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UAE announces $ 3 billion investment in Iraq

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Mohammed Bin Rashid receives Iraqi Prime Minister Mustafa Al-Kadhimi at Zabeel Palace.
Image Credit: DMO

Abu Dhabi: The UAE on Sunday announced an investment of $ 3 billion (11 billion dirhams) in Iraq in a new attempt to strengthen economic and investment relations between the two sister nations.

The new investments aim to exploit new opportunities for partnerships between the two countries and accelerate socio-economic and developmental growth in support of the Iraqi people.

In this context, the United Arab Emirates and the Republic of Iraq issued the following joint statement following the official visit of Dr Mustafa Al Kadhimi, Prime Minister of Iraq, to ​​the Emirates.

Here is the text of the declaration: “In accordance with the fraternal relations and the close historical ties between the United Arab Emirates and Iraq, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates, met with Dr Mustafa Al Kadhimi, Prime Minister of Iraq, who paid an official visit to the United Arab Emirates.

The Iraqi Prime Minister thanked the United Arab Emirates under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, for their support to Iraq and its people.

The visit included a series of official meetings on expanding the prospects for cooperation between the two nations on all fronts for their common interests, with both sides praising the depth and strength of their brotherly relationship. They reviewed the latest regional and international developments and stressed the importance of ensuring international cooperation in the face of the COVID-19 pandemic and of containing its economic and medical fallout on the whole world.

The Iraqi Prime Minister thanked the United Arab Emirates for their medical support, sent to help Iraq and its people cope with the health crisis.

The two sides agreed to develop economic cooperation and accelerate trade and investment exchanges, urging their businessmen to exchange visits. They also agreed to create the Iraqi-Emirate Business Council and to rationalize all measures in the service of the two nations and their peoples.

In this context, the UAE announces that it will invest $ 3 billion in Iraq. The initiative aims to consolidate economic and investment ties, exploit new opportunities for cooperation and stimulate developmental and socio-economic growth in Iraq.

Iraq welcomes the UAE’s initiative to renovate the Al Hadba minaret, the Al Nuri Grand Mosque and a number of churches.

The two sides also redoubled the importance of strengthening security and defense cooperation and intelligence sharing in the fight against terrorism. They also agreed to stimulate energy cooperation, in particular in the areas of clean energy.

At the end of his visit, the Iraqi Prime Minister thanked the UAE, leaders, government and people for the warm welcome and hospitality he received during this visit.

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