AD Ports Group and the General Company for Ports of Iraq (GCPI) have signed a preliminary agreement to establish a joint venture to develop Al-Faw Grand Port and its economic zone and potential future expansions.
The agreement also includes investment, management, and operation of ports, economic zones, and related infrastructure across Iraq. This follows a Memorandum of Understanding (MoU) signed in September 2021 and an addendum in August 2023 to enhance cooperation.
The collaboration aims to leverage the expertise of both entities to attract international terminal operators, enhance global trade relations and develop commercial sea corridors, ultimately contributing to Iraq’s economic development, UAE state news agency WAM reported. The agreement focuses on utilising advanced management and operating models to improve efficiency and operational capabilities at Al-Faw Port and Economic Zone, alongside studying development, financing, management, operation and maintenance mechanisms.
Under GCPI, both parties will explore investment opportunities and conduct feasibility studies related to ports, economic zones, and other infrastructure.
