One of the largest Iraqi private banks opens its first branch in Dubai
Under the auspices of the Ministry of Economy in the United Arab Emirates, it was announced today the opening of the first branch of the International Development Bank in the Emirate of Dubai, as one of the best Iraqi private banks.
This cooperation comes as a step to consolidate the distinguished strategic economic relations between the Republic of Iraq and the United Arab Emirates, where the volume of trade exchange between the two countries in recent years has reached more than 16 billion US dollars, with an annual growth rate of 6%.
The bank seeks to be an economic bridge that opens up prospects for greater future economic cooperation between the two countries by strengthening the bonds of joint economic relations in various sectors, such as the energy, health, industry, agriculture, and services sectors, in addition to the tourism and housing sectors.
This came in the presence of the Governor of the Central Bank of Iraq, the Undersecretary of the UAE Ministry of Economy, the Dubai Chamber of Commerce, a group of businessmen, investors, and representatives of the Iraqi embassy and consulate in the UAE.
Dr. Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, commented: "The United Arab Emirates is Iraq's first trading partner, while Iraq ranks fourth in the volume of trade exchange for the United Arab Emirates, and the opening of an official branch of the International Development Bank in the United Arab Emirates. As a confident step to enhance cooperation and partnership between various countries, especially the United Arab Emirates.”
In his inaugural speech during the ceremony, Dr. Ziyad expressed his enthusiasm for the beginning of a new era in the bank's history, noting the importance of focusing on supporting Emirati companies that intend to invest and work in Iraq and transfer the Emirati experience to Iraq because of its very important economic and social effects.
Dr. Ziad adds, "Iraq has witnessed great challenges and enormous economic fluctuations, but we have always believed in our ability to transform these challenges into promising opportunities, and this is what prompted us to make every possible effort to develop the bank, improve the quality of its services, follow a strict approach to risk management and strengthen the bank's organizational structure, and today we can see Clearly the fruits of our 10 years of relentless pursuit."
It is worth noting that the UAE is one of the highest countries in the world in the World Bank's index of financial inclusion, and the coverage of various financial services, including banking and insurance services, for the largest number of the population.
The banking sector had a major role in reaching this level by opening the door for local and international banks to contribute to economic growth and stability.
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