AD Ports Group has entered into a preliminary agreement with the General Company for Ports of Iraq (GCPI).
This agreement outlines the establishment of a joint venture aimed at developing Al-Faw Grand Port and its associated economic zone, along with potential future expansions.
Additionally, the agreement encompasses the possibility of investment, management, and operation of ports, economic zones, and relevant infrastructure in other cities within the Republic of Iraq.
The signing ceremony took place in the presence of distinguished guests including Razzaq Muhaibas Al-Saadawi, Iraq’s Minister of Transport, and Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade. Signing on behalf of AD Ports Group was Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO, while Dr. Eng. Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of Iraq, represented the GCPI.
"Al Faw Grand Port and Economic Zone project is of great importance to the Iraqi government, which is committed to implementing the project in line with the highest global standards, in cooperation with our partners in the UAE and AD Ports Group. We have provided all the necessary solutions to ensure the success of the project, which aims to significantly contribute to local and regional economies. Moreover, combined with the development road project, Iraq’s most prominent economic and logistics development, this project will strengthen maritime transport and freight shipping between Asia and Europe," stated Mr. Razzaq Muhaibas Al-Saadawi, Iraq’s Minister of Transport.
This signing builds upon a Memorandum of Understanding (MoU) initially established between the two parties in September 2021, and further strengthened by an addendum signed in August 2023 to enhance collaboration.
Furthermore, the joint venture aims to leverage the collective expertise of both entities to attract international terminal operators, promote global trade partnerships, and cultivate commercial sea corridors, thereby bolstering Iraq's economic development.
The preliminary agreement is designed to leverage advanced management and operational models to provide expertise for the development of Al-Faw Port and its Economic Zone. Additionally, it includes a comprehensive examination of methods for project development, financing, management, operation, and maintenance to improve overall efficiency and operational capabilities.
Under this agreement, both parties will explore investment prospects and conduct feasibility studies concerning ports, economic zones, and other infrastructure under the jurisdiction of the General Company for Ports of Iraq.
“The agreement signed today between AD Ports Group and the General Company for Ports of Iraq, is in line with the directives of our wise leadership towards strengthening economic ties and increasing bilateral trade volumes between the two countries, in combination with associated agreements aimed towards the establishment of mutual growth platforms for business and private sectors, through exploring cooperation opportunities that drive mutual benefit in key industries,” added Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade.
