The International Development Bank (IDB) and AD Ports Group have signed a Memorandum of Understanding (MoU) to examine prospects for ports and logistics projects that could improve 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.
IDB plans to give its services to corporate clients and help a span of landmark infrastructure projects in both nations as it is the only Iraqi financial institute licensed from the Central Bank of the UAE to provide wholesale corporate banking service.
To explore opportunities for the management and development of ports and logistics assets throughout Iraq, AD Ports Group has signed several milestone agreements as part of its growth and globalisation strategy, including a 2021 agreement with General Company for Ports of Iraq (GCPI) to foster 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.”
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.”
In 2022, the UAE and Iraq continued to deepen their commercial ties through several trade and development agreements. Over the next two years, the GDP of Iraq is expected to grow by 6.3%, according to the World Bank.
