Iraq’s IDB, UAE’s AD Ports Group sign agreement
An aerial view of Baghdad, Iraq.
Baghdad (IraqiNews.com) – A Memorandum of Understanding (MoU) was signed by the International Development Bank of Iraq (IDB) and AD Ports Group to examine prospects for ports and logistics projects that might improve trade flows between Iraq and the United Arab Emirates.
IDB seeks to offer its services to corporate clients and assist a variety of significant infrastructure projects in both countries. IDB is the first Iraqi financial institution granted a license by the Central Bank of the UAE to provide wholesale corporate banking services.
The agreement was signed by Dr. Ziad Khalaf, Chairman of IDB, and Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group.
The General Company for Ports of Iraq (GCPI), with whom AD Ports Group has a 2021 agreement to foster greater cooperation, has signed milestone agreements as part of its strategy for growth and to explore opportunities for the management and development of ports and logistics assets throughout Iraq.
“There are significant opportunities for enhancement and modernization 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,” said Al Shamisi.
“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,” said Khalaf.
In 2022, the UAE and Iraq continued to deepen their commercial ties through a number of trade and development agreements. Over the next two years, the GDP of Iraq is expected to grow by 6.3 percent, according to the World Bank.
“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,” said Khalaf. “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.”