DUBAI – Qatar intends to invest $5 billion in a number of sectors in Iraq over the coming years, the state news agency quoted Qatar’s Emir Sheikh Tamim bin Hamad al-Thani as saying on Thursday.
The emir arrived in Baghdad on an official visit that led to signing memorandums of understanding (MOUs) to expand cooperation on investment and energy projects.
In addition, a number of agreements were made with Qatar’s private sector in the fields of energy, electricity, hotels and hospital management.
The talks also included a discussion of regional initiatives to strengthen economic relations in the region, the statement said, including support for the development of the Gulf power grid interconnection project, and linking it to the southern Iraq network.
Qatar is a partner in TotalEnergies’ $27 billion energy cluster of energy projects in Iraq, with a 25% stake. Iraq’s Basra Oil Company holds a 30% share in the project with the remainder with TotalEnergies.
Qatar has said previously that, like other Gulf states, it would support regional economies through commercial investments rather by providing direct financial aid.
Reporting by Clauda Tanios; Editing by Nick Macfie and Nick Zieminski