AD Ports Group, Iraq's IDB sign deal for port, logistics development

AD Ports Group and Iraq-based 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, AD Ports Group and Ziad Khalaf, Chairman, IDB, says a release from AD Ports.

Being the only Iraqi financial institute licensed by the Central Bank of the UAE to provide wholesale corporate banking service, IDB aims to provide services to corporate clients and support a range of landmark infrastructure projects in both countries, the release added.

Shamisi says: "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."

Khalaf adds: "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."

The World Bank estimates that Iraq's economy will expand 6.3 percent over the next two years, the release said.