6 days ago
Saudi investment deal offers one-sided privileges, Iraqi MP warns
Shafaq News – Baghdad
A draft investment agreement with Saudi Arabia grants sweeping privileges to the Saudi side while neglecting Iraq's interests, an Iraqi lawmaker warned on Tuesday.
Saud al-Saadi, Head of the Huqouq (Rights) Parliamentary Bloc, told Shafaq News that the proposed "Iraq–Saudi Arabia Agreement on the Promotion and Protection of Investment" provides Saudi investors with exclusive exemptions, permitting legal disputes to be resolved through Arab or international courts.
Al-Saadi further cautioned that the deal could allow Saudi entities to control key Iraqi assets—including land and water—with wide latitude over the use of large areas. 'These issues fall outside the scope of Iraq's existing Investment Law and the Foreign Investor Protection framework."
In protest, more than 50 lawmakers have signed a petition rejecting the bill's inclusion on Parliament's agenda. A formal request has also been submitted to the Speaker, urging that the draft be returned to the government.
