UAE-based port operator the AD Ports Group has entered into a preliminary agreement with the General Company for Ports of Iraq (GCPI) wherein the two parties will establish a joint venture to develop Al-Faw Grand Port and its economic zone, as well as any future expansion.
The signing of the agreement follows a memorandum of understanding (MOU) signed by the two parties in September 2021, and the subsequent addendum, signed in August 2023, to intensify cooperation.
The preliminary agreement aims to provide the necessary expertise for Al-Faw Port and Economic Zone, using advanced management and operating models, in addition to studying the mechanism of developing, financing, managing, operating, and maintaining the project, with an aim to enhance overall efficiency and operational capabilities.
Both parties will explore investment opportunities and conduct the necessary feasibility studies related to ports, economic zones, and other infrastructure under GCPI.
Razzaq Muhaibas Al-Saadawi, Iraq's Minister of Transport, said the project will help strengthen maritime transport and freight shipping between Asia and Europe.
