Wadee Al Handal Participates in Union of Arab Banks Conference in Cairo, Showcases Iraq’s Economic and Financial Transformation

Mr. Wadee Al Handal, Chairman of Al Handal International Group and President of the Iraqi Private Banks League, participated in the Union of Arab Banks conference held in Cairo under the theme “Public-Private Partnership.”

In his address, Mr. Al Handal emphasized the Iraqi government's serious efforts to strengthen collaboration between the public and private sectors. He highlighted the establishment of the Private Sector Council as a key initiative that has contributed to the development of Iraq’s financial infrastructure. This includes the rapid adoption of electronic payment systems and strategic cooperation between government institutions, banks, and private companies.

He revealed that electronic payments in Iraq reached over 21.1 trillion Iraqi dinars in 2024, conducted through more than 58.4 million transactions—an exponential increase compared to just over 7,000 transactions in 2017. He described this as a significant shift in the country’s banking landscape.

Mr. Al Handal also pointed out that Iraq attracted nearly $63 billion in Arab and foreign investments over the past two years. This surge, he noted, reflects the growing role of the private sector in driving economic progress. He further referred to the “Development Road” project as a strategic opportunity to enhance Iraq’s GDP through broad, cross-sector contributions.

Additionally, Mr. Al Handal announced that the next Union of Arab Banks conference will be hosted in Baghdad, under the patronage of Prime Minister Mohammed Shia' Al-Sudani, and in cooperation with the Central Bank of Iraq and the Iraqi Private Banks League.