• HE Dr. Al Zeyoudi reviewed the Bank’s plans, strategies, and Dubai branch contributions to fostering business relations between the UAE and Iraq

Dubai: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, asserted the United Arab Emirates’ commitment to strengthening its strategic partnership with the Republic of Iraq in different sectors, especially in terms of business and investment partnerships in high-priority sectors.

HE Dr. Al Zeyoudi stated: “Both parties are keen on further developing economic ties to serve the mutual interests of the two countries, and offer additional opportunities for entrepreneurs and the private sector in both markets. This commitment has positively reflected in the data depicting intraregional non-oil trade and the flow of mutual investment projects.”

HE Dr. Al Zeyoudi made this statement during a visit to the International Development Bank’s headquarters in Dubai, where he met with the Bank’s Chairman Dr. Ziad Khalaf. The two dignitaries discussed new courses for economic cooperation, as well as the Bank’s vital role in strengthening business and investment ties between the UAE and Iraq.

Several common-interest topics were also covered, including cooperative efforts to foster promising business opportunities between the two countries and develop new means for strategic collaboration to boost trade and investments in key sectors.

Finally, HE Dr. Al Zeyoudi had the chance to review the Bank’s future plans and the achievements of its Dubai branch within a year and a half of its inception, notably its success in managing 10% of all trade transactions between the UAE and Iraq, exceeding USD 27 billion yearly.

It is noteworthy that International Development Bank is the first Iraqi banking institution to open a branch in the UAE, cementing its status as a solid economic and business bridge connecting the Emirati and Iraqi markets.

About International Development Bank:

The International Development Bank was established in 2011 with an initial capital of 100 billion Iraqi Dinars - today a paid-up capital of 250 billion IQD (equivalent to 210 million US dollars) - and quickly rose to establish itself among leading banks, both locally and regionally, offering commercial banking services to both corporate and retail clients.