International Development Bank opens its first branch in Dubai, the UAE

International Development Bank opens its first branch in Dubai, the UAE

Dubai, the United Arab Emirates – Under the patronage of the Ministry of Economy in the United Arab Emirates, International Development Bank (IDB) – one of the top-ranking private Iraqi banks - has announced the opening of its first branch in Dubai.

The new announcement comes in line with the ongoing cooperation between the UAE and Iraq aimed at strengthening strategic economic bonds, noting that the trade volume between the two countries has exceeded US$16 billion during the past few years, with an annual growth rate of 6%.

As a leading Iraqi bank, IDB strives to become an economic ambassador for Iraq in the region, ushering new opportunities for economic collaboration with the UAE, by enhancing economic relationships across all sectors, including energy, health, manufacturing, agriculture, services, tourism and real estate.

Attending the event was His Excellency the Governor of the Central Bank of Iraq, His Excellency the Undersecretary of the Ministry of Economy in the UAE and the Dubai Chamber of Commerce and Industry, in addition to prominent businessmen, investors, and diplomats from the Embassy of Iraq and the Iraqi Consulate in the UAE.

Commenting the announcement, IDB Chairman Doctor Ziad Khalaf said: “The UAE is Iraq’s number 1 trade partner, while Iraq