RIYADH: Top Saudi companies are in Baghdad to attract investment for the Kingdom’s construction sector at the Iraq International Real Estate Investment 2023 Exhibition being held between May 1 and 4.
The visit is also an opportunity for the delegation to promote the “Made in Saudi Arabia” program in the region, reported the Saudi Press Agency.
According to the report, the Saudi pavilion comprises 18 construction and real estate companies, besides representation from the Saudi Export Development Authority and the Ministry of Investment.
The annual exhibition is considered one of the largest gatherings of companies specializing in building and construction materials in the Middle East and North Africa region.
The SPA report added that Saudi firms are participating in the event to promote national goods and services and penetrate the Iraqi market, seen as one of the most promising opportunities in the region.
The event is also expected to reveal insights into the latest trends in real estate, construction, pricing and realty investments.
The Saudi participation in the exhibition extends its growing economic relations with Iraq.
The Kingdom’s non-oil exports to Iraq reached SR14.8 billion ($3.95 billion) during the past five years, with the building materials sector recording the highest export volume of SR4.42 billion.
The bilateral trade relationship between the countries also received a major boost following the establishment of the Saudi-Iraqi Coordination Council in 2017, as it opened up significant investment avenues in various fields, including commerce, agriculture and industry.
The Saudi export authority has been working to enhance and facilitate the process of trade exchange between both countries as they cater to one of the most important regional markets.
It is promoting Saudi companies and providing them access to more promising markets in line with the plans to diversify the economy and sources of income in accordance with the objectives of the Kingdom’s Vision 2030 initiative.
