UAE announces $3bn investment in Iraq

The UAE announced a $3bn investment in Iraq to strengthen the economic and investment relations between the two countries, and tap new partnership prospects.

The investment was jointly announced by both the countries, at the conclusion of the official visit of Dr. Mustafa Al Kadhimi, Prime Minister of Iraq, to the UAE.

The visit included a series of official meetings on broadening cooperation between the two nations in all areas of common interests.

They reviewed the latest regional and international developments, as well as underlined the importance of cooperation in the face of the Covid-19 pandemic and the containment of its economic and medical fallout.

The two sides also agreed to grow economic cooperation and accelerate trade and investment exchanges, urging their businessmen to exchange visits. They also agreed on establishing the Iraqi-UAE Business Council.

Iraq commended the UAE’s initiative to renovate Al Hadba Minaret, Great Mosque of al-Nuri and a number of churches, official news agency WAM reported.

The two sides also doubled down on the importance of strengthening security and defense cooperation and intelligence sharing in the fight against terrorism. Additionally, they agreed on propelling energy cooperation, specially in the fields of clean energy.