Abu Dhabi: The General Company for Ports of Iraq (GCPI) and AD Ports Group, a prominent worldwide trade, logistics, and industrial facilitator, have signed a preliminary agreement.
A joint venture will be formed by the parties to develop Al-Faw Grand Port and its economic zone, as well as any future development, by the conditions of the agreement. In addition, the agreement covers possible investments in, management of, and operations of ports, economic zones, and associated infrastructure in additional Republic of Iraqi cities.
The deal was signed 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, in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Iraq’s Minister of Transport, Razzaq Muhaibas Al-Saadawi.
This agreement comes after the two parties signed an amendment in August 2023 to further enhance their collaboration and a Memorandum of Understanding (MoU) in September 2021. Iraq’s economic growth will be aided by the collaboration, which aims to establish commercial maritime lanes, attract multinational terminal operators, and build global trade linkages by combining the experience of both parties.
To improve overall efficiency and operational capabilities, the preliminary agreement aims to study the mechanism of developing, financing, managing, operating, and maintaining the project, as well as to provide the necessary expertise for Al-Faw Port and Economic Zone using advanced management and operating models.
Under the General Company for Ports of Iraq, all parties will investigate investment prospects and carry out the required feasibility studies about ports, economic zones, and other infrastructure.
Dr. Al Zeyoudi stated that, “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.”