Abu Dhabi, UAE — AD Ports Group and the General Company for Ports of Iraq (GCPI) sign an agreement to 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 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.
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.
Director General of the General Company for Ports of Iraq, 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.”
Managing Director and Group CEO, AD Ports Group, 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.”
