Expanding Iraq’s Maritime Industry: UAE Logistics Firm Signs Deal for Al-Faw Grand Port Development
In a significant move for Iraq’s maritime industry, a UAE logistics and trade firm has signed a deal aimed at developing Al-Faw Grand Port and its associated economic zone.
Joint Venture Agreement
Abu Dhabi Ports Group has entered into a preliminary agreement to develop a joint venture with the Iraqi government-owned company responsible for the sector. This partnership is set to contribute to the nation’s economic growth by fostering global trade relations, developing commercial sea corridors, and attracting international terminal operators.
Enhancing Economic Growth
The initiative also includes potential investments, management, and operation of logistic terminals, economic zones, and related infrastructure in other Iraqi cities. Iraq’s Minister of Transport, Razzaq Al-Saadawi, emphasized the importance of the Al-Faw Grand Port and Economic Zone project in promoting economic and logistics development in the region.
Strengthening Maritime Transport
Minister Al-Saadawi highlighted that the project, combined with the development road project, will strengthen maritime transport and freight shipping between Asia and Europe, enhancing overall efficiency and operational capabilities in the sector.
Advanced Management Models
The preliminary agreement aims to provide advanced expertise for Al-Faw Port and Economic Zone through advanced management and operating models. It also focuses on developing, financing, managing, and running the project to meet the highest global standards.
Building Strong Bilateral Ties
This signing follows a memorandum of understanding inked by the two parties in September 2021 and a subsequent addendum in August 2023. UAE’s Minister of State for Foreign Trade, Thani Al-Zeyoudi, emphasized that the agreement is in line with the directives of the leadership to strengthen economic ties and increase bilateral trade volumes between the two countries.
He added that the associated agreements aim to establish mutual growth platforms for business and private sectors, exploring cooperation opportunities for mutual benefit in key industries. This collaboration is set to pave the way for significant developments in Iraq’s maritime industry.