AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, has signed a preliminary agreement with the General Company for Ports of Iraq to develop Al Faw Grand Port and its economic zone, as the UAE and Iraq aim to boost ties.
As per the contract, the entities will set up a joint venture to develop the new facilities. They will explore investment opportunities and conduct feasibility studies related to ports, economic zones and other infrastructure under the General Company for Ports of Iraq.
The agreement also covers the possibility of investing in, managing and operating ports, economic zones and associated infrastructure in various cities of Iraq.
The venture aims to bring together the expertise of both entities to attract international terminal operators, boost global trade relations and develop commercial sea corridors, contributing to Iraq's economic growth, AD Ports said.
“We have provided all the necessary solutions to ensure the success of the project, which aims to significantly contribute to local and regional economies … this project will [also] strengthen maritime transport and freight shipping between Asia and Europe,” said Razzaq Al Saadawi, Iraq’s Minister of Transport.
The signing of the latest agreement follows an initial deal signed in September 2021, and an addendum signed in August last year, to intensify co-operation between the two economies.
“The expansion of our collaboration demonstrates our commitment to strengthening relations between both our countries,” said Capt Mohamed Al Shamsi, managing director and group chief executive of AD Ports Group.
AD Ports, which has a portfolio spanning 27 terminals, currently has a presence in more than 40 countries. Under Kezad Group, part of AD Ports, it also operates more than 550 square kilometres of economic zones in Abu Dhabi.
The company has been rapidly expanding its presence in recent years. Last month, it signed an agreement to buy a majority stake in a key dry port in Tbilisi, Georgia.
In January, its Spanish operations division Noatum Terminals fully acquired APM Terminals Castellon for €10 million ($11 million) in a move to strengthen operations in the western Mediterranean region.
Last June, AD Ports signed a 50-year agreement with Karachi Port Trust to boost infrastructure at the port in Pakistan’s commercial hub.
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