The Finance World Magazine| Edition: August 2023

Saudi Arabia and UAE Pledge $6B to Bolster Investments in Iraq
Saudi Arabia and the UAE have
jointly committed $6B to support
the expansion of international
trade and investment in Iraq,
according to the Iraqi News Agency.
The Federation of Iraqi Chambers of
Commerce has announced the establishment
of business councils for Saudi
Arabia and the UAE within the country.
The funds, with each country depositing
$3B, will be utilized to facilitate trade
and investment activities. The president
of the Federation, Abdel Razzak
Emirates Group Launches
Massive Recruitment
Drive to Support Expanding
Operations
The Emirates Group plans an
extensive global recruitment
drive, spanning 180 roles,
to bolster its workforce in
anticipation of substantial growth.
The Dubai-based aviation company,
encompassing Emirates and dnata,
aims to hire cabin crew, pilots, engineers,
IT professionals, and customer
service agents, as stated in a recent
announcement. Leveraging digital
assessments, AI, and advanced recruitment
systems, the group seeks
to efficiently shortlist and select
candidates. Oliver Grohmann, Senior
Vice President of Human Resources,
emphasizes the focus on recruiting
top talent capable of supporting and
driving future expansion. Last year,
the Emirates Group employed over
17,160 individuals, surpassing 102,000
employees, while receiving 2.7 million
global applications for various
positions.
Al-Zouhairy, highlighted Iraq’s strategic
geographical location, which positions
it as a potential major player in global
trade, particularly along the trade routes
connecting Europe and Asia. The aim is
to enhance Iraq’s commercial activities
and align them with the evolving global
trade landscape, particularly in terms of
customs procedures for goods entering
and exiting the country. Recently, the
Saudi Export Development Authority
organized a trade mission to Iraq with
the theme “Made in Saudi.”
UAE startups raise funding to expand to Saudi Arabia
Transportr, a UAE-based digital
logistics platform, has concluded
its successful seed funding round
with the participation of Ittihad
Ventures Holding and Industrial Capital
Group. Launched in 2020, Transportr acts
as a digital freight marketplace, connecting
shippers and carriers across industries
for efficient and cost-effective goods
transportation. The platform addresses
concerns such as freight rates, manual
UAE Minister of Energy and
Infrastructure, Suhail bin
Mohammed Al Mazrouei, has
highlighted the commitment
of the Organization of the Petroleum
Exporting Countries (OPEC) and its allies
in OPEC+ to maintain stability in the oil
market. The aim is to ensure a balance
between global oil supply and demand,
preventing excessive accumulation of
processes, visibility, traceability, and
customer service. The funding will drive
Transportr’s growth in the UAE market
and expand into Saudi Arabia, tapping into
the thriving logistics sector. Transportr
aims to be a one-stop digital solution,
managing all supply chain activities
with a focus on environmental, social,
and governance factors, while offering
benefits like cost savings, data analytics,
and artificial intelligence to partners.
UAE Minister: OPEC+ Focused on Oil Market Stability
by Monitoring Variables
oil inventories that could lead to market
instability and speculative activities. Al
Mazrouei mentioned that OPEC’s technical
team constantly monitors various
variables in the global oil markets, providing
recommendations to the ministerial
committee to make informed decisions
that enhance market stability and foster
sustainable growth.
August 2023 www.thefinanceworld.com 27