Officials during the signing ceremony | Courtesy: WAM
The Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched a pioneering initiative from Sharjah in a collaborative effort to strengthen and boost the Emirati and Iraqi private sectors.
The initiative, titled “Ma’an”, intends to encourage private sector businesses to broaden their operations by creating a platform to enhance mutual relationships, increase cooperation opportunities, and facilitate the exchange of experiences and knowledge across various financial and investment fields with Iraq.
The initiative follows an MoU signed by the Federation of UAE Chambers and the International Development Bank (UAE). The new initiative paves the way for increased collaboration and shared growth between the UAE and Iraqi private sectors, ultimately driving economic development in both countries.
Mr. Abdullah Sultan Al Owais, Vice Chairman of FCCI and Chairman of the Sharjah Chamber of Commerce and Industry (SCCI) said that “the MoU will unify diverse finance and investment fields, marking a significant step towards elevating institutional performance and services, thereby nurturing a robust partnership. He reaffirmed the capabilities of both the UAE and Iraq’s business environments in providing facilities and incentives for the establishment and development of private sector investment projects, keeping both nations at the helm of successful business models.”
Mr. Humaid Mohamed Ben Salem, Secretary General of the Federation of UAE Chambers emphasized that the MoU is a positive outcome of Iraq’s trade mission to the UAE in May.
Dr. Ziad Khalaf, Chairman of the International Development Bank, stated that, “The Ma’an initiative serves as our catalyst to support partnerships, benefiting the Iraqi and Emirati business communities in the finance and investment sectors. This underscores the significant role the UAE business sector plays in boosting the Iraqi business sector.”
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