Page 725 - MOE ENGLISH PR - APRIL 2024

AD Ports Group, General Company for

Ports of Iraq sign preliminary agreement

to develop Al Faw Grand Port, Economic

Zone

Story by Hatem Mohamed / Tariq Al Fahaam

• 2w • 3 min read

ABU DHABI, 3rd April, 2024 (WAM) -- AD Ports Group (ADX: ADPORTS), a leading
facilitator of global trade, logistics and industry, today 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.
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.

https://www.msn.com/en-ae/news/other/ad-ports-group-general-company-for-ports-of-iraq-sign-
preliminary-agreement-to-develop-al-faw-grand-port-economic-zone/ar-BB1l2fkm