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The bank aims to supply its facilities to corporate clients and a number of flagship infrastructure projects in both countries.
iAD Ports Group and the International Development Bank (IDB) will jointly explore port and logistics project opportunities for industrial flows between the UAE and Iraq. The two entities recently signed a Memorandum of Understanding to that effect.
As the only legal Iraqi monetary establishment through the Central Bank of the United Arab Emirates to provide banking services to wholesale companies, the IDB aims to provide its services to corporate clients and a variety of flagship infrastructure projects in both countries.
AD Ports Group has signed a number of agreements to explore opportunities to manage and expand ports and logistics assets in Iraq, adding a 2021 agreement with the General Ports Company of Iraq (GCPI) to promote further cooperation.
Captain Mohamed Juma Al Shamisi, MD and CEO of AD Ports Group, said: “AD Ports Group continues to expand its overseas operations, under the leadership of our capable leadership, which has seen us supply and expertise for the advancement of ports and logistics assets. all over the world. There are significant opportunities for improvement and modernization in Iraq’s ports, logistics and economic zones and, in combination with the IDB, we will read about a number of key projects that help animate the industry between the UAE and Iraq.
D. Ziad Khalaf, President of the International Development Bank, said: “Enhanced connectivity is helping both the national economy and industrial ties between our nations, so we are very pleased to conclude this agreement with AD Ports Group, which is one of the leading enablers of industry, logistics and transport globally. The ports and logistics sector plays an important role in supplying Iraq’s communities, and we are confident in our ability to collaborate on projects that have a genuine and lasting impact.
“Our goal is to deepen the ties of economic and industrial cooperation between the UAE and Iraq to achieve economic twinning between the two brotherly countries. “
Meanwhile, Khalifa Economic Zones Abu Dhabi – KEZAD Group has signed an agreement to shape a joint venture (JV) between its parent company AD Ports Group and Al Fanar Gas Group, which is part of the UAE’s leading diversified conglomerate, Ethmar Holdings. The new company, KEZAD Industrial Services, will oversee the improvement of offerings for commercial consumers and compare and expand new specialized offerings.
Read: AD Ports Group, Al Fanar Gas Group to create JV to offer commercial services
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