The UAE said it was investing $3 billion in Iraq to explore new partnerships and accelerate the growth of the conflict-ridden country, Iraqi premier Mustafa Al-Khadimi visited the UAE on Sunday, where he discussed partnership prospects between the two countries.Al-Khadimi met with UAE leaders, including Dubai ruler Mohammed bin Rashid Al-Maktoum and Abu Dhabi Crown Prince Mohammed bin Zayed bin Sultan Al-Nahyan during his visit.
Both countries agreed to grow economic cooperation and accelerate trade and investment exchanges.The pair also announced the formation of the Iraqi-UAE Business Council to boost cooperation.Among the common interests for Iraq and the UAE were security and defense, as well as cooperation in the field of sustainable energy.Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.
Brent crude futures for June fell 33 cents, or 0.5 percent, to $64.53 a barrel by 0206 GMT while US West Texas Intermediate crude for May was at $61.20 a barrel, down 25 cents, or 0.4 percent.Both contracts settled up more than $2 a barrel on Thursday as investors viewed the OPEC+ decision as an affirmation of demand-led recovery and optimism was boosted by US President Joe Biden’s $2 trillion infrastructure spending plan. Markets were closed on Friday because of the Easter holiday.
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