The agreement aims to stimulate trade connectivity and strengthen economic partnership between the UAE and Iraq
Baghdad, Iraq/ Abu Dhabi, UAE – 03 April 2024: AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics and industry, today entered into a preliminary agreement with the General Company for Ports of Iraq ('GCPI'). Under the terms of the agreement, both parties will establish a joint venture to develop Al-Faw Grand Port and its economic zone, as well as any future expansion. Furthermore, the agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in the Republic of Iraq.
The agreement was signed in the presence of His Excellency Mr. Razzaq Muhaibas Al-Saadawi, Iraq's Minister of Transport, and His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, by Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO, AD Ports Group, and Dr. Eng. Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of Iraq.
This signing follows a Memorandum of Understanding (MoU) inked by the two parties in September 2021, and the subsequent addendum, signed in August 2023, to intensify cooperation. The venture is set to bring together the expertise of both entities to attract international terminal operators, foster global trade relations, and develop commercial sea corridors, contributing to Iraq's economic growth.
The preliminary agreement aims to provide the necessary expertise for Al-Faw Port and Economic Zone, using advanced management and operating models, in addition to studying the mechanism of developing, financing, managing, operating and maintaining the project, with an aim to enhance overall efficiency and operational capabilities.
Both parties will explore investment opportunities and conduct the necessary feasibility studies related to ports, economic zones and other infrastructure under the General Company for Ports of Iraq.
His Excellency Mr. Razzaq Muhaibas Al-Saadawi, Iraq's Minister of Transport, said: '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.'
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, said: '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.'
Dr. Eng. Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of Iraq, said: 'We are embarking on another phase of cooperation with AD Ports Group, reflecting our shared commitment to advancing the development of our ports and economic zones. Together, we will create a joint operational policy which includes partnering with key international shipping lines to meet the outcomes of the project's feasibility study. By leveraging the port's strategic location linking commercial lines between the East and the West, we will unlock new opportunities for trade, investment and economic growth, contributing to the prosperity of our nation.'
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: 'We are pleased to reinforce our partnership with the Iraqi Ministry of Transportation, represented by the General Company for Ports of Iraq. The expansion of our collaboration demonstrates our commitment to strengthening relations between both our countries in line with our wise leadership's vision for strategic global trade and logistics growth that further boosts economic development and diversification in the region and beyond.'
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