Iraq’s Industry and Minerals Ministry greenlit the launch of a border economic zone with Saudi Arabia, according to a ministry statement. This came during the first meeting of the committee managing the project led by Iraq’s Deputy Prime Minister Khalid Battal Najm, where they also discussed the technicalities of running and managing the joint economic city. The project is planned to resemble the joint economic city on the Iraq-Jordan border.

The zone is set to become a key gateway between the two countries, encompassing freezones and banks, and boosting bilateral trade, the statement said.

Background: The two countries in May had discussed establishing a special economic zone on their borders, as they look to enhance bilateral cooperation and opportunities to build strategic partnerships.

ALSO FROM IRAQ-The Iraqi-Jordanian Company for Industry also reissued a tender for a developer contract for Iraq and Jordan’s joint economic city in light of increased interest from international companies, Jordanian news agency Petra reports. The future developer will be tasked with preparing comprehensive studies, designs, and engineering plans for the city. The developer will also be responsible for financing, implementing, managing, promoting, and operating the economic city, as well as supervising its maintenance. The new deadline for the tender is 1 March 2024.

Background: The tender to set up a joint Jordanian-Iraqi economic city was first floated back in April.

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