ABU DHABI: AD Ports Group (ADX: ADPORTS), and the Economic Development Board of Madagascar have today signed of a Memorandum of Understanding (MoU), to explore a dynamic partnership focused on bolstering commercial opportunities across maritime, industry and logistics sectors in Madagascar.

The MoU was signed by Mohamed Eidha Al Menhali, Regional CEO - AD Ports Group, and Josielle Rafidy, General Manager - Economic Development Board of Madagascar.

Under the terms of the Memorandum, both entities would focus on key areas of cooperation and mutual interest, including but not limited to the development of economic cities & free zones, ports, marina and cruise port facilities, digitalisation of logistics and maritime related services, in addition to the development of a maritime academy. Furthermore, the memorandum aims to explore the development of the fisheries sector in Madagascar, including monitoring and enforcement of sustainable fisheries rules and regulations, infrastructure development of integrated fisheries, harbours and marinas, as well as fostering innovation and technology adoption across the fisheries sector in Madagascar.

Mohamed Eidha Al Menhali, Regional CEO - AD Ports Group, said: “Our MoU with the Economic Development Board of Madagascar underscores our commitment towards international collaboration and aligns with our leadership’s directions, as we expand our network of trade partners and forge new partnerships globally. We look forward to sharing our expertise and leveraging our resources to unlock new opportunities and foster mutual prosperity.”

Josielle Rafidy, General Manager – Economic Development Board of Madagascar, said: “As part of its mission to promote and facilitate investment, EDBM is delighted to have signed this memorandum of understanding with AD Ports Group, the world's leading facilitator of trade, logistics, and industry services, as it continues to implement its large-scale investment plan in Africa. This step confirms that Madagascar remains a destination for Foreign Direct Investment in Africa and the Indian Ocean. We are ready to provide the assistance and support needed to bring these joint projects to fruition, alongside Malagasy stakeholders, for mutually beneficial co-development of both economies.”

A joint working group would be established by both parties to oversee the implementation of the projects, focusing on the development of initiatives, investments, and opportunities in the agreed areas of cooperation.