Abu Dhabi’s AD Ports Group has entered into a preliminary agreement with the General Company for Ports of Iraq (GCPI) to establish a joint venture to develop Al-Faw Grand Port and its economic zone, as well as any future expansion.
The agreement also encompasses the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in the Republic of Iraq.
The deal, signed in the presence of high-level officials from both countries, 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.
This venture is expected to attract international terminal operators, foster global trade relations, and establish commercial sea corridors, ultimately contributing to Iraq’s economic growth.
It aims to use advanced management and operation models to enhance the overall efficiency of Al-Faw Port.
It will also enable partnerships with key international shipping lines to maximise the project’s potential.
Razzaq Muhaibas Al-Saadawi, Iraq’s minister of transport, said: “Combined with the development road project, Iraq’s most prominent economic and logistics development, this project will strengthen maritime transport and freight shipping between Asia and Europe.”
Farhan Muhesen Al Fartosi, director general of GCPI, pointed out: “By leveraging the port’s strategic location linking commercial lines between the East and the West, we will unlock new opportunities for trade, investment and economic growth, contributing to the prosperity of our nation.”
Captain Mohamed Juma Al Shamisi, managing director and group chief executive, AD Ports Group, noted: “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.”
