Abu Dhabi (AD) Ports Group signed a Memorandum of Understanding (MoU) with the General Company for Ports of Iraq (GCPI) to promote increased cooperation between the two organisations within the fields of transportation and maritime.
Set for an initial period of 12 months with a clause for automatic renewal, the MoU will see the exchange of expertise and best practices by both organisations.
HE Suhail bin Al Mazrouei, Minister of Energy and Infrastructure in the UAE said, “In line with the wise leadership’s vision, the signing of the MoU exemplifies the UAE’s drive to enhance cooperation with sister Arab states.”
“Leveraging the lessons learned as part of our nation’s pursuit to develop strategic sectors and build frameworks that contribute to the economic and social development of the UAE, we are transferring this invaluable knowledge to our kin in Iraq and in order to support the formulation of a diverse and sustainable economy in Iraq.”
AD Ports Group will conduct feasibility studies on the management and operation of the GCPI’s ports and economic zones and other infrastructure, while also exploring potential investment opportunities.
As part of its scope, AD Ports Group will also develop national infrastructure, such as roads and rail networks, which will connect Al Faw Ports in Iraq with markets in Jordan and Turkey, while simultaneously financing the feasibility studies stated in MoU.
Captain Mohamed Juma Al Shamisi, Group CEO of AD Ports Group said, “The signing of this strategic MoU with the GCPI is a vital step in the efforts to enhance our regional and global status within the maritime transportation and logistics industries.”
“We are confident that the cooperation with Iraq will serve as the foundation of a promising future of success and developmental opportunities that will benefit both nations.”
Al Shamisi added that the MoU will also enhance trade and flow of foreign investments to Iraq and will elevate the quality of maritime transportation and logistics services available in the region.
Dr. Eng. Farhan Muhesen Al Fartosi, Director General of the GCPI said, “We are pleased to sign this MoU with a leading entity like AD Port Group, a titan with a rich history within the Middle East’s maritime transportation and logistics segment.”
“Capitalising on its robust portfolio of service capabilities and world class infrastructure, we fully expect to see our ports and transportation ecosystem in Iraq rise to new heights in the coming years. We look forward to promoting our cooperation with the UAE in order to foster the strategic position of the Arab Gulf region across the global supply chain.”