UAE Reaffirms strong Bilateral Ties with Iraq at IBBC Conference
Date
12/22/2024 2:19:38 AM
(MENAFN- Kaizzen Communications) Dubai, December 20, 2024: Giving welcome address at the Iraq Britain Business Council (IBBC) Autumn Conference ‘Growing Opportunities’, H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy, UAE, highlighted that Iraq is the UAE's top global trading partner, with trade exceeding USD 27 billion annually, marking a milestone in their bilateral relations.
Bringing together the top business leaders from Iraq and the UAE, the conference emphasized the growing economic prospects between the two nations. In his speech, H.E. Al Saleh emphasized the UAE’s continuous commitment to strengthening its partnership with Iraq, citing the longstanding political, social, and economic ties between the two nations. “The 10th session of the IRAQ UAE joint committee held last year explored prospects of cooperation in various areas of mutual interests including economic investment, educational, cultural, agricultural, food, technological, and energy sectors among others. The UAE is keen to build further on these outcomes through continued dialogue and collective actions and contribute to Iraq’s sustainable economic prosperity,” he said.
H.E. Al Saleh stated, “Today’s conference comes at a pivotal moment for the UAE as we undergo a transformation into a more flexible and resilient economy. The strengthening of ties with our global and regional partners remains a key focus area. The widening network of our massive economic partnerships is providing our partners for all enablers to access international market.”
Vikas Handa, Managing Director of GulfTek & Chairman of the IBBC Conference highlighting Iraq's significant growth opportunities said, "Iraq is undergoing the most substantial expansion in three decades, driven by improvements in stability, security and a wealth of investment opportunities worth approximately $400 billion. The positivity reflects from IMF prediction that Iraq’s GDP is set to rise 5.3% in 2025, and, also, the fact that the stock exchange funds have increased by 17% this year. The ground reality is visible in various infrastructure and housing projects being implemented providing potent business confidence in the economy.”
The national census in Iraq has recorded a population of 45 million, positioning the country as the largest market in the Middle East. The conference witnessed prominent industry players, including major energy companies such as BP, Shell, BGC, and their construction partners, including Wood Group, GulfTek KSA, GE, and Siemens. Financial institutions such as Standard Chartered, the International Finance Corporation (IFC), and the Central Bank of Iraq were also represented.
H.E. Abdullah Al Saleh was joined at the event by H.E. Mohammed Darraji, Senior Advisor to the Iraqi Prime Minister, leading the Iraqi Government Delegation, and H.E. Dr. Mohammed Al Shukri, Chairman of the Kurdistan Investment Board, who headed the Kurdistan Regional Government’s delegation.
MENAFN22122024007480016114ID1109020648
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.