International Development Bank (IDB), one of the top-ranking private Iraqi banks, has opened its first official branch in the UAE.
The new announcement of the new Dubai office comes in line with the ongoing cooperation between the UAE and Iraq aimed at strengthening strategic economic bonds.
The trade volume between the two countries has exceeded $16 billion during the past few years, with an annual growth rate of 6 percent, the reports said.
According to the World Bank, the UAE ranks among the top countries worldwide for Financial Inclusion, catering to the needs of a wide customer base through an all-encompassing portfolio of banking, financial, and insurance services.
The banking sector has played a major role in this privileged positioning, enabling local and international banks to contribute to the growth and stability of the Emirati economy, as per the reports.
Commenting on the announcement, IDB Chairman Dr. Ziad Khalaf said that “the UAE is Iraq’s number 1 trade partner, while Iraq comes fourth in terms of Emirati trade volume. Opening the first official IDB branch in the UAE is a milestone that will surely enhance cooperation and collaboration between Iraq and several countries in the region, starting with the UAE.”
During his opening speech at the Dubai branch’s kick-off event, Dr. Khalaf expressed his excitement to welcome a new era in the history of the bank.
The Chairman also highlighted the importance of focusing on providing Emirati companies with the necessary financial support to invest and operate in Iraq to replicate the successful Emirati model, as this could have a transformational effect on the Iraqi economy and society.
