BAGHDAD — Qatar and Iraq inked a collection of financial and vitality offers on Thursday throughout a go to to Baghdad by the Qatari emir, Sheikh Tamim bin Hamad Al Thani.

The two nations signed a broad settlement to broaden “cooperation in politics, economics, energy, and investment,” Iraqi Prime Minister Mohammed Shia al-Sudani mentioned in a press release.

They additionally inked particular offers on transportation, growth tasks and vitality, together with “the establishment of a joint oil company, and the construction of an oil refinery” and an settlement on lodge development, he mentioned.

Qatar’s state-owned Qatar News Agency reported that the emir had introduced his nation’s intent to “invest $5 billion in a number of sectors in Iraq in the coming years.”

Iraq has sought to strengthen its beforehand strained relationship with its rich Gulf Arab neighbors in recent times and court docket overseas funding - efforts which have begun to bear fruit.

Last month, Baghdad hosted a one-day convention that convened transport ministers and representatives from Iraq, the Gulf Arab nations, Turkey, Iran, Syria, and Jordan, culminating within the announcement of plans for a $17 billion regional transportation mission meant to facilitate the circulate of products from Asia to Europe.

In April, QatarVitality, the Gulf nation’s state-run petroleum firm, introduced it had agreed to purchase a 25% stake in a large gasoline mission in Iraq.

Iraq urgently must develop native gasoline sources to fulfill electrical energy calls for, particularly through the peak summer season months. The nation is closely reliant on Iranian gasoline and electrical energy imports.

Al-Sudani additionally mentioned Thursday that Iraq, which has suffered a long time of upheaval and violence, now “enjoys security and political stability, which makes it a promising environment” for tasks.

“Iraq has regained its normal position and role in the region, and it is ready to work with brothers and friends to achieve peace, prosperity and development,” he mentioned.

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