Iraqi International Development Bank opens first branch in Dubai – News

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

Officers at the inauguration. – Photos provided

Under the auspices of 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 exceeded US$16 billion over the past few years, with an annual growth rate of 6 percent.

As Iraq’s leading bank, IDB strives to be Iraq’s economic ambassador in the region by strengthening energy, health, manufacturing, agriculture, services, tourism and real estate.

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

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

“Over the past decade, Iraq has witnessed major challenges and catastrophic economic changes. However, we have always believed in our ability to turn these challenges into promising opportunities. This mindset drives our continuous efforts to improve the standards and services of the bank , while adopting a rigorous approach to risk management and strengthening our organizational structure. Today, we are proud to see the fruits of our hard work bear fruit after 10 years of unremitting efforts,” he added.

According to the World Bank, the UAE is a global leader in financial inclusion, meeting the needs of a broad client base with a comprehensive portfolio of banking, financial and insurance services. The banking sector has played an important role in this dominant position, enabling local and international banks to contribute to the growth and stability of the UAE economy.