Iraq

Saudi companies withdraw from investing in Iraq

Iraqi Agriculture Minister Mohammad Karim Al-Khafaji on Sunday unveiled Saudi companies‘ apology for investing in Iraq.

He said: “Saudi companies have expressed interest in setting up cattle ranches in the 10,000- to 50,000-hectare areas of Muthanna, Al-Anbar and Najaf provinces. However, the Iraqi Ministry of Water Resources stressed the ministry’s inability to provide water continuously for 50 years.”

“Due to the inability to provide water continuously, Saudi companies apologized for implementing the project,” he added.

It is noteworthy that Saudi Arabia’s investment plan in Iraq was opposed by many Iraqi circles, and political parties considered this plan as an attempt by Saudi Arabia to take over the Iraqi economy.

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