Iraq is the UAE’s top global trading partner, with trade exceeding $27 billion annually, said Abdullah Al Saleh, Undersecretary of the Ministry of Economy, UAE.
Giving his welcome address at the Iraq Britain Business Council (IBBC) Autumn Conference ‘Growing Opportunities’, Al Saleh emphasised 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.
Flexible and resilient economy
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.
Al Saleh was joined at the event by Mohammed Darraji, Senior Advisor to the Iraqi Prime Minister, leading the Iraqi Government Delegation, and Dr Mohammed Al Shukri, Chairman of the Kurdistan Investment Board, who headed the Kurdistan Regional Government’s delegation.-
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