Abu Dhabi, AD Ports Group signed a preliminary agreement with the General Company for Ports of Iraq (GCPI) to develop Al Faw Grand Port and its economic zone, as well as any future expansion.
The agreement covers the potential investment, management, and operation of ports, economic zones, and related infrastructure in other cities in Iraq, WAM reported.
This signing follows a Memorandum of Understanding (MoU) signed by the two parties in September 2021, and the subsequent addendum, signed in August 2023, to strengthen cooperation. The venture is set to bring together the expertise of both entities to attract international terminal operators, foster global trade relations, and develop commercial sea corridors, contributing to Iraq’s economic growth.
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 the General Company for Ports of Iraq.
Source: Bahrain News Agency
