Abu Dhabi Ports Group (AD Ports Group) have signed a Memorandum of Understanding (MoU) with the General Company for Ports of Iraq (GCPI) to promote cooperation and investments.
According to a statement from AD Ports Group, the new collaboration will oversee management and operation of the Iraqi company’s ports, economic zones and other infrastructure. Additionally, they will also focus on exploration of potential investment opportunities.
As part of the initial period of 12 months, the agreement will see both companies of different nations exchange expertise and best practices.
AD Ports Group intends to conduct feasibility studies on the management and operation of Iraq’s GCPI’s ports as well as to develop national infrastructure such as roads and rail networks, connecting Al Faw Ports in Iraq with markets in Jordan and Turkey.
“The signing of this strategic MoU with the General Company for Ports of Iraq is a vital step in the efforts to enhance our regional and global status within the maritime transportation and logistics industries,” said Group CEO for AD Ports Group, Captain Mohamed Juma Al Shamisi.
“We are confident that the cooperation with Iraq will serve as the foundation of a promising future of success and developmental opportunities that will benefit both nations. It will also enhance trade and the flow of foreign investments to Iraq and will elevate the quality of maritime transportation and logistics services available in the region.”
Director General for Iraq’s GCPI, Dr. Eng. Farhan Muhesen Al Fartosi, commented “We are pleased to sign this MoU with a leading entity like AD Ports Group, a titan with a rich history within the Middle East’s maritime transportation and logistics segment.
“Capitalising on its robust portfolio of service capabilities and world class infrastructure, we fully expect to see our ports and transportation ecosystem in Iraq rise to new heights in the coming years.
“We look forward to promoting our cooperation with the UAE in order to foster the strategic position of the Arab Gulf region across the global supply chain.”
AD Ports have also started working alongside CMA CGM, as in September 2021 they announced a new terminal at Khalifa port. Under the terms of a 35-year concession agreement between both the companies, the new terminal is set to become the first semi-automated container port in the GCC region.