Abu Dhabi Ports (AD Ports) Group and the General Company for Ports of Iraq (GCPI) have signed a Memorandum of Understanding (MoU) to promote increased cooperation and investments in the transport and maritime sector in the economic zones of GCPI.
In particular, the global logistics and trade group will conduct feasibility studies to oversee the management and operations of the governmental company’s ports and other infrastructure, as well as the examination of potential investments opportunities in the region.
Additionally, AD Ports Group will simultaneously finance the studies stated in the MoU which is set for an initial period of 12 months with a clause for automatic renewal.
As part of its scope, AD Ports Group will also develop national infrastructures, such as roads and rail networks which will connect Al Faw Ports in Iraq with markets in Jordan and Turkey.
HE Suhail bin Al Mazrouei, Minister of Energy and Infrastructure in the UAE said that the signing of this MoU exemplifies the United Arab Emirates (UAE)’s drive to enhance cooperation with sister Arab states.
“Leveraging the lessons learned as part of our nation’s pursuit to develop strategic sectors and build frameworks that contribute to the economic and social development of the UAE, we are transferring this invaluable knowledge to our kin in Iraq in order to support the formulation of a diverse and sustainable economy in Iraq,” claimed the Minister of Energy and Infrastructure.
In addition, the Minister of Transportation in Iraq, HE Nasser Hussein Al Shebly, pointed out the benefits of the partnership, by saying that the MoU will drive the development of a wide range of services, while also supporting investors across both nations.
“The MoU sets the foundation to foster an Arabi ports’ ecosystem that can cater to the increasing global demands of this sector and keep pace with ambitious plans of the governments in Iraq and the UAE,” added Al Shelby.
Furthermore, Captain Mohamed Juma Al Shamisi, Group CEO of AD Ports Group, noted that the MoU signing will help the improvement of trade and the flow of foreign investments to Iraq and will elevate the quality of maritime transportation and logistics services available in the region.
