Iraq's cabinet has approved a project to build a sport stadium which will be funded by Saudi Arabia, the official Alsabah daily reported on Wednesday.
The cabinet endorsed the project at its meeting in the capital Baghdad on Tuesday, the paper said, adding that the facility would be constructed in Bismaya suburb, which is located nearly 10 km southeast Baghdad.
"At its meeting headed by Prime Minister Mustafa Al-Kadhimi, the cabinet agreed on the project and selected Bisamaya as its site," the paper said.
In late 2018, Baghdad said Saudi Arabia has pledged to fund the stadium at a cost of around $1.5 billion as a "gift to the Iraqi sport sector."
Saudi Arabia, the largest Arab economy, has announced its intention to invest in fellow OPEC-member Iraq to support its war-torn economy following an improvement in political ties over the past few years.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020