On Sunday, the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia each allocated $3 billion to bolster their commercial and investment operations within Iraq. This initiative is part of Iraq’s strategic goal to harness its geographical position to keep pace with the global commerce landscape.
This development was made public by the Federation of Iraqi Chambers of Commerce, which stated that it had reached an accord with the two countries to create business councils, according to the Iraqi News Agency on Sunday.
Abdul Razzaq al-Zuhairi, the Federation President said, “Iraq is aiming to establish a comprehensive system for commercial activities that align with the global progression of commerce, specifically in areas concerning customs systems for the ingress and egress of goods.”
Al-Zuhairi highlighted the considerable support the Union has received from the Iraqi Council of Ministers. He noted that the initial step involved the process of registering trade-related data and company information. Further, he pointed out that Baghdad, Riyadh, and Abu Dhabi are keenly interested in implementing investment projects beyond mere trade exchanges.
The Iraqi official added that both the UAE and Saudi Arabia have set aside $3 billion each in their respective funds to facilitate their operational ventures in Iraq, covering both commercial and investment activities.
He stated, “The UAE has dedicated $3 billion to its fund, and similarly, Saudi Arabia has allocated an equal amount to support their operational activities in Iraq, encompassing both investments and commerce.”
Al-Zuhairi emphasized that Iraq’s geographical position endows it with unique importance in global trade, especially concerning trade pathways from Europe to Asia and vice versa.
