AD Ports Group, Iraq to develop Al Faw Grand Port and Economic Zone

Image: AD Ports Group

In a key step to bolster economic ties and regional trade, AD Ports Group and the General Company for Ports of Iraq (GCPI) signed a preliminary agreement to develop Al-Faw Grand Port and its economic zone.

The agreement, signed in the presence of high-level officials from both countries, paves the way for a joint venture that will see AD Ports Group leverage its expertise to develop and manage the port and economic zone.

The agreement builds upon a Memorandum of Understanding signed in September 2021, followed by an addendum in August 2023, highlighting the ongoing commitment to strengthen cooperation between the UAE and Iraq.

Agreement to help boost UAE-Iraq ties

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said: “This agreement strengthens economic ties and increases bilateral trade volumes between the UAE and Iraq. We aim to establish mutual growth platforms for businesses through collaboration in key industries.”

This venture is expected to attract international investment, foster global trade ties, and establish new commercial sea routes, ultimately contributing to Iraq’s economic growth.

The deal will establish a joint venture to develop and manage Al-Faw Grand Port and its economic zone, with the potential for future expansion.

It will explore investment opportunities and conduct feasibility studies for ports, economic zones, and related infrastructure across Iraq.

It aims to use advanced management and operation models to enhance the overall efficiency of Al-Faw Port.

It will also enable partnerships with key international shipping lines to maximise the project’s potential.

Razzaq Muhaibas Al-Saadawi, Iraqi Minister of Transport, said, “Al Faw Grand Port and Economic Zone project is crucial to the government, and we are committed to its success. This project will significantly contribute to local and regional economies while strengthening maritime transport between Asia and Europe.”