Arab News, Sat, Apr 06, 2024 | Ramadan 27, 1445
AD Ports Group sign agreement to develop Iraq’s Al-Faw Grand Port
Emirates:
Iraq’s maritime industry is poised for expansion after a UAE logistics and trade
firm signed a deal aimed at developing Al-Faw Grand Port and its associated
economic zone.
Abu Dhabi Ports Group entered into a preliminary
agreement to develop a joint venture with the Iraqi goverment-company
responsible for the sector, according to a press release.
The initiative seeks to contribute to the nation’s
economic growth by fostering global trade relations, developing commercial sea
corridors, and attracting international terminal operators, the report added.
The agreement also encompasses the potential
investment, management, and operation of logistic terminals, economic zones, and
related infrastructure in other Iraq cities.
“Al-Faw Grand Port and Economic Zone project is of
great importance to the Iraqi government, which is committed to implementing the
project in line with the highest global standards, in cooperation with our
partners in the UAE and AD Ports Group,” Iraq’s Minister of Transport, Razzaq
Al- Saadawi, said in the statement.
“Moreover, 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,” he added.
The preliminary agreement aims to provide the
necessary expertise for Al-Faw Port and Economic Zone using advanced management
and operating models. It also studies the mechanism of developing, financing,
managing and running as well as maintaining the project, with an aim to enhance
overall efficiency and operational capabilities.
This signing follows a memorandum of understanding
inked by the two parties in September 2021 and a subsequent addendum, signed in
August 2023, which sought to further enhance cooperation.
For his part, the UAE’s Minister of State for
Foreign Trade, Thani Al- Zeyoudi, said: “The agreement signed today between AD
Ports Group and the General Company for Ports of Iraq is in line with the
directives of our wise leadership toward strengthening economic ties and
increasing bilateral trade volumes between the two countries.”
He added: “In combination with associated
agreements aimed towards the establishment of mutual growth platforms for
business and private sectors, through exploring cooperation opportunities that
drive mutual benefit in key industries.”