The opening of the first representative office of an Iraqi bank in Dubai

The International Development Bank of Iraq has opened its representative office in Dubai as the first office of a private Iraqi bank in the United Arab Emirates.

The bank said in a statement that "the Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf Abdul, opened on Thursday, the representative office of the bank in the city of Dubai in the presence of Deputy Governor of the Central Bank of Iraq Munther Abdulqadir Sheikhli and the Iraqi Consul in Dubai Hussein Ali Al-Azzawi, DMCC representative in Dubai Christa Fox, representatives of MasterCard, Visa, Card and the Executive Director of the Association of Iraqi Private Banks Ali Tariq, and a number of UAE and Iraqi economic figures, "noting that this was" after the bank has been subject to all due diligence procedures by United Arab Emirates Bank And in view of the bank's liquidity and regulatory measures, under which the final approval from the UAE side has been granted the opening of the representative office. "

The statement added that "the International Development Bank, which was founded in 2011 and won several awards, the last of which the Union of Arab banks, is considered the best bank to provide electronic services," noting that "the first private Iraqi bank to open a representative office in the United Arab Emirates" .

"The opening of this office to the International Development Bank in Dubai is a pioneering step for the private banking sector in Iraq, and in line with the requirements of the next phase which will witness a significant expansion in the banking deal between the International Development Bank And the companies of the world, "explaining that his bank" chose Dubai as it is an important trade center in the Middle East and includes more than 15 thousand different international companies, and it is necessary to encourage this investment in Iraq, which will contribute to the development of the Iraqi economy and reduce the rates of unemployment and poverty and raise the welfare of the Iraqi people " .

"The International Development Bank has a strategic plan for its work, which initially included the introduction of the best global technologies in its work, and now headed to the opening of two representative offices in Beirut and Dubai, and will open an executive office in Europe during the coming period, specifically in Greece, The opening of representative offices of the bank will facilitate the process of trade between Iraq and the countries of the world. "

The statement pointed out that "the financial statements of the International Development Bank showed that its profits increased during the second quarter of this year by 7.84%, on an annual basis," pointing out that "the capital of the International Development Bank of 250 billion dinars, and ranked first among Iraqi banks, Has ATMs, with more than 300 devices spread throughout Iraq in addition to having a large network of correspondent banks.

Article Credit: https://baghdadtoday.news
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