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4/22/24, 2:17 PM Oil & Gas News (OGN)- AD Ports Group in deal to develop Iraq port, economic zones
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."

"We have provided all the necessary solutions to ensure the success of the project, which aims to significantly
contribute to local and regional economies. 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.

Dr Al Zeyoudi said: "The agreement signed today between AD Ports Group and the General Company for Ports
of Iraq, is in line with the directives of our wise leadership towards strengthening economic ties and increasing
bilateral trade volumes between the two countries, in combination with associated agreements aimed towards
the establishment of mutual growth platforms for business and private sectors, through exploring cooperation
opportunities that drive mutual benefit in key industries."

Dr Al Fartosi said: "We are embarking on another phase of cooperation with AD Ports Group, reflecting our
shared commitment to advancing the development of our ports and economic zones."

"Together, we will create a joint operational policy which includes partnering with key international shipping
lines to meet the outcomes of the project’s feasibility study. By leveraging the port’s strategic location linking
commercial lines between the East and the West, we will unlock new opportunities for trade, investment and
economic growth, contributing to the prosperity of our nation," he stated.

Al Shamisi said: "We are pleased to reinforce our partnership with the Iraqi Ministry of Transportation,
represented by the General Company for Ports of Iraq."

"The expansion of our collaboration demonstrates our commitment to strengthening relations between both our
countries in line with our wise leadership’s vision for strategic global trade and logistics growth that further
boosts economic development and diversification in the region and beyond," he added.-TradeArabia News
Service

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