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Tuesday, December 5, 2023

Federation of UAE Chambers of Commerce and International Development Bank launch ‘Maan’ initiative


SHARJAH: The Federation of Emirates Chambers of Commerce and Industry (FCCI) and the Emirates International Development Bank (IDB) have launched a groundbreaking initiative in Sharjah to strengthen and promote cooperation between the UAE and Iraqi private sectors.

The initiative, named “Ma’an (Together)”, aims to encourage private companies to expand their operations, create a platform to strengthen mutual relations, increase opportunities for cooperation, and promote the exchange of experience and knowledge in various fields of finance and investment with Iraq.

The name “Ma’an” symbolizes the deep historical ties between the UAE and Iraq, particularly in trade and commerce, and represents a shared journey to forge a unique and sustainable partnership by seizing the best investment opportunities.

The initiative came to fruition after the Federation of UAE Chambers of Commerce and the International Development Bank (UAE) signed a Memorandum of Understanding (MoU).

The cooperation agreement was signed by His Excellency Humaid Mohamed Ben Salem, Secretary-General of the Federation of UAE Chambers of Commerce, and His Excellency Dr. Ziad Khalaf, Chairman of the International Development Bank. The signing ceremony was witnessed by His Excellency Abdullah Sultan Al Owais, Vice-Chairman of FCCI and Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), and Mohammad Ahmed Amin Al Awadi, Director-General of SCCI.

This new initiative paves the way for greater cooperation and shared growth between the UAE and Iraqi private sectors, ultimately driving the economies of both countries.

His Excellency Abdullah Sultan Al Owais emphasized that the MoU goes beyond simply facilitating cooperation between the Federation of UAE Chambers of Commerce, official representatives of the UAE private sector and international development banks. It also strengthened support for the business communities of both countries and their various sectors.

Al Owais emphasized that the MOU will unify the different areas of finance and investment, marking an important step towards enhancing institutional performance and services, thereby fostering strong partnerships. He reiterated that the business environments in the UAE and Iraq are capable of providing facilities and incentives for the establishment and development of private sector investment projects, enabling both countries to master successful business models.

Humaid Mohamed Ben Salem emphasized that the MoU was a positive outcome of an Iraqi trade mission that visited the UAE in May. Through the strategic partnership with the International Development Bank, he said the Federation is keen to provide the UAE and Iraqi business sectors with the necessary tools and knowledge to facilitate the growth and success of their businesses.

Dr. Ziad Khalaf emphasized the significance of the “Ma’an Initiative”, emphasizing that the World Bank is committed to expanding cooperation opportunities and exchanging experience with Iraq in various financing and investment fields.

He also added that the bank plays a vital role in promoting relations between the relevant authorities in the UAE and Iraq, with a focus on promoting investment and boosting internal trade. The establishment of a branch of the International Development Bank in Dubai reflects this role. He noted that the International Development Bank is the first Iraqi bank to operate in the UAE, especially in the financial and commercial center of Dubai.

Khalaf said: “At the IDB, we are committed to strengthening our collaboration with UAE national institutions, including the Federation of UAE Chambers of Commerce, towards our shared goal of strengthening the strategic economic relationship between Iraq and the UAE.” The initiative is a catalyst for our support of partnerships benefiting the business community in the financial and investment sectors in Iraq and the UAE. This highlights the important role the UAE business sector plays in promoting the development of Iraq’s business sector. “

He expressed his gratitude to the Federation of UAE Chambers of Commerce, His Excellency Abdullah Sultan Al Owais and His Excellency Humaid Mohammed bin Salem for their cooperation and top-level services to business owners opportunities to create desirable sustainable partnerships in the UAE. two countries.


For more information please contact:
Mustafa Taha
Misbal Communications

Ali Ergendi
Misbal Communications

Ahmed Aldwari
Misbal Communications


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