The United Arab Emirates has agreed to spend $3 billion in Iraq as part of an effort aimed at "solidifying trade and investment links, tapping new opportunities of cooperation, and spurring developmental and socio-economic growth in Iraq."

Dr Mustafa Al Kadhimi, Prime Minister of Iraq, made the announcement during a visit to the country during which he met with Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

“The new investments are aimed at tapping new opportunities of partnerships between the two countries and accelerating socio-economic and socioeconomic growth in support of the citizens of Iraq,” according to the report.

The two sides have agreed to broaden mutual relations and accelerate trade and investment exchanges, encouraging their businessmen to share visits.

They have decided to create the Iraqi-UAE Business Council to streamline all initiatives benefiting the two countries and their populations.

While they stressed the importance of bolstering security and defense cooperation, as well as intelligence sharing in the war against terrorism, they also agreed to intensify energy cooperation, especially in the fields of renewable energy.