UAE declares $3bn investment in Iraq during PM Al Kadhimi visit

By Ashika Rajan, Trainee Reporter
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PM of Iraq and Abu Dhabi Crown Prince
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The UAE has announced a $3 billion investment in Iraq, in a new effort to strengthen economic and investment ties between the two countries.

The new investments are aimed at expanding the two countries’ partnership opportunities and accelerating socioeconomic and developmental growth in support of Iraq’s citizens. In this regard, the UAE and the Republic of Iraq released the following joint statement after the official visit of Iraqi Prime Minister Dr. Mustafa Al Kadhimi to the Emirates.

The statement’s remarked that “In line with the fraternal relations and close historical ties between the UAE and the brotherly Republic of Iraq, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, met with Dr. Mustafa Al Kadhimi, Prime Minister of Iraq, who paid an official visit to the UAE.”

The Iraqi Prime Minister took the moment to thank the UAE for its support for Iraq and its people, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan. The visit included a series of official meetings aimed at extending the possibilities of collaboration between the two countries on all fronts for their shared interests, with both sides praising the depth and strength of their relations.

Both parties discussed the most recent regional and international developments, emphasizing the importance of maintaining international cooperation in the face of the COVID-19 pandemic and containing its global economic and medical consequences.

The Iraqi Prime Minister expressed his gratitude to the UAE for its medical assistance, which was sent to assist Iraq and its citizens in dealing with the health crisis.

The two sides agreed to broaden economic cooperation and increase trade and investment exchanges, and their businessmen were encouraged to visit each other. They also decided to form the Iraqi-UAE Business Council and to streamline all steps that benefit the two countries and their citizens.

In this sense, the UAE has announced that it would make a $3 billion investment in the Republic of Iraq. The initiative aims to improve economic and investment relations, open up new avenues for cooperation, and promote Iraq’s development and socio-economic growth.

The statement said that Iraq applauds the UAE’s initiative to renovate the Al Hadba Minaret, the Great Mosque of al-Nuri, and numerous churches.

In the war against terrorism, the two sides have emphasized the importance of bolstering security and defense cooperation as well as intelligence sharing. They also agreed to promote energy cooperation, especially in the field of renewable energy.

The Iraqi Prime Minister thanked the UAE, its leadership, government, and people for their warm welcome and hospitality during his visit.

Related: UAE businesses strive to build a greener economy

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