Qatar’s Amir Sheikh Tamim bin Hamad al-Thani said that the country is intending to invest USD 5 billion in a number of sectors in Iraq in the coming years. The state news agency reported on Thursday that Qatar’s Amir signed memorandums of understanding during his official visit to Baghdad to expand cooperation on investment and energy projects.
Qatar’s private sector also sealed a number of agreements in the fields of energy, electricity, hotels and hospital management. Officials stated regional initiatives to strengthen economic relations in the region, including backing up the development of the Gulf power grid interconnection project, and linking it to the southern Iraq network. Qatar is a partner in TotalEnergies’ (TTEF.PA) USD 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.
Moreover, Qatar had mentioned earlier its intention to support regional economies through commercial investments.
