AD Ports Group (ADX: ADPORTS), the leading global facilitator of trade, logistics, and industry, and China Machinery Engineering Group Corporation (CMEC GROUP), a state-owned key enterprise directly managed by the central government of China, have recently signed a Memorandum of Understanding (MoU) to establish a strategic cooperative relationship.
The MoU details the ways in which the two companies will explore potential opportunities globally, but particularly in the Middle East, Central Asia, South Asia, South East Asia, East Asia, Africa, South America, and Europe.
Under the agreement, the two parties will cooperate within various fields and sectors, including global industry and infrastructure development, financing, building, operation, and maintenance, global economic cities and free zones development, and global logistics.
The MoU will be valid for a period of three years and will focus on achieving complementary advantages, sharing resources, establishing a long-term strategic cooperative relationship of mutual benefit and trust, to jointly expand the global market.
Captain Mohamed Juma Al Shamisi, CEO and Managing Director of AD Ports Group, stated, “We are looking forward to working with CMEC Group to explore potential opportunities globally. Our Group is committed to achieving the complementary advantages of both parties and this MoU demonstrates our strategic objectives to establishing global partnerships with leading companies, such as CMEC GROUP, that will expand our reach and share our expertise. In line with the vision of our wise leadership, this will enable us to accelerate the delivery of our ambitious projects and drive economic growth in our region and beyond.”
Mr Wang Bo, Chairman of the Board of Directors for China Machinery Engineering Group Corporation, also commented on the MoU, “We are delighted to partner with AD Ports Group to cooperate on strategic projects within a range of industries globally. This MoU signifies our commitment to combining both parties' respective advantages and characteristics, to expand development space, and create a better future together.
Our extensive experience in nearly 100 countries and regions, combined with AD Ports Group's rapidly expanding network and significant resources, will bring mutual benefits and open doors to new growth opportunities for both parties.”
The cooperation between AD Ports Group and CMEC GROUP will lead to the growth of business networks and resources, and the two parties will provide comprehensive solutions and services to each other’s projects as per requirements, including, but not limited to, survey, design, building, operation and maintenance.
Both companies will prioritise each other's participation in project procurement and choose each other as project partners.
China is among the UAE’s top commercial partners, with bilateral commerce between China and the UAE exceeding US$64 billion during the first eight months of 2022, an increase of nearly 28% for the same period in 2021. Additionally, around 6,000 Chinese businesses currently operate in the UAE, with a sizable Chinese population working primarily in the infrastructure and energy sectors.
AD Ports Group and CMEC GROUP's collaboration marks a significant opportunity for the global industry and infrastructure development to capitalise on the predicted further growth of China-UAE trade, with both companies poised to bring in a new era of innovation and prosperity to the regions they operate in.
