Page 713 - MOE ENGLISH PR - APRIL 2024

4/22/24, 2:17 PM AD Ports joins Iraq to develop Al Faw Grand port and its economic zone

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AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi,
has signed a preliminary agreement with the General Company for Ports of
Iraq to develop Al Faw Grand Port and its economic zone, as the UAE and Iraq

aim to boost ties.

As per the contract, the entities will set up a joint venture to develop the new
facilities. They will explore investment opportunities and conduct feasibility

studies related to ports, economic zones and other infrastructure under the
General Company for Ports of Iraq.

The agreement also covers the possibility of investing in, managing and
operating ports, economic zones and associated infrastructure in various

cities of Iraq.

The venture aims to bring together the
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expertise of both entities to attract international
AD Ports buys majority stake in
key Georgian dry port terminal operators, boost global trade relations
and develop commercial sea corridors,
Iraq and UAE's Crescent Petroleum contributing to Iraq's economic growth, AD
activate deals to develop oil and
gasfields Ports said.

“We have provided all the necessary solutions

to ensure the success of the project, which aims to significantly contribute to
local and regional economies … this project will [also] strengthen maritime

transport and freight shipping between Asia and Europe,” said Razzaq Al
Saadawi, Iraq’s Minister of Transport.

The signing of the latest agreement follows an initial deal signed in September
2021, and an addendum signed in August last year, to intensify co-operation

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between the two economies.

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