Riyadh witnessed on Thursday the opening of "The Trade Bank of Iraq" (TBI), which was launched on the sidelines of the visit of Iraqi Prime Minister Adel Abdul Mahdi who was accompanied by a large delegation to Saudi Arabia. Dr. Fuad Mohammed Hussein, Deputy Prime Minister and Minister of Finance opened the branch which is the first in the Kingdom. It will begin operating officially in mid-May. The Deputy Prime Minister was joined by Ahmed Al Khulaifi, governor of SAMA. For his part, Hussein said: “This is a hugely significant day for the financial sector of Iraq and the country as a whole. “This is an important step towards reinforcing our relationship with the Saudi government and we look forward to advance bilateral ties between Iraq and Saudi Arabia.” The Saudi Ministry of Foreign Affairs also issued a press statement following the meeting between King Salman and Mahdi highlighting the strong historical ties between the two sisterly countries and stressing the importance of investing the great potentialities and opportunities to enhance the existing cooperation. Mahdi also met with Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defense. They discussed ways to enhance bilateral relations and the latest developments at regional and international arenas. The two sides also agreed to continue consultation and coordination to enhance the unity of Arab ranks and the joint Arab action.