Federation of UAE Chambers, International Development Bank Launch ‘Ma’an’ Initiative

SHARJAH, 21st June, 2023 (WAM) — In a collaborative effort to strengthen and boost the Emirati and Iraqi private sectors, the Federation of UAE Chambers of Commerce and Industry (FCCI) and the International Development Bank (IDB)-UAE have launched a pioneering initiative from Sharjah.

The initiative, titled “Ma’an (Together)”, aims to encourage private sector businesses to broaden their operations by creating a platform to enhance mutual relationships, increase cooperation opportunities, and facilitate the exchange of experiences and knowledge across various financial and investment fields with Iraq.

The name “Ma’an” signifies the deep historical ties between the UAE and Iraq, especially in trade and business, and represents a joint journey towards forging unique and sustainable partnerships by seizing the best investment opportunities.

The initiative came to fruition following a memorandum of understanding (MoU) signed between the Federation of UAE Chambers and the International Development Bank (UAE).

The signatories of this partnership agreement were HE Humaid Mohamed Ben Salem, Secretary General of the Federation of UAE Chambers, and HE Dr. Ziad Khalaf, Chairman of the International Development Bank. The signing was witnessed by HE Abdullah Sultan Al Owais, Vice Chairman of FCCI and Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), and Mohammad Ahmed Amin Al Awadi, Director-General of SCCI.

The new initiative paves the way for increased collaboration and shared growth between the UAE and Iraqi private sectors, ultimately driving economic development in both countries.

HE Abdullah Sultan Al Owais stressed that the MoU goes beyond simply fostering cooperation between the Federation of UAE Chambers, the UAE private sector’s official representative, and the International Development Bank. It also bolsters support for the business community and its various sectors across both countries.

Al Owais underscored that the MoU will unify diverse finance and investment fields, marking a significant step towards elevating institutional performance and services, thereby nurturing a robust partnership. He reaffirmed the capabilities of both the UAE and Iraq’s business environments in providing facilities and incentives for the establishment and development of private sector investment projects, keeping both nations at the helm of successful business models.

For his part, Humaid Mohamed Ben Salem emphasized that the MoU is a positive outcome of Iraq’s trade mission to the UAE in May. Through the strategic partnership with the International Development Bank, he expressed the Federation’s keenness to provide the UAE and Iraqi business sectors with the necessary tools and knowledge for their businesses’ development and success.

Highlighting the significance of Ma’an initiative, Dr. Ziad Khalaf stressed that the Bank is committed to amplifying opportunities for cooperation and exchanging experiences in various financing and investment fields with Iraq.

He also added that the bank plays a crucial role in fostering relations between the concerned authorities in the UAE and Iraq, with a focus on promoting investments and facilitating intra-trade. This role has been exemplified by the opening of the International Development Bank branch in Dubai. He noted that the International Development Bank is the first Iraqi bank to operate in the UAE, specifically in the financial and business hub of Dubai.

Khalaf stated, “At the International Development Bank, we’re driven to strengthen cooperation with the UAE’s national institutions, including the Federation of UAE Chambers, to achieve our shared objectives of fortifying the strategic economic relations between Iraq and the UAE. The Ma’an initiative serves as our catalyst to support partnerships, benefiting the Iraqi and Emirati business communities in the finance and investment sectors. This underscores the significant role the UAE business sector plays in boosting the Iraqi business sector.”

He extended his gratitude towards the Federation of UAE Chambers and HE Abdullah Sultan Al Owais, as well as HE Humaid Mohammed ben Salem, and thanked them for the opportunity to collaborate and deliver top-tier services to business owners, fostering the desired sustainable partnerships in both countries.