Second Emirati-Iraqi Business Forum discusses enhancing trade partnerships
DUBAI (WAM)The Federation of UAE Chambers of Commerce and Industry, in cooperation with the Federation of Iraqi Chambers of Commerce, organised the Second Emirati-Iraqi Business Forum yesterday in Dubai. This took place on the sidelines of the Iraqi trade delegation's visit to the UAE from May 1-2.The forum witnessed the participation of more than 170 companies from major institutions and corporations in both countries. Over 250 bilateral business meetings were held between representatives of various sectors, most notably real estate, contracting, tourism, hospitality, energy, renewable energy, logistics services, healthcare, and artificial intelligence, in addition to bilateral meetings between the chambers of commerce.Abdullah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Sharjah Chamber of Commerce and Industry, affirmed the keenness of the chambers of commerce and private sector representatives to support and enhance trade and investment cooperation between the UAE and the Republic of Iraq. He pointed out the importance of the "Together for Partnerships" initiative, launched in cooperation between the Federation of UAE Chambers and the International Development Bank - Dubai Branch, which aims to be a link and a bridge for investors and business owners between the two brotherly countries.During the opening session, Dr. Mudhaffar Mustafa Al-Jubouri, the Ambassador of the Republic of Iraq to the UAE, praised the depth of the brotherly and cooperative relations between Iraq and the UAE. He emphasised the importance of strengthening economic partnerships and expanding the horizons of cooperation in various fields, in a way that achieves sustainable development and economic prosperity for both countries.Al-Jubouri commended the advanced economic environment enjoyed by the UAE and the investment opportunities it offers that can support the development process in Iraq. He stressed that the economic integration between the two countries is based on a comprehensive strategic partnership that relies on empowering the private sector and creating a stimulating legislative and regulatory environment, without direct intervention in commercial operations.He reviewed the development of economic relations, noting that the volume of trade exchange between the two countries increased from $28.3 billion in 2023 to $39.3 billion in 2024, achieving a growth rate of 38.6%.
He also highlighted the signed bilateral agreements, such as the Avoidance of Double Taxation Agreement of 2017 and the agreement to promote and protect mutual investments in 2021, in addition to the preliminary agreement signed in 2024 between the General Company for Ports of Iraq and Abu Dhabi Ports Group to establish a joint venture for the development of Al-Faw Grand Port.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
18 hours ago
- Zawya
Iraq PM inaugurates gas projects that aid plan to stop flaring
LONDON - Iraqi Prime Minister Mohammed Shia al-Sudani has inaugurated two natural gas projects in Basra that will support Iraq's targets to eliminate gas flaring and achieve gas self-sufficiency by 2027, Iraq's oil minister said in an Instagram post on Thursday. A dry gas unit at the Basra Gas Liquefaction Plant will add 170 million standard cubic feet per day of gas and 1,000 metric tons per day of LPG, the post said. The second project, the Faihaa Central Gas Processing Facility, is designed to process 130 million cubic feet per day, it said. As gas capture improves, condensate production is expected to reach 200,000 barrels per day soon, enabling higher export volumes and domestic blending, an Iraqi ministry source said. (Reporting by Alex Lawler and Ahmad Ghaddar; Editing by Kevin Liffey)
Zawya
20 hours ago
- Zawya
ADGM's FSRA publishes 2024 annual report, reflecting on year of growth, innovation
ABU DHABI, 24th July 2025 (WAM) -- The Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of the capital of the UAE, has published its 2024 Annual Report, outlining the Authority's key regulatory achievements and underscoring its commitment to delivering a world-class regulatory environment for financial services. The report reflects on a year during which the FSRA advanced its objectives and regulatory priorities significantly, particularly in ensuring that its regulatory framework remained aligned to international standards and the critical area of financial crime prevention. Innovation remained a central focus in 2024, especially in the area of digital assets, where the FSRA introduced a dedicated regulatory framework for fiat-referenced tokens (FRTs), a particular category of stablecoins. The new regime sets clear standards on reserves quality, governance, and redemption rights to ensure financial stability and investor protection. By recognising FRT issuance as a regulated activity, the FSRA has reinforced ADGM's position as a leading hub for responsible financial innovation. Of particular note were proposals to enhance the regulatory framework based on increased alignment with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision (BCBS), subsequently implemented. Alongside this, a comprehensive ADGM-wide whistleblowing framework was introduced to strengthen transparency and market integrity. In the area of financial crime, the FSRA, alongside other authorities and ministries in the UAE, was instrumental in providing technical input that helped further enhance effective AML and Counter Financing of Terrorism (CFT) controls in the country. These efforts contributed significantly towards the removal in 2024 of the UAE from the Financial Action Task Force (FATF) grey list. These key legislative and policy initiatives, amongst others, enhanced the regulatory landscape, ensuring resilience, transparency, and innovation within ADGM. Beyond this, the FSRA worked closely with domestic and international partners to shape sound regulation, promote cross-border cooperation, and support national policy objectives. The year was again one of continuing growth for financial services in ADGM as the number of financial services firms licensed by the FSRA rose by 30% to 272 from a year earlier, the largest annual increase to date. The report also highlights the FSRA's efforts to invest in talent development, including the Al Yah Programme for UAE nationals, which continues to combine technical training, soft skills development, and mentorship. Looking forward, the FSRA remains focused on enabling sustainable financial growth, technological agility, and robust market confidence through innovation, collaboration and principled regulation. Emmanuel Givanakis, CEO of the FSRA of ADGM, said, 'As we reflect on the key achievements of 2024, it is clear that the FSRA has made significant strides in enhancing the environment for financial services to thrive in ADGM. This is driven by our commitment to innovation and progressive regulation, whilst maintaining market integrity and investor protection. From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment. Looking ahead, we remain focused on deepening collaboration with stakeholders to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.'
Al Etihad
a day ago
- Al Etihad
17,600 Afghans hosted by UAE prior to departure to final destinations
24 July 2025 23:34 ABU DHABI (WAM)As part of its humanitarian commitment and swift response during crises, the United Arab Emirates hosted 17,619 Afghans who were evacuated from Afghanistan since August 2021, before their resettlement in third countries. This step was carried out in cooperation with international partners to support the Afghan people amid the exceptional circumstances the country Emirates Humanitarian City in Abu Dhabi received the Afghan evacuees, providing high-quality services and facilities before their departure to 21 final destinations. The total cost of the hosting amounted to Dh 1.384 billion ($ 367 million), providing a comprehensive framework for dignified temporary accommodation that met the full range of needs, particularly those of children, the elderly, and UAE also facilitated the evacuation of 41,000 individuals from Afghanistan, including Afghan citizens and foreign nationals residing in the country. Driven by its commitment to supporting friendly nations, the UAE responded to requests for assistance in evacuating their citizens from Afghanistan and facilitating their eventual return their stay, the UAE provided all essential needs to Afghan nationals, including healthcare, logistical and diplomatic services, and communications, in addition to shelter and food – ensuring their comfort, dignity, and well-being. Financial assistance was also provided to help families rebuild their lives in their final facilitate the resettlement process, all necessary departure services were provided within the Emirates Humanitarian City. This included the establishment of 17 embassy offices, along with offices for the U.S. Citizenship and Immigration Services (USCIS), the International Organisation for Migration (IOM), U.S. Customs and Border Protection (CBP), and two offices for international non-governmental the healthcare domain, the UAE undertook extensive efforts to care for residents of the Emirates Humanitarian City – including Afghans and foreign nationals – especially during the COVID-19 crisis. These efforts included providing necessary vaccines and preventive treatments, with a total of 34,923 vaccines administered to all residents by specialised medical comprehensive healthcare services were offered to more than 303 newborns, while successfully completing over 303 surgeries across various specialities, including three critical cases treated abroad. In total, more than 254,572 medical services were provided throughout their temporary the field of educational and vocational training, the UAE provided education to more than 3,764 Afghans, including approximately 800 children enrolled in nurseries with school transportation and continuous follow-up. Authorities also organised more than 39 educational courses, in addition to vocational training and development workshops, which benefited 2,589 Afghan Emirates Humanitarian City facilities include outdoor courtyards, several playgrounds and entertainment facilities dedicated to children, women, and the elderly, in addition to a preventive healthcare centre. Residents also have access to the necessary means for sustenance, including medicine, food, and other essential supplies, reflecting the values and traditions of Emirati UAE is among the leading countries in providing aid to Afghanistan, and has spared no effort in assisting the Afghan people. This reflects the country's humanitarian message, rooted in values of peace, consolidating coexistence, tolerance, and the principles of human fraternity. In addition, the UAE is committed to reinforcing solidarity with nations enduring the most challenging its founding, the UAE has prioritised human dignity and people's well-being as a cornerstone to the country's approach – regardless of ethnic, religious, or geographical backgrounds. This value aligns with the country's noble humanitarian principles, which have become a global symbol of generosity and giving. Notably, the UAE ranks among the top donor countries to Afghanistan. Over the past three years alone, the UAE has provided Dh 740 million in humanitarian and relief aid, including the establishment of an air bridge to deliver hundreds of tonnes of relief and food supplies, which benefited more than one million people – primarily children, the elderly, and women. The UAE also provided medical assistance during the COVID-19 pandemic and opened 10 maternity and women's healthcare centres across seven Afghan provinces.
