Page 719 - MOE ENGLISH PR - APRIL 2024

4/22/24, 2:17 PM AD Ports Group in deal to develop Iraq port, economic zones
AD Ports Group in deal to

develop Iraq port,
economic zones

ABU DHABI, 18 days ago
Abu Dhabi-based AD Ports
Group, a leading facilitator of
global trade, logistics and
industry, said it has entered into a
preliminary agreement with the
General Company for Ports of
Iraq (GCPI).

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, said a statement from AD Ports Group.

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, it
stated.

The agreement was signed in the presence of Razzaq Muhaibas Al Saadawi, Iraq’s Minister of
Transport, and Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, by
Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO, AD Ports Group, and Dr.
Engineer Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of Iraq.

This signing follows a 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.

Both parties will explore investment opportunities and conduct the necessary feasibility studies
related to ports, economic zones and other infrastructure under the General Company for Ports of
Iraq.

Al Saadawi said: "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."

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