IDB marks one year of successful operations in UAE

CBI Governor:

• IDB's remarkable accomplishments serve as a catalyst for future expansion within the region.
• Total Trade Volume Between Iraq and UAE Amounts to $25 Billion

Dubai, United Arab Emirates - The International Development Bank (IDB), the first Iraqi private bank operating in the United Arab Emirates, has announced its remarkable achievements within just one year of operations in the United Arab Emirates (UAE). The bank has experienced substantial growth, expanding its corporate clients database, with the majority being Emirati companies, highlighting the bank's expanding footprint and growing significance in the UAE market.

H.E. Dr. Ali Al-Allaq, Iraqi Central Bank Governor, recently visited both the IDB branch and headquarters, where he commended the bank on its exceptional performance. During his visit, Dr. Al-Allaq emphasized the importance of strong banking relationships to facilitate economic, trade, and investment activities between Iraq and the region. He further acknowledged the need to regulate financial transactions for investors and traders, highlighting the role of reliable banks with a presence in Iraq and branches in countries with significant business relations.

Dr. Al-Allaq believes that the IDB's remarkable accomplishments serve as a catalyst for future expansion into other countries within the region.

Dr. Ziad Khalaf, Chairman of IDB, highlighted the bank's extraordinary accomplishments, including managing 10% of Iraq's total imports from UAE and approximately 8% of the total trade exchange between Iraq and UAE, amounting to $25 billion per year.

Khalaf pointed out that the bank has succeeded in attracting numerous investments within a short period since its inception in the UAE, expanding its client base with the majority being Emirati companies. Khalaf expressed the bank's aspirations to achieve further accomplishments in the upcoming phase, aiming to achieve economic twinning between the two countries.

With an ambitious vision for the future, Dr. Khalaf aims to achieve even more positive results and establish a robust economic partnerships between Iraq and the UAE. The IDB remains dedicated to providing high-quality financial services and contributing to the growth and prosperity of both nations.

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