By Fazel Hawramy for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Will Riyadh-Tehran rivalry kill Iraqi Kurdistan's investment drive?
Iraqi Kurdistan, facing an acute financial crisis, has a newfound opportunity to attract desperately needed foreign investment from Saudi Arabia, but regional tensions between Tehran and Riyadh could hamper its efforts.
A large Saudi trade delegation led by Sami Bin Abdullah al-Obeidi, chairperson of the Council of Saudi Chambers, and accompanied by the Saudi ambassador to Iraq and the consul general to Erbil, visited the Iraqi Kurdistan Region July 23-25, meeting with business leaders and government officials, including Prime Minister Nechirvan Barzani, to explore economic opportunities in the energy, agricultural, industry and tourism sectors.
Although no agreements were signed, the parties agreed to work toward expanding economic relations, as Saudi Arabia plans to establish a direct trade link from its Arar border crossing into Anbar province and on to the Kurdistan region.