By John Lee.
Prime Minister Mohammed Shia Al-Sudani commended the signing of a partnership agreement between the private Iraqi company Al-Diyar Al-Iraqia and the Saudi Northern Region Cement Company, marking the first collaboration between the private sectors of Iraq and Saudi Arabia in the field of cement.
The event took place during the reception of the Saudi Ambassador to Iraq, Mr. Abdulaziz Al-Shamari, in the presence of the Executive Director of the Iraq Development Fund, Mr. Mohammed Al-Najjar, and representatives from both the Iraqi and Saudi companies.
Prime Minister Al-Sudani highlighted that this partnership paves the way for broader future collaborations between Iraqi and Saudi businesses, encouraging the private sectors in both countries to create more joint employment opportunities and sustainable development. He emphasized that it strengthens the economic ties between Iraq and neighboring countries.
According to a statement by NRCC to the Saudi Stock Exchange, NRCC agreed on the acquisition by Al-Diyar Al-Iraqia For Investments Company of 49 percent of its investments in Iraq, stating a transaction value of $43.953 million.
A report for BNN Breaking says that, "Al-Diyar Company, directed by Salman Daoud Salman, has acquired 49% of the investments of the Saudi Northern Factory in Iraq. This industrial hub, spanning an area of 6,000 dunams, is located in the Al-Najaf Governorate."
(Sources: Media Office of the Prime Minister, Saudi Stock Exchange, BNN Breaking)
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