DAMMAM, 16 October 2003 — The Arab Investors Union is to hold a meeting next week in Cairo bringing together Arab businessmen, including Saudis and Iraqis, to discuss the participation of the private sector in the reconstruction of Iraq.
The meeting is in response to a call by the Iraqi Investors Union (IIU) for Arab investors to help the Iraqi people revive their economy. The IIU also has urged Arab countries to send delegations to Iraq to explore the markets and search for opportunities for investment.
Meanwhile, Saudi businessmen in the importing and exporting sector are eagerly waiting for the re-opening of the Saudi-Iraqi border crossing of Arar.
The opening of the Arar border crossing will help reduce the estimated 12 percent of extra costs incurred when goods are exported through a third party through Kuwait or Jordan. Goods will take 12 hours to reach Iraqi market, rather than two days.
