IDB of Iraq opens first branch in Dubai – News

In the past few years, the trade volume between the two countries has exceeded 16 billion US dollars, with an annual growth rate of 6%.

Officials attending the inauguration. – Photos provided

Backed by the Ministry of Economy, the International Development Bank (IDB) – one of Iraq’s top private banks – has announced the opening of its first branch in Dubai.

The new announcement is in line with the ongoing cooperation between the UAE and Iraq aimed at strengthening strategic economic ties, noting that trade between the two countries has surpassed US$16 billion in the past few years, with an annual growth rate of 6%.

As Iraq’s leading bank, the Inter-American Development Bank aims to be Iraq’s economic ambassador in the region by strengthening energy, health, manufacturing, agriculture, services, tourism and real estate.

IDB Chairman Dr. Ziad Khalaf said: “The UAE is Iraq’s largest trading partner and Iraq ranks fourth in terms of trade volume with the UAE. The opening of the first official IDB branch in the UAE is a milestone that will strengthen Iraq’s relationship with the region Cooperation and collaboration between countries, starting with the UAE.”

Khalaf also highlighted the importance of focusing on providing the necessary financial support for UAE companies to invest and operate in Iraq to replicate the successful UAE model, as this could have a transformative impact on the Iraqi economy and society.

“Over the past decade, Iraq has experienced major challenges and catastrophic economic changes. However, we have always believed in our ability to turn these challenges into promising opportunities. This mentality has driven our continuous efforts to improve the Bank’s standards and services , while adopting a disciplined approach to risk management and strengthening our organizational structure. Today, we are proud to see the fruits of our hard work come to fruition after 10 years of tireless efforts,” he added.

According to the World Bank, the UAE is a global leader in financial inclusion, catering to a broad client base through a comprehensive portfolio of banking, financial and insurance services. The banking sector plays an important role in this privileged positioning, enabling local and international banks to contribute to the growth and stability of the UAE economy.