PROJECTS: Iraq approves Saudi-funded sport stadium

Project costs $1.5bln

  
Image used for illustrative purpose only. Workers work on areas of infrastructure in front of the construction site of the Arena das Dunas stadium, in Natal May 10, 2014. When Brazil drafted plans to host the upcoming World Cup, this Atlantic beach destination was exactly the type of city it wanted to show off. Five years later, and four weeks before kickoff, little besides the arena and a remote, untested airport are complete. Picture taken on May 10, 2014. To match Insight BRAZIL-WORLDCUP/LEGACY REUTERS/Nuno Guimaraes

Image used for illustrative purpose only. Workers work on areas of infrastructure in front of the construction site of the Arena das Dunas stadium, in Natal May 10, 2014. When Brazil drafted plans to host the upcoming World Cup, this Atlantic beach destination was exactly the type of city it wanted to show off. Five years later, and four weeks before kickoff, little besides the arena and a remote, untested airport are complete. Picture taken on May 10, 2014. To match Insight BRAZIL-WORLDCUP/LEGACY REUTERS/Nuno Guimaraes

REUTERS/Nuno Guimaraes

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)

(anoop.menon@refinitiv.com)

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