The second Emirati Iraqi Business Forum discusses strengthening commercial partnerships between the two countries

Dubai, May 2/ WAM/ The UAE Chambers Union, in cooperation with the Iraqi Chambers of Commerce, organized yesterday at the Sheraton Al -Khor Hotel in Dubai, the second Emirati Iraqi Business Forum, on the sidelines of the visit of the Iraqi commercial delegation to the country during the period from 1 to 2 May this year.

The forum witnessed the participation of more than 170 companies from the major institutions and companies in the two countries, where more than 250 bilateral business meetings were held between representatives of various sectors, especially real estate, contracting, tourism, hospitality, energy, renewable energy, logistical services, health care and industrial intelligence, as well as bilateral meetings between the chambers of commerce.

His Excellency Abdullah Sultan Al Owais, Vice President of the UAE Chambers Union and Chairman of the Board of Directors of the Sharjah Chamber of Commerce and Industry, stressed the keenness of the Chambers of Commerce and representatives of the private sector to support and enhance trade and investment cooperation between the UAE and the Republic of Iraq, pointing to the importance of the “Together for Partnerships” initiative, which was launched in cooperation between the Emirates Chambers Union and the International Development Bank – Dubai Branch, and aims to be a link and a crossing bridge for investors and business owners between the two brotherly countries.

Al -Owais pointed out that the UAE was and is still a pioneer in hosting and launching bilateral, regional and international partnerships, praising the convening of the first meeting of the Emirati -Iraqi Business Council and the second session of the forum, as they are two economic activities that contribute to encouraging investment and business, and reflect the future vision that seeks to make the Arab Gulf region a global business center and attract investments.

His Excellency Dr. Muzaffar Mustafa Al -Jubouri, Ambassador of the Republic of Iraq to the state during the opening session, praised the depth of brotherhood and cooperation between Iraq and the UAE, stressing the importance of strengthening economic partnership and expanding the prospects for cooperation in various fields, in order to achieve sustainable development and economic prosperity of the two countries.

Al -Jubouri praised the advanced economic environment enjoyed by the UAE, and its investment opportunities that can support the development process in Iraq, stressing that economic integration between the two countries is based on a comprehensive strategic partnership, based on empowering the private sector and creating a motivating legislative and organizational environment, without direct interference in commercial operations.

His Excellency reviewed the development of economic relations, noting that the volume of trade exchange between the two countries increased from 28.3 billion dollars in 2023 to 39.3 billion dollars in 2024, achieving a growth of 38.6%.

He noted the signed bilateral agreements, such as the agreement to avoid double taxation for the year 2017, and the agreement to encourage and protect investment for the year 2021, in addition to the preliminary agreement signed in 2024 between the General Company for Iraq Ports and the Abu Dhabi Ports Group to establish a joint venture to develop the Grand Port.

At the end of his speech, he affirmed the commitment of the Iraqi embassy in Abu Dhabi to continue its efforts to enhance strategic partnerships, expand economic cooperation channels, praising the continuous support provided by the rational leadership in the two countries for the benefit of the two brotherly peoples and achieving their aspirations towards a prosperous future.

The UAE -Iraqi Business Council also appreciated the role of the embassy of the Republic of Iraq in Abu Dhabi in supporting economic and investment relations, praising its continuous efforts in facilitating cooperation between the public and private sectors in both countries.

During the opening session, Abdul Razzaq Al -Zuhairi, President of the Iraqi Chambers of Commerce, explained that all the elements of growth and prosperity for economic relations between the UAE and Iraq are available, and that political will is supportive, and investment opportunities are promising, stressing the need to make the forum an annual effectiveness, and work on a joint plan to promote investment opportunities and facilitate access to them.

In conjunction with the visit of the Iraqi delegation to the state, the UAE -Iraqi Business Council held its first meeting, where the Emirati side was chaired by His Excellency Hamid Mohammed bin Salem, Secretary -General of the Emirates Chambers Union, while the Iraqi side Ahmed Walid Ahmed, President of the Iraqi Islamic Bank for Investment and Development, headed in the presence of more than 45 men and businesswoman from the two countries.

His Excellency Hamid Mohammed bin Salem expressed his pride in the meeting, which is a qualitative addition in the path of distinguished bilateral relations between the two brotherly countries that are witnessing an accelerated development in all fields, and provides promising opportunities for companies and economic institutions in light of the full support from the UAE Chambers Union and the Iraqi Chambers of Commerce.

He stressed that the Emirati private sector possesses wide experiences and advanced investment opportunities that can contribute to strengthening the partnership between the two countries, pointing to the role that the Council and the private sector can play during the next stage of discovering more opportunities that the sectors offer in the field of energy, contracting, real estate, industrial intelligence, innovation, food security, marine transport, railway, tourism, hospitality, and others.

For his part, the head of the Iraqi side in the council stressed the interest and desire towards expanding the horizons of cooperation and joint investment with the Emirati business sector, expressing his hope that the results of this meeting will result in the development of joint ideas, perceptions and projects.

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