Page 661 - MOE ENGLISH PR - APRIL 2024

4/22/24, 3:17 PM AD Ports, Iraq’s GCPI Sign Deal To Develop Al-Faw Grand Port, Free Zone
The deal includes the potential investment, management, and operation of ports, economic

zones, and related infrastructure in other cities in Iraq, the state-run Emirates News Agency

(WAM) said.

This agreement follows a memorandum of understanding (MoU) signed by the two

companies in September 2021, followed by another modified deal signed in August 2023 to

strengthen the cooperation.

The deal aims to provide the necessary expertise for Al-Faw Port and Economic Zone, using

advanced management and operating models for the development, finance, management,

operation, and maintenance of the project to enhance the overall efficiency and operational

capabilities.

Further, both companies will explore investment opportunities and conduct feasibility

studies on ports, economic zones, and other infrastructure under the GCPI.

The agreement was signed by Mohamed Juma Al Shamisi, managing director and group

CEO of AD Ports Group, and Farhan Muhesen Al Fartosi, director general of the GCPI.

Focus on trade relations

The JV port is expected to bring together the expertise of both companies to attract

international terminal operators, foster global trade relations, and develop commercial sea

corridors, contributing to Iraq's economic growth, added the report.

“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,” Al Fartosi said.

Crucial quote

“We have provided all the necessary solutions to ensure the success of the project, which

aims to significantly contribute to local and regional economies,” said Razzaq Muhaibas Al

Saadawi, Iraq’s Minister of Transport, who also attended the signing ceremony.

“Moreover, combined with the development road project, Iraq’s most prominent economic

and logistics development, this project will strengthen maritime transport and freight

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