Abu Dhabi: AD Ports Group has signed a Memorandum of Understanding with Iraq’s International Development Bank (IDB) to review opportunities for ports and logistics projects that could enhance trade flows between the UAE and Iraq.
The agreement was signed by Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, and Dr. Ziad Khalaf, Chairman, International Development Bank.
As part of its strategy for growth and globalisation, AD Ports Group has signed a number of 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.
“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,” said Al Shamisi.
“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,” Khalaf added.
The UAE and Iraq have continued to strengthen trade ties in 2022, with several trade agreements and development deals. The World Bank estimates that Iraq’s economy will expand 6.3 per cent over the next two years.