The agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in Iraq
AD Ports Group announced entering into a preliminary agreement with the General Company for Ports of Iraq to establish a joint venture to develop Al-Faw Grand Port and its economic zone, as well as any future expansion in Iraq.
The agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in Iraq.
The joint 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.
It also envisages studying the mechanism of developing, financing, managing, operating and maintaining the project.
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.
This signing of the preliminary agreement 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 agreement was signed by Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO, AD Ports Group, and Dr. Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of Iraq 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.
