AD Ports Group, part of Abu Dhabi holding company ADQ, has secured a deal with the General Company for Ports of Iraq (GCPI) to boost investments and cooperation.
Under the 12-month memorandum of understanding (MoU), AD Ports will explore potential investment opportunities, as well as develop national infrastructure that will enhance Iraq’s connectivity with other Arab states. Among those to be developed are roads and rail networks that will link Al Faw Ports in Iraq with markets in Jordan and Turkey.
AD Ports owns and operates 11 ports and terminals in the UAE and Guinea, as well as more than 550 square kilometres of industrial zones in Abu Dhabi.
The new deal comes after AD Ports secured an agreement with Aqaba Development Corporation to establish a cruise terminal in Jordan.
Under the new MoU with Iraq, AD Ports will also undertake feasibility studies regarding the management and operation of the country’s ports, economic zones and other infrastructure.
“The signing of this MoU exemplifies the UAE’s drive to enhance cooperation with sister Arab states,” said Suhail bin Al Mazrouei, UAE Minister of Energy and Infrastructure.
“Leveraging the lessons learned as part of our nation’s pursuit to develop strategic sectors and build frameworks that contribute to the economic and social development of the UAE, we are transferring this invaluable knowledge to our kin in Iraq in order to support the formulation of a diverse and sustainable economy in Iraq.”
According to Nasser Hussein Al Shebly, Minister of Transportation in Iraq, the new agreement marks the start of “collaboration that will drive the development of a wide range of services”, as well as support investors in the two countries.
“It also sets the foundation to foster an Arabic ports’ ecosystem that can cater to the increasing global demands… and keep pace with ambitious plans of the governments in Iraq and the UAE.”
With the increased cooperation, the ports and transportation ecosystem in Iraq will “rise to new heights”, said Farhan Muhesen Al Fartosi, director general of the General Company for Ports of Iraq.
“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.”
(Writing by Cleofe Maceda; editing by Seban Scaria)
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