AD Ports Group, a leading facilitator of global trade, logistics and industry, has entered into a preliminary agreement with the General Company for Ports of Iraq (GCPI).
As per the agreement, the partnership will 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 the Republic of Iraq.
It was signed in the presence of Razzaq Muhaibas Al-Saadawi, Iraq’s Minister of Transport, and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, by Captain Mohamed Juma Al Shamisi, Managing Director & Group CEO, AD Ports Group, and Dr. Eng. Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of 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.
Mohamed Juma Al Shamisi MD & Group CEO AD Ports
“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.”
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.
Al Fartosi said that, “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.”
“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,” Al Fartosi added.
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