Middle East
Iraqi PM Mustafa al-Kadhimi and UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum. Photo: Iraqi PM's office
ERBIL, Kurdistan Region — The United Arab Emirates will invest $3 billion in Iraq, according to a joint statement released by Iraq and the UAE following Prime Minister Mustafa al-Kadhimi’s visit to the country.
“The initiative aims to strengthen economic and investment relations and create new opportunities for cooperation and partnership,” read the statement released by Kadhimi’s office on Sunday evening.
“The two sides agreed on the importance of developing and strengthening cooperation in the economic spheres, developing trade and increasing trade, encouraging investment movement between the two countries, inviting businessmen from the two countries on exchange visits, establishing the Iraqi Business Council, and facilitating all actions that serve for the benefit of both countries.”
Kadhimi met with his counterpart Sheikh Mohammed bin Rashid al Maktoum, as well as the Crown Prince of Abu Dhabi Zayed bin Sultan al Nahyan to discuss bilateral ties between Baghdad and Abu Dhabi, the premier’s media office said on Sunday.
The premier also met with “a group of Emirati companies and businessmen” and added that "the doors of Iraq are open to Emirati companies and businessmen,” Iraqi state media reported on Sunday.
The businessmen “stressed their readiness to work in Iraq in various sectors."
Strengthening cooperation in investment, trade, and transportation, among other sectors, was discussed with Abu Dhabi's crown prince , according to Kadhimi’s office.
The UAE has already invested in rebuilding Mosul after the Islamic State (ISIS).
The emirates funds the “Revive the Spirit of Mosul” initiative launched by UNESCO in February 2018, which works towards reviving landmark cultural and religious sites like the mosque and its minaret and the al-Saa’a and al-Tahira churches.
His visit comes after a visit to neighboring Saudi Arabia prompted “bilateral cooperation in different fields” as well as agreements “and memorandums of understanding were reached between the two countries,” a joint Iraqi-Saudi statement said on April 1.
The PM visited Saudi Arabia on March 21 and met with the Saudi King Salman bin Abdul Aziz Al-Saud and Prince Mohammed bin Salman bin Abdul Aziz Al-Saud, the Deputy Prime Minister of Defense where the two sides agreed to “intensify cooperation, coordination and exchange views on issues of interest to both countries on the regional and international arena.”
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