AD Ports Group (ADX: ADPORTS), the leading facilitator of global trade, logistics, and industry, and International Development Bank (IDB) have signed a Memorandum of Understanding 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.
Being the only Iraqi financial institute licensed from the Central Bank of the UAE to provide wholesale corporate banking service, IDB aims to provide its services to corporate clients and support a range of landmark infrastructure projects in both countries.
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As part of its strategy for growth and globalisation, AD Ports Group has signed a number of milestone 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.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: “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.”
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Dr. Ziad Khalaf, Chairman, International Development Bank, said: “Building connectivity helps strengthen both the national economy and the trade ties between our nations, so we are pleased to enter into this agreement with AD Ports Group, which is a leading enabler of global trade, logistics and transport. 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.”
“We aim to strengthen and deepen the bonds of economic and commercial cooperation between the United Arab Emirates and the State of Iraq in order to achieve economic twinning between the two brotherly countries.”
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 percent over the next two years.
