Page 674 - MOE ENGLISH PR - APRIL 2024

4/22/24, 3:18 PM UAE’s AD Ports Group to Spearhead Development of Al-Faw Grand Port in Iraq
infrastructure in various Iraqi cities. This partnership follows a Memorandum

of Understanding (MoU) signed in September 2021 and an addendum in

August 2023, which aimed to intensify cooperation between the two parties.

The venture aims to combine the expertise of both entities to attract

international terminal operators and develop commercial sea corridors,
significantly contributing to Iraq’s economic growth. Razzaq Muhaibas Al-

Saadawi, Iraq’s Minister of Transport, emphasized the importance of the Al

Faw Grand Port and Economic Zone project to the Iraqi government. He
highlighted the commitment to implementing the project according to the

highest global standards, with the support of the UAE and AD Ports Group.
The project, coupled with the development road project, is expected to

enhance maritime transport and freight shipping between Asia and Europe.

The preliminary agreement outlines plans to develop, finance, manage,
operate, and maintain the Al-Faw Grand Port project. Both parties will explore

investment opportunities and conduct necessary feasibility studies related to
ports, economic zones, and other infrastructure under the General Company

for Ports of Iraq.

Farhan Muhesen Al Fartosi, Director-General of the General Company for Ports
of Iraq, mentioned creating a joint operational policy, including partnerships

with key international shipping lines to align with the project’s feasibility
study. By capitalizing on the strategic location of the port, which links

commercial lines between the East and the West, this venture is poised to

unlock new opportunities for trade, investment, and economic growth,
thereby contributing to the prosperity of Iraq.

This collaborative initiative between AD Ports Group and the General
Company for Ports of Iraq represents a significant milestone in regional

cooperation, promising to enhance the maritime infrastructure and economic

landscape of both countries.

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