Inauguration of the First Representative Office of a Private Iraqi Bank in Dubai, United Arab Emirates
On Thursday 07/26/2018, the Chairman of the Board of Directors of the International Development Bank, Mr. Ziad Khalaf Abed inaugurated the Representative Office of the International Development Bank in Dubai, in the presence of Iraqi and Emirati economic figures. After the Bank has been subject to all due diligence procedures by the Central Bank of the United Arab Emirates and in view of the Bank's financial solvency and regulatory procedures, the final approval of the UAE has been granted for the opening of the Representative Office.
“The opening of this International Development Bank Office in Dubai is a pioneering step for the private banking sector in Iraq. It comes in line with the requirements of the next phase which will see a significant expansion in the banking between the International Development Bank and the world's companies”, said the Chairman of the Board of Directors during the inauguration that was attended by the Deputy Governor of the Central Bank of Iraq Dr. Munther Abdulqader Al Sheikhli, the Iraqi Consul in Dubai Dr. Hussain Ali Al-Azzawi, DMCC Representative in Dubai Christa Fox, the representatives of Mastercard and Visa, the Executive Director of the Iraqi Private Banks League Ali Tariq and a number of Emirati and Iraqi economic figures.
“The International Development Bank has chosen Dubai as it is an important commercial center in the Middle East and includes more than 15 thousand different international companies. It is necessary to encourage these companies to invest in Iraq, which will contribute to the development of the Iraqi economy, reduce the rates of unemployment and poverty and raise the welfare of the Iraqi people”, he stressed. He pointed out that “the International Development Bank has a strategic plan for its work, which included first the introduction of the best global technology in its work and is heading now to the inauguration of two representative offices in Beirut and Dubai. An executive office will also open during the upcoming period in Europe, specifically in Greece.” He added: “The inauguration of representative offices for the International Development Bank will facilitate the process of trade between Iraq and other countries around the world.