“The UAE is very seriously and sincerely trying to provide investment opportunities for the Kurdistan Region. Within this framework, they are working on or may soon appoint their own special envoy for investment in the Kurdistan Region,” Barzani told reporters in Abu Dhabi. “This step that the UAE intends to undertake is in itself is a great sign that the UAE wants to invest in Kurdistan and through Kurdistan [to invest] in all of Iraq.”
On Monday, Barzani met with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi, where they discussed enhancing bilateral cooperation and regional developments.
Thanking investors in the Kurdistan Region, Barzani said, “I fully believe that what drives a country’s development is the private sector.”
“In Kurdistan, more than any other country in the world, we need our private sector to work hand in hand with the government to bring more prosperity to Kurdistan,” he stressed.
The trade volume between Iraq and the UAE is around $30 billion, according to Barzani.
During Barzani and Nahyan’s meeting, they discussed “opportunities for the UAE’s private sector and investment in the Kurdistan Region and Iraq,” and “exchanged views on the areas and sectors” that Abu Dhabi can invest in, a Kurdistan Region Presidency statement said.
The Kurdistan Region and the UAE maintain strong economic relations, with Kurdish officials frequently visiting the country, particularly during special events.
In May, President Barzani met the Emirati president during a trip to the UAE, which also focused on expanding bilateral ties between Erbil and Abu Dhabi, and regional developments.
In February, Kurdistan Region Prime Minister Masrour Barzani signed a technology deal with the UAE during a visit to Dubai.
Following the deal, UAE Consul Ahmed al-Dhaheri told Rudaw that the agreement will be followed by “many more economic and investment agreements in the near future, particularly in the electricity sector and the use of solar energy.”
At the time, Dhaheri added that the investment volume between Erbil and Abu Dhabi exceeded $2 billion.
The UAE is among the top three economic partners of the Kurdistan Region, behind Turkey and Iran. Emirati investors are also increasingly making their mark on the Kurdistan Region’s economy.
