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UAE Cooperates with Iraq to Conduct Studies on Investment Opportunities in Ports, Economic Zones

UAE Cooperates with Iraq to Conduct Studies on Investment Opportunities in Ports, Economic Zones

Tuesday, 21 September, 2021 - 08:15
The signing of a memorandum of understanding between Emirati and Iraqi officials on Monday (Asharq Al-Awsat)

AD Ports Group signed a Memorandum of Understanding with the General Company for Ports of Iraq (GCPI) to promote increased cooperation within the fields of maritime transportation.

The MoU was signed in the presence of Minister of Energy and Infrastructure in the UAE Suhail Al Mazrouei, and Minister of Transportation in Iraq Nasser Hussein Al Shebly by Group CEO, AD Ports Group Captain Mohamed Juma Al Shamisi, and Director General of the General Company for Ports of Iraq Dr. Eng. Farhan Muhesen Al Fartosi.

It was signed during the visit of an Iraqi delegation to the UAE.

The MoU is set for an initial period of 12 months with a clause for automatic renewal.

AD Ports Group will conduct feasibility studies on the management and operation of the General Company for Ports of Iraq’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 the MoU.

Mazrouei said: “In line with the wise leadership’s vision, the signing of this 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 to support the formulation of a diverse and sustainable economy in Iraq.”

“The MoU will serve as the starting point for future collaboration that will drive the development of a wide range of services, while also supporting investors across both our proud nations,” said Shebly.

“It also sets the foundation to foster an Arabi ports’ ecosystem that can cater to the increasing global demands of this sector and keep pace with ambitious plans of the governments in Iraq and the UAE.”

Shamisi noted: “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.

“It will also enhance trade and the flow of foreign investments to Iraq and will elevate the quality of maritime transportation and logistics services available in the region.”

For his part, Iraq’s Ambassador to the UAE Mudhafar Al-Jubouri, said: “The Iraqi Embassy succeeded in convening this meeting at a short notice, and it led to the signing of this MoU that will benefit the two sister states.

The embassy was also successful in promoting cooperation between the Iraqi Ministry of Transportation on the one hand, and the Ministry of Energy and Infrastructure in the UAE and AD Ports Group on the other.”

Director-General of the General Company for Ports of Iraq Dr. Eng. Farhan Muhesen Al Fartosi, commented: “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.

Capitalizing 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 to foster the strategic position of the Arab Gulf region across the global supply chain.”

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