingdom will have a major presence.

Relations have been based on energy security and trade exchange with Japan’s need for oil. Now, according to Saudi Vision 2030, they can be based on renewable energy and the post-oil phase, remarked the ambassador.

Several opportunities are available in both countries in the cultural, sports and technical fields, he noted.

Both sides agree that improving clean energy and a sustainable environment cannot take place at the expense of a strong economy or quality of life, but through partnership between their countries to influence the global economy, he explained.

"For the next phase, we are keen on consolidating the concept of sustainable partnerships between the two countries in various fields so that this partnership can last for generations,” Binzagr stressed.

“I believe these old partnerships will last for decades and centuries to come,” he remarked.

Moreover, he noted that the oil sector was the cornerstone of the partnership and it will now shift to petrochemicals and the development of the petrochemical industry.