Page 676 - MOE ENGLISH PR - APRIL 2024

4/22/24, 3:18 PM AD Ports Group sign agreement to develop Iraq’s Al-Faw Grand Port
Updated 04 April 2024
RIYADH: Iraq’s maritime industry is poised for expansion after a
UAE logistics and trade firm signed a deal aimed at developing Al-
ARAB NEWS
Faw Grand Port and its associated economic zone.

April 04, 2024
12:22
Abu Dhabi Ports Group entered into a preliminary agreement to
develop a joint venture with the Iraqi goverment-company
442
responsible for the sector, according to a press release.

The initiative seeks to contribute to the nation’s economic growth by
fostering global trade relations, developing commercial sea
Follow corridors, and attracting international terminal operators, the report

added.

The agreement also encompasses the potential investment,

management, and operation of logistic terminals, economic zones,
and related infrastructure in other Iraq cities.

“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,”
Iraq’s Minister of Transport, Razzaq Al- Saadawi, said in

the statement.

“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,” he added.

The preliminary agreement aims to provide the necessary expertise

for Al-Faw Port and Economic Zone using advanced management

and operating models. It also studies the mechanism of developing,

financing, managing and running as well as maintaining the project,

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