Second Emirati-Iraqi Business Forum Focuses On Strengthening Trade Partnerships And Economic Cooperation

The Federation of UAE Chambers of Commerce and Industry, alongside the Federation of Iraqi Chambers of Commerce, hosted the Second Emirati-Iraqi Business Forum in Dubai. This event coincided with the Iraqi trade delegation's visit to the UAE from May 1st to 2nd. More than 170 companies from both nations participated, engaging in over 250 business meetings across sectors like real estate, tourism, energy, and healthcare.

Abdullah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers and Chairman of the Sharjah Chamber of Commerce and Industry, highlighted the commitment to boosting trade and investment between the UAE and Iraq. He mentioned the "Together for Partnerships" initiative, a collaboration with the International Development Bank - Dubai Branch. This initiative aims to connect investors and business owners from both countries.

Dr. Mudhaffar Mustafa Al-Jubouri, Iraq's Ambassador to the UAE, praised the strong ties between Iraq and the UAE during his speech at the forum. He emphasised enhancing economic partnerships to achieve sustainable development for both nations. Al-Jubouri noted that economic integration relies on empowering private sectors without direct commercial intervention.

The ambassador also highlighted significant growth in trade relations. The trade exchange volume between Iraq and the UAE increased from $28.3 billion in 2023 to $39.3 billion in 2024, marking a 38.6% growth rate. He pointed out key agreements like the Avoidance of Double Taxation Agreement signed in 2017 and a mutual investment protection agreement established in 2021.

Additionally, a preliminary agreement was signed in 2024 between Iraq's General Company for Ports and Abu Dhabi Ports Group. This agreement aims to develop Al-Faw Grand Port through a joint venture, further solidifying economic cooperation between Iraq and the UAE.

Al-Jubouri commended the UAE's advanced economic environment and its potential to support Iraq's development process through various investment opportunities. He stressed that these opportunities are crucial for fostering economic prosperity in both countries.

The forum served as a platform for representatives from diverse sectors such as logistics services, renewable energy, contracting, hospitality, artificial intelligence, and more to explore collaborative ventures. Bilateral meetings between chambers of commerce were also held to discuss potential partnerships.

The event underscored both nations' dedication to expanding their economic relationship by creating a conducive legislative environment that encourages private sector participation without government interference in commercial activities.

With inputs from WAM