The Federation of UAE Chambers of Commerce and Industry (FCCI) announced today the launch of "Ma'an" initiative, under the slogan “Partnership for a Promising Economic Future”, in collaboration with the International Development Bank (IDB), UAE branch.
The initiative is an extension of the Memorandum of Understanding (MoU) signed in June 2023 between the two parties to support and enable the private sectors in the UAE and the Republic of Iraq across various commercial and industrial domains.
The initiative logo represents the steadfast approach of the FCCI and IDB in crafting a new vision for the business sector in both countries, and working together to make it a reality on the ground.
Supported by the IDB UAE branch, the FCCI will organise a special pavilion at the upcoming 47th edition of the Baghdad International Fair from 1st to 10th November, featuring the ‘Ma'an’ initiative. The pavilion will spotlight a range of Emirati companies from various sectors and host extensive discussions exploring ways of encouraging UAE investment in Iraq's free zones.
Humaid Mohammed bin Salem, FCCI Secretary-General, remarked, “Our participation in the 47th edition of the Baghdad International Fair through the 'Ma'an’ initiative pavilion provides an excellent opportunity for showcasing Emirati products and services while simultaneously discussing ways of increasing Emirati investment in Iraq's free zones. We're thrilled to be part of this exciting new initiative, and we're confident that it will help take the economic partnership between our countries to the next level.”
He emphasised that the UAE private sector's unwavering commitment to participating in all economic events in Iraq highlights the significance of the Iraqi markets for Emirati products, irrespective of their type. The announcement came during the launch of the Ma'an initiative at an event organised by the IDB UAE branch, in the presence of Dr. Ziad Khalaf Abd, Chairman of the International Development Bank, Farida Al Awadhi, President of UAE Businesswomen Council, and several representatives from leading companies operating in the UAE such as Onpassive AI, Crescent Petroleum, Food Industries, Al Nouais Group, Mars Food Industries, and Pharma to Plate.
On his part, Dr. Ziad Khalaf, Chairman of IDB UAE, stated that the Federation of the UAE Chambers plays a pivotal role in enhancing business growth and investments between the UAE and the international community. He further emphasised that the "Ma'an" initiative pavilion at the upcoming 47th edition of the Baghdad International Fair would be a leading platform for communication between Emirati companies, business owners, investors, and their Iraqi counterparts at the individual and business levels. He added that the fair would provide a great opportunity to uplift commercial and economic relationships between the two countries.
Dr. Ziad also expressed his confidence and optimism in building a constructive partnership with the Federation of UAE Chambers to secure the UAE's position and presence on the Iraqi business map, fueled by their shared vision and commitment to developing trade relationships with partners in the UAE. He clarified that UAE's economic openness represents a crucial stage in Iraq's construction, its sustainable development, and that this relationship would positively impact everyone.
Through its partnership with the FCCI and support of the "Ma'an" pavilion, the IDB UAE branch aims to expand the proliferation of Emirati products and boost their regional and international presence. Furthermore, the initiative aims to enhance commercial activity between the UAE and Iraq, contributing to Iraq's economic growth and development.