RIYADH: Saudi Arabia has signed a contract with Iraq to establish a commercial project worth $1 billion in Baghdad, bolstering the economic ties between the two nations, reported the Iraqi News Agency. Abdulaziz Al-Shammari, the Saudi ambassador to Iraq, revealed that the Kingdom inked a contract with Iraq to develop a massive commercial project near Baghdad International Airport, according to the INA. Dubbed Baghdad Avenue, the project is expected to become the largest shopping mall in Iraq, encompassing coffee shops, restaurants and commercial offices. Additionally, it will house 4,000 apartments and 2,500 villas. “Baghdad Avenue will be a distinguished project and a surprise to all Iraqis. It is the largest mall in Iraq and will include cafes and restaurants with large areas and commercial offices for major Iraqi companies,” Al-Shammari said. “Iraqi and Saudi relations are witnessing a wonderful stage,” he added. Al-Shammari highlighted the recent visit of the King Salman Medical Center’s team to Baghdad, stating that the knowledge exchange between Iraqi and Saudi doctors epitomizes the strong relations between the two countries. “Today, we started reaping its real fruits through the visit of the King Salman Medical Center team to Baghdad, which is the first specialized and practical visit through which we witness the exchange of experiences between the best-skilled doctors in the Kingdom, as well as the best Iraqi doctors, to exchange experiences in fields and subspecialties, which is the first fruit,” he said. Al-Shammari also noted that both countries would soon host meetings featuring economic and cultural discussions. He stated: “The subsequent phase will witness significant momentum in activities occurring between the two nations.” In March, Saudi Public Investment Fund created a new company to invest in various industries across Iraq, with a capital of $3 billion. The Saudi-Iraqi Investment Co. will invest in infrastructure, mining, agriculture, real estate development and financial services, CEO Muteb Al-Shathri said during the Saudi-Iraqi Coordination Council held in the Kingdom.