Page 658 - MOE ENGLISH PR - APRIL 2024

4/22/24, 3:16 PM UAE's AD Ports Group signs preliminary agreement for new Al-Faw Grand Port in Iraq | Markets – Gulf News
Dubai: The AD Ports Group is to develop a port and economic zone in Iraq, having

entered a preliminary agreement with joint venture partner General Company for

Ports of Iraq.

The new joint venture will develop Al-Faw Grand Port and its economic zone, as well

as any future expansion. The deal also encompasses the potential investment,

management, and operation of ports, economic zones, and related infrastructure in
other Iraqi cities.

This follows a 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," said a statement.

“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,"
said Razzaq Muhaibas Al-Saadawi, Iraq’s Minister of Transport.

"We have provided all the necessary solutions to ensure the success of the project.

Combined with the development road project, Iraq’s most prominent economic and

https://gulfnews.com/business/markets/uaes-ad-ports-group-signs-preliminary-agreement-for-new-al-faw-grand-port-in-iraq-1.1712200400349 2/3