AD Ports Group, Iraq’s IDB sign agreement for port and logistics development

iAD Ports Group and International Development Bank (IDB) will jointly explore opportunities for ports and logistics projects to enhance trade flows between the UAE and Iraq. The two entities recently signed an MoU to that effect.

Being the only Iraqi financial institute licensed from the Central Bank of the UAE to provide wholesale corporate banking services, IDB aims to provide its services to corporate clients and support a range of landmark infrastructure projects in both countries.

AD Ports Group has signed a number of milestone agreements to explore opportunities for the management and development of ports and logistics assets across Iraq, including a 2021 agreement with General Company for Ports of Iraq (GCPI) to promote increased cooperation.

Captain Mohamed Juma Al Shamisi, MD and group CEO of AD Ports Group, said: “AD Ports Group continues to expand its international operations, at the direction of our wise leadership, which has seen us provide support and expertise for the development of ports and logistics assets around the world. There are significant opportunities for enhancement and modernisation across Iraq’s ports, logistics and economic zones, and, working with IDB, we will review a number of key projects that help drive UAE-Iraq trade.”

D. Ziad Khalaf, chairman of International Development Bank, said: “Building connectivity helps strengthen both the national economy and the trade ties between our nations, so we are pleased to enter into this agreement with AD Ports Group, which is a leading enabler of global trade, logistics and transport. The ports and logistics sector plays a vital role in supplying communities across Iraq, and we are optimistic that we can collaborate on projects that make a real and lasting impact.

“We aim to strengthen and deepen the bonds of economic and commercial cooperation between the UAE and Iraq in order to achieve economic twinning between the two brotherly countries.”

In other news, Khalifa Economic Zones Abu Dhabi – KEZAD Group has signed an agreement to form a joint venture (JV) between its parent company AD Ports Group, and Al Fanar Gas Group, which is part of UAE’s leading diversified conglomerate, Ethmar Holdings. The new company, KEZAD Industrial Services, will oversee the enhancement of multiple offerings to industrial customers and will assess and develop new specialised offerings.

Read: AD Ports Group, Al Fanar Gas Group to create JV to offer industrial services