Abu Dhabi Ports signs an agreement with IDB Bank of Iraq to improve trade between the two countries
Economy Iraq breaking United Arab Emirates
Shafaq News / Abu Dhabi Ports Group has signed a preliminary agreement with the International Development Bank of Iraq ("IDB") to explore cooperation opportunities available in ports and logistics projects with the aim of improving trade traffic between the United Arab Emirates and Iraq.
The agreement was signed by: Mohammed Juma Al Shamsi, managing director and CEO of Abu Dhabi Ports Group; and Ziad Khalaf, chairman of the board of Directors of the International Development Bank, according to a statement issued by the group on Wednesday. Al Shamsi said:
"We have a wide horizon of opportunities and a great scope for improving and modernizing ports, logistics services and economic zones in Iraq, and
there is no doubt that through our cooperation with the International Development Bank, we will explore many available projects that will certainly contribute to enhancing the trade movement between the United Arab Emirates and Iraq".
For his part, Ziad Khalaf, chairman of the board of Directors of the International Development Bank, said:
"strengthening ties between our two brotherly countries contributes to supporting the national economy and improving intra-trade, so we are pleased to conclude this agreement with Abu Dhabi Ports Group, the world leader in the fields of trade, logistics and transport".
"The ports and logistics sectors play a vital role in providing supplies to the Iraqi community across the country, and we are confident in our ability to cooperate on projects with a tangible and sustainable impact in this context," he added. Khalaf said,
"Our goal is to strengthen and deepen the ties of economic and trade cooperation between the United Arab Emirates and the state of Iraq in order to achieve economic twinning between the two brotherly countries through the support of Emirati and Iraqi businessmen and companies.
It is noteworthy that the UAE and Iraq continued to strengthen their trade relations during 2022 through several trade and development agreements.
The World Bank estimates that the Iraqi economy will record a growth rate of about 6.3% over the next two years.