AD Ports Group and Iraq’s IDB sign agreement for port and logistics development
Shafaq News/ AD Ports Group, aleading facilitator of global trade, logistics, and industry, and International Development Bank (IDB) have signed a Memorandum of Understanding (MoU) to explore 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 CEO of AD Ports Group, and Dr.Ziad Khalaf, Chairman of the 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.
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 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.”
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 continue 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.
Established in 2006, AD Ports Group today serves as the region’s premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange, AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.
Operating several clusters covering Ports, Economic Cities & Free Zones, Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within KEZAD Group, the largest integrated trade, logistics, and industrial business grouping in the Middle East.
The International Development Bank was established in 2011 with an initial capital of 100 billion Iraqi Dinars - today a paid-up capital of 250 billion IQD (equivalent to 210 million US dollars) - and quickly rose to establish itself among leading banks, both locally and regionally, offering commercial banking services to both corporate and retail clients.
