AD Ports Group (AD Ports) has signed a preliminary deal with the General Company for Ports of Iraq (GCPI) to develop Al-Faw Grand Port, its economic zone and any future expansions.
The agreement covers the prospective investment, administration and operation of ports, economic zones and related infrastructure in other locations throughout the Republic of Iraq.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, and Dr. Eng. Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of Iraq, signed the agreement in the presence of Iraq’s Minister of Transport, Razzaq Muhaibas Al-Saadawi, and the UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi.
This signing comes after the two companies signed a Memorandum of Understanding (MoU) in September 2021, as well as an amendment in August 2023 to further their collaboration.
The venture aims to combine both companies’ experience to attract multinational terminal operators, create global trade contacts, and build commercial maritime lanes.
According to AD Ports, the preliminary agreement aims to provide the necessary expertise for Al-Faw Port and Economic Zone by employing advanced management and operating models.
Both parties will explore investment prospects and undertake feasibility studies on ports, economic zones, and other infrastructure through Iraq’s GCPI.
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Dr. Eng. Farhan Muhesen Al Fartosi, Director General of the General Company for Ports of Iraq, said: “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.”
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Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, stated: “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.”
