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Al-Falih Starts US Visit to Reinforce Saudi-US Commercial, Investment Partnership

Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat
Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat
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Al-Falih Starts US Visit to Reinforce Saudi-US Commercial, Investment Partnership

Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat
Saudi Minister of Investment Khalid Al-Falih speaks at the Milken Institute Global Conference in Los Angeles on Wednesday, Asharq Al-Awsat

Saudi Investment Minister Khalid bin Abdulaziz Al-Falih began Wednesday a visit to the US. His visit aims at highlighting Saudi Arabia as a major global investment destination.

The trip comes in the wake of Crown Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, launching Saudi Arabia’s National Investment Strategy.

During the visit, the minister will meet with a group of US officials to enhance the ongoing strategic trade and investment partnership between the United States and Saudi Arabia.

The visit also aims to encourage American investors to seize the opportunities offered by the great economic transformation that the Kingdom is experiencing, as well as the unprecedented avenues of investment that have become available in many economic sectors as a result of the launch of Saudi Vision 2030.

As part of his US itinerary, Al-Falih spoke on Wednesday at the Milken Institute Global Conference in Los Angeles about the role of the National Investment Strategy in attracting foreign investors and companies.

Al-Falih will meet in Washington, DC, with several influencers, decision-makers, and chief executives of a group of companies based in the US.

In a statement on his visit, Al-Falih said the National Investment Strategy would lead to a significant change in the investment landscape in the Kingdom, which will provide unprecedented opportunities and advantages for investors.

“We consider US investors to be our partners, and we hope that they will seize the tremendous opportunities presented as part of our transformation. American innovation and expertise have a long and rich history in the Kingdom,” he added.

“In addition, we seek that American investments continue its fundamental role in the economy of the Kingdom of Saudi Arabia, which is moving towards a new promising stage in its development,” noted the minister.

The National Investment Strategy aims to make Saudi Arabia one of the 15 largest economies globally and increase the investment share to 30% of GDP by 2030.

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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)

Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq held talks with Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce and Chairman of the US-Iraq Business Council mechanisms for international trade and Iraq’s shift to fully utilizing correspondent banks for foreign transfers. 

Sunday's discussions in Baghdad follow the US blacklisting of 14 Iraqi banks - half of the country’s total banks - on suspicions of involvement in money laundering and transferring funds to Iran and Syria. The move has prevented these banks from conducting dollar transactions.

According to a statement by the Central Bank of Iraq on Sunday, the meeting, which was also attended by the Directors General of the Investments Department and the Banking Supervision Department, addressed “banking and economic relations” between Iraq and the US. They covered a visit by a Central Bank delegation to Washington in April, during which the delegation will meet with officials from the US Chamber of Commerce and American companies.

The two sides also touched on US companies’ interest in investing in Iraq’s energy, infrastructure, and advanced technology sectors, as well as opportunities arising from Iraq’s current security stability.

Al-Alaq emphasized the Central Bank’s role in supporting Iraq’s economic growth and pledged full support to global firms, including US companies and banks, looking to invest in the country. He stressed the importance of diversifying investment sectors to bolster economic development.

Since the beginning of 2023, the Central Bank of Iraq has implemented a monitoring system for dollar transactions through a specialized platform, which was designed to regulate financial transfers by Iraqi banks and provide proactive oversight, replacing the US Federal Reserve’s previous practice of auditing daily transfers. However, the Central Bank decided to discontinue the platform at the beginning of 2024.

The closure triggered significant withdrawals of deposits by individuals and companies, amid concerns that the banks holding their funds might face bankruptcy due to non-compliance with the Central Bank’s requirements and the US Treasury Department’s standards.

According to Central Bank data, the total volume of deposits in Iraq’s commercial banks fell to its lowest level in 22 months, dropping to 123 trillion Iraqi dinars in November 2024, compared to 127.5 trillion dinars in October.

Between June and November 2024, deposits decreased by 7 trillion dinars, reflecting a continued trend of declining savings in the banking sector over recent months.