Skip to content Skip to Search
Skip navigation

UAE to develop Iraq’s port and economic zone

AD Ports Group CEO Mohamed Al Shamsi and General Company for Ports of Iraq director general Farhan Al Fartosi sign the agreement Wam
AD Ports Group CEO Mohamed Al Shamsi and General Company for Ports of Iraq director general Farhan Al Fartosi sign the agreement

Iraq’s Al-Faw Grand Port and its economic zone will receive an investment boost with the backing of a UAE state-backed entity.

Abu Dhabi Ports Group has signed a preliminary agreement with the General Company for Ports of Iraq, state-run Wam news agency said.

The entities will establish a joint venture to develop the Al-Faw Grand Port, its economic zone and any future expansion. 

The agreement includes potential investment, management and operation of ports, economic zones and related infrastructure in other Iraqi cities.

The two companies signed a memorandum of understanding in September 2021 followed by a subsequent addendum in August 2023 to intensify cooperation. 

The joint venture will target global terminal operators, boost international trade relations and develop commercial sea corridors, which will contribute to Iraq’s economic growth.

The project will strengthen maritime transport and freight shipping between Asia and Europe, said Iraq’s transport minister Razzaq Muhaibas Al-Saadawi.

He added that it will significantly contribute to local and regional economies.

The commercial details of the pact were not disclosed.

Last month AD Ports said it was buying a 60 percent stake in the Tbilisi Dry Port, a new logistics centre in Georgia.

The project, which is scheduled to be operational by the end of this year, will be developed in phases on two parcels of land, while an additional 88,000 sq m of land is available if required.

The ADQ-owned ports operator signed an agreement in February for bulk and general cargo operations with the Karachi Port Trust, allocating $150 million for the port expansion.

Latest articles

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]

Garden, Nature, Outdoors

UAE commits $50m to support critical projects

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor development initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in […]

Money, Dollar, Person

Abu Dhabi launches $5bn bond issue after 3 years

Abu Dhabi has initiated $5 billion in three-tranche bond issue after a hiatus of three years, according to a media report said. The $1.75 billion five-year bond, 1.5 billion 10-year tranche and $1.75 billion 30-year issue was priced at 35, 45 and 90 basis points, respectively, over US Treasuries, fixed income news service IFR reported. Abu […]

A square in Cairo

‘Worst is behind us’ in Egypt’s black market dollar war says BMI

The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […]