Sign preliminary agreement to develop Iraq’s Al Faw Grand Port and Economic Zone
AD Ports Group recently entered into a preliminary agreement with the General Company for Ports of Iraq (GCPI).
Under the terms of the agreement, both parties 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.
The agreement was signed in the presence of HE Razzaq Muhaibas Al-Saadawi, Iraq’s Minister of Transport, and HE Dr. Thani bin Ahmed Al Zeyoudi, UAE’s 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.
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.
Development road project
‘’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,” noted Al-Saadawi,
“The agreement signed between AD Ports Group and the General Company for Ports of Iraq, is in line with the directives of our wise leadership towards strengthening economic ties and increasing bilateral trade volumes between the two countries,” commented HE Dr. Al Zeyoudi.
“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,” remarked Dr. Engr. Al Fartosi.
“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,” remarked Capt. Al Shamisi
