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Bloomberg (1 April 2021)

Vivian Nereim

Saudi Arabia agreed to contribute $3 billion to an investment fund for Iraq on Wednesday, as Prime Minister Mustafa Al-Kadhimi visited Riyadh and said the two OPEC member states had turned a new page in relations.

Iraq maintains ties with both Saudi Arabia and Iran, regional rivals who back opposing sides in Middle East conflicts including Yemen. Al-Kadhimi’s first trip abroad as leader last year was to Iran, and U.S. troops are stationed in Iraq to fight Islamic State militants, alongside Iranian-backed Shiite militias.

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