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4/22/24, 2:16 PM AD Ports Group, General Company for Ports of Iraq sign preliminary agreement to develop Al Faw Grand Port, Economic Zone | E…
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 Razzaq
Muhaibas Al-Saadawi, Iraq’s Minister of Transport, and
Dr. Thani bin Ahmed Al Zeyoudi, 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.
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