AD Ports Group has entered a preliminary pact with General Company for Ports of Iraq (GCPI) under which they will set up a JV to develop Al-Faw Grand Port and its economic zone, as well as any future expansion, a release stated.
The agreement was signed in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, UAE, Razzaq Muhaibas Al-Saadawi, Minister of Transport, Iraq, and Captain Mohamed Juma Al Shamisi, MD & Group CEO, AD Ports Group, and Dr. Eng. Farhan Muhesen Al Fartosi, Director General, GCPI.
The agreement also encompasses potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in the Republic of Iraq. The JV is set to bring together the expertise of both entities to attract global terminal operators, foster global trade relations, and develop commercial sea corridors, contributing to Iraq’s economic growth.