AD Ports Group And Iraq Sign Preliminary Agreement To Develop Al Faw Grand Port And Economic Zone

In a significant move that underscores the growing economic collaboration between the United Arab Emirates and Iraq, AD Ports Group (ADX: ADPORTS) has announced a preliminary agreement with the General Company for Ports of Iraq (GCPI). This strategic partnership aims to develop Al-Faw Grand Port and its economic zone, marking a pivotal step in enhancing the trade and logistics landscape in the region.

The agreement, which also covers potential future expansions and investments in other cities within Iraq, was formalized in the presence of notable figures. These include Razzaq Muhaibas Al-Saadawi, Iraq’s Minister of Transport, and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. The signatories were Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO of AD Ports Group, and Dr. Eng. Farhan Muhesen Al Fartosi, Director General of GCPI.

This collaboration follows a Memorandum of Understanding (MoU) signed in September 2021 and an addendum in August 2023 aimed at bolstering cooperation. The joint venture seeks to leverage the expertise of both entities to attract international terminal operators and develop commercial sea corridors, thereby contributing significantly to Iraq's economic prosperity.

The primary focus of this agreement is on enhancing the operational efficiency and capabilities of Al-Faw Port and Economic Zone through advanced management models and comprehensive feasibility studies. This initiative is expected to explore investment opportunities and boost global trade relations.

Highlighting the project's significance, Iraq’s Minister of Transport emphasized its critical role in local and regional economic development. The project, coupled with a developmental road project, aims to strengthen maritime transport and freight shipping between Asia and Europe.

Dr. Al Zeyoudi echoed these sentiments, pointing out that the agreement aligns with the UAE's strategic vision to strengthen economic ties and increase bilateral trade volumes with Iraq. This partnership is seen as a platform for mutual growth in key industries.

Dr. Eng. Farhan Muhesen Al Fartosi expressed optimism about this new phase of cooperation with AD Ports Group. By partnering with international shipping lines and leveraging the port's strategic location, this venture is poised to unlock new trade and investment opportunities, fostering economic growth and prosperity for Iraq.

Captain Mohamed Juma Al Shamisi reiterated AD Ports Group's commitment to this partnership, highlighting its alignment with the vision for strategic global trade and logistics growth. This expansion of collaboration is a testament to the strong relations between the UAE and Iraq, aiming at economic development and diversification in the region.

This agreement marks a significant milestone in the collaborative efforts between AD Ports Group and GCPI, setting a solid foundation for future expansions that promise to enhance trade connectivity between Asia and Europe while contributing to the economic growth of both nations.

With inputs from WAM