Abu Dhabi Ports Group signed a preliminary agreement with the General Company for Ports of Iraq, under which a joint project will be established to develop the Grand Al Faw Port and any future expansion of it, in addition to the economic zone adjacent to the port.
The preliminary agreement aims to explore potential cooperation opportunities in the field of investment, management and operation in ports, economic zones and other infrastructure in the Republic of Iraq.
The preliminary agreement was signed in the presence of His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Razzaq Muhaibas Al Saadawi, Iraqi Minister of Transport. It was signed by Captain Mohammed Juma Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, and Dr. Engineer Farhan Muhaisen Al Fartousi, Director General of the General Company for Ports. in Iraq.
The signing of the agreement comes as an extension of the memorandum of understanding concluded by the two parties in September 2021 and its annex concluded in August 2023 to intensify and activate joint cooperation between them. It is expected that the project will employ the expertise of both parties to attract global operators, enhance international trade relations, and enhance commercial sea lanes, in a way that contributes In driving the growth of the Iraqi economy.
His Excellency Razzaq Muhaibis Al-Saadawi said that the Al-Faw Grand Port and Economic Zone project receives special attention from the Iraqi government, which is striving to complete it according to the highest specifications, in cooperation with our brothers in the United Arab Emirates, represented by the Abu Dhabi Ports Group.. In turn, we have provided all solutions. necessary for the success of this project, which will have a pivotal role in supporting the economy of Iraq and the countries of the region, and will contribute to strengthening the maritime transport sector and freight shipping between Asia and Europe, especially since it is linked to the Development Road Project, one of the most prominent economic and logistical projects of the Republic of Iraq.
For his part, His Excellency Dr. Thani bin Ahmed Al Zeyoudi said that the agreement signed between Abu Dhabi Ports Group and the General Company for Iraqi Ports reflects the directives of the wise leadership of the UAE, which aims to consolidate economic relations and stimulate the growth of trade flows between the two brotherly countries, in conjunction with other similar agreements aimed at developing new platforms for partnership. And joint growth for the business and private sector communities on both sides, by exploring cooperation opportunities that achieve common interests in priority sectors.
In turn, Dr. Engineer Farhan Muhaisen Al-Fartusi, Director General of the General Company for Iraqi Ports, said: Today we are witnessing the start of another phase of cooperation with Abu Dhabi Ports Group, which reflects the strength of our partnership and our joint commitment to developing our ports and economic zones. We will work together to formulate a joint operational policy by contracting with… Major international shipping lines to meet the outcomes of the feasibility study for the project. It also creates new opportunities to enhance trade and investment and achieve economic growth and prosperity due to the port’s strategic location linking commercial lines between the East and the West.
For his part, Captain Mohammed Juma Al Shamsi, Managing Director and CEO of Abu Dhabi Ports Group, said: We are pleased to work on consolidating our partnership with the Ministry of Transport of the Republic of Iraq, represented by the General Company for Ports of Iraq, through our signing of this preliminary agreement, which is expected to contribute to enhancing the scope of our cooperation. Our commitment to strengthening trade relations between the two brotherly countries, in line with the vision of our wise leadership aimed at enhancing global trade, facilitating logistical services, advancing development and diversifying the economy in the region and beyond.
The agreement aims to provide the ports with the necessary expertise to manage and operate the project using the latest management and operating methods used in the world, in addition to studying the mechanism of developing, financing, building, managing, operating and maintaining Al-Faw Port and the economic zone, in a way that contributes to raising the level of general efficiency and operational capabilities of the port and the economic zone.
The agreement stipulates exploring investment opportunities and conducting the necessary feasibility studies, most notably the study of investment, management and operation in ports, economic zones and other infrastructure affiliated with the General Company for Ports in Iraq.
2024-04-04 15:24:48
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