Page 717 - MOE ENGLISH PR

Page 717 - MOE ENGLISH PR - APRIL 2024

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4/22/24, 2:17 PM AD Ports Group, General Company for Ports of Iraq sign preliminary agreement to develop Al Faw Grand Port, Economic Zone - A…
ABU DHABI (ALETIHAD)

AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics and industry, entered into a preliminar
agreement with the General Company for Ports of Iraq (GCPI) on Wednesday.

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.

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

advanced management and operating models, in addition to studying the mechanism of developing, financing,

managing, operating and maintaining the project, with an aim to enhance overall efficiency and operational

capabilities.