Saudi Arabia’s King Salman is giving Iraq $1 billion to build a sports city, Al-Ekhbariya news channel said on Wednesday, citing the Kingdom’s commerce and investment minister Majid Bin Abdullah Al-Qassabi.
Both countries have been forging closer ties in recent month as part an effort to stem the growing regional influence of Iran, while Iraq is seeking economic benefits from building stronger ties with the Kingdom.
The Announcement of the pledge came as senior Saudi Minister travel to Baghdad on Wednesday for meeting with Iraqi officials on trade and investment.
Al-Qassabi led the delegation for the second meeting of the Saudi-Iraqi Coordination Council.
The Saudi government delegation included Minister of Culture Prince Badr bin Abdullah bin Farhan, Minister of Environment, Water and Agriculture, Abdulraham Al-Fadhli and Energy Minister Khalid Al-Falih.