Iraq Leads as UAE's Trading Partner with $27 Billion

UAE, 23 December, 2024 : Iraq has become the UAE's leading global trading partner, with annual trade exceeding $27 billion, according to Abdullah Al Saleh, Undersecretary of the Ministry of Economy, UAE. Speaking at the Iraq Britain Business Council (IBBC) Autumn Conference, Al Saleh highlighted the deep political, social, and economic ties between the two nations.

He noted the outcomes of the 10th UAE-Iraq Joint Committee session, which focused on enhancing cooperation in areas such as investment, education, energy, and technology, emphasizing the UAE's commitment to Iraq's sustainable economic development.

Vikas Handa, Managing Director of GulfTek, highlighted Iraq's economic expansion, with $400 billion in investment opportunities and a projected 5.3% GDP growth in 2025. Infrastructure and housing projects are boosting confidence in Iraq’s economy, alongside a 17% rise in stock exchange funds this year.

The conference, attended by energy giants BP, Shell, and Siemens, and financial institutions such as Standard Chartered and the IFC, also featured Iraqi government representatives, including Mohammed Darraji and Dr. Mohammed Al Shukri, reinforcing efforts to strengthen bilateral ties and economic collaboration.