AD Ports Group, a leading ports and logistics company in the United Arab Emirates, has signed a preliminary agreement with the General Company for Ports of Iraq to develop a significant port and economic zone in Iraq. This collaboration marks a major step in strengthening maritime and economic ties between the UAE and Iraq.
The joint venture between AD Ports Group and its Iraqi counterpart will focus on the development of the Al-Faw Grand Port and its associated economic zone. Additionally, the agreement includes potential future investments, as well as the management and operation of ports, economic zones, and related infrastructure in various Iraqi cities. This partnership follows a Memorandum of Understanding (MoU) signed in September 2021 and an addendum in August 2023, which aimed to intensify cooperation between the two parties.
The venture aims to combine the expertise of both entities to attract international terminal operators and develop commercial sea corridors, significantly contributing to Iraq’s economic growth. Razzaq Muhaibas Al-Saadawi, Iraq’s Minister of Transport, emphasized the importance of the Al Faw Grand Port and Economic Zone project to the Iraqi government. He highlighted the commitment to implementing the project according to the highest global standards, with the support of the UAE and AD Ports Group. The project, coupled with the development road project, is expected to enhance maritime transport and freight shipping between Asia and Europe.
The preliminary agreement outlines plans to develop, finance, manage, operate, and maintain the Al-Faw Grand Port project. Both parties will explore investment opportunities and conduct necessary feasibility studies related to ports, economic zones, and other infrastructure under the General Company for Ports of Iraq.
Farhan Muhesen Al Fartosi, Director-General of the General Company for Ports of Iraq, mentioned creating a joint operational policy, including partnerships with key international shipping lines to align with the project’s feasibility study. By capitalizing on the strategic location of the port, which links commercial lines between the East and the West, this venture is poised to unlock new opportunities for trade, investment, and economic growth, thereby contributing to the prosperity of Iraq.
This collaborative initiative between AD Ports Group and the General Company for Ports of Iraq represents a significant milestone in regional cooperation, promising to enhance the maritime infrastructure and economic landscape of both countries.
