AD Ports Group inks preliminary joint venture deal with Iraqi General Ports Company


(MENAFN) Abu Dhabi Ports Group has taken a significant step towards fostering bilateral cooperation with Iraq's General Company for Ports through the signing of a preliminary agreement aimed at establishing a joint project for the development of the Grand Al Faw Port and its potential expansions, alongside the adjacent economic zone. The agreement, signed in the presence of UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Iraqi Minister of Transport, Razzaq Al Saadawi, signifies a commitment to explore collaborative opportunities in investment, management, and operation within the realms of ports, economic zones, and other critical infrastructure in Iraq.

The signing ceremony, attended by key dignitaries from both nations, saw Captain Mohammed Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, and Dr. Farhan Al Fartousi, Director General of the General Company for Ports in Iraq, formalize the preliminary agreement. This landmark accord builds upon the foundation established by a memorandum of understanding signed in September 2021 and its subsequent annex in August 2023, reflecting a concerted effort to intensify and activate joint cooperation between the two entities.

The collaborative venture between Abu Dhabi Ports Group and the General Company for Ports in Iraq is poised to leverage the collective expertise and resources of both parties to attract global operators, bolster international trade relations, and enhance commercial sea lanes. The envisioned project holds the potential to catalyze economic growth in Iraq by driving infrastructural development, facilitating trade flows, and stimulating investment opportunities.

By embarking on this joint endeavor, Abu Dhabi Ports Group reaffirms its commitment to fostering strategic partnerships and contributing to the socio-economic advancement of Iraq. Through the deployment of innovative solutions and best practices, the collaborative project aims to create a conducive environment for sustainable growth, ultimately bolstering the resilience and competitiveness of Iraq's maritime sector on the global stage.

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