The United Arab Emirates announced a $3 billion investment in Iraq in a fresh bid to strengthen the economic and investment relations between the two nations, according to a statement released by Emirates News Agency, Trend reports citing Alarabiya.
The statement added that the new investments are aimed at tapping new prospects of partnerships between the two countries and accelerating socio-economic and developmental growth in support of the people of Iraq.
The announcement came diring Iraq Prime Minister Mustafa al-Kadhimi’s visit to the United Arab Emirates where he met with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.
The statement added that the Iraqi prime minister thanked the UAE for its medical support that was sent to help Iraq and its people face the health crisis.
The two sides also doubled down on the importance of strengthening security and defense cooperation and intelligence sharing in the fight against terrorism. They also agreed on propelling energy cooperation, especially in the fields of clean energy.
At the end of his visit, the Iraqi premier thanked the UAE, its leadership, government, and people for the warm welcome and hospitality he received during the visit.
Al-Kadhimi’s visit comes as part of efforts by Iraq to improve bilateral ties with countries in the region.
Last week, the prime minister traveled to Saudi Arabia, where he met with Crown Prince Mohammed bin Salman to discuss relations between the two countries.
Saudi Arabia and Iraq announced the establishment of a joint fund, with capital estimated at $3 billion, as a contribution from Saudi Arabia to promote investment in Iraq’s economic fields.
The joint fund will be for the “benefit of the Saudi Arabian and Iraqi economies, with the participation of the private sector from both sides,” the statement added.