Iraqi IDB signs agreement with UAE’s AD Ports Group

Baghdad (IraqiNews.com) – The Iraqi International Development Bank (IDB) and AD Ports Group have signed a memorandum of understanding (MoU) to review the prospect of port and logistics projects that could improve trade flows between Iraq and the United Arab Emirates.

IDB seeks to serve corporate clients and assist with various critical infrastructure projects in both countries. IDB is the first Iraqi financial institution licensed by the UAE Central Bank to provide wholesale corporate banking services.

The agreement was signed by IDB Chairman Dr Ziad Khalaf and AD Ports Group Managing Director and Group CEO Captain Mohamed Juma Al Shamisi.

The General Iraqi Ports Corporation (GCPI) has entered into an agreement to promote greater collaboration in 2021 with AD Ports Group, the company has signed milestone agreements as part of its growth strategy and to explore opportunities for port and logistics asset management and development across Iraq .

“There are many opportunities to strengthen and modernize Iraq’s ports, logistics and economic zones, and we will work with the IDB to review some of the key projects that will help boost UAE-Iraq trade,” Al Shamisi said.

“We aim to strengthen and deepen the ties of economic and commercial cooperation between the United Arab Emirates and the State of Iraq to achieve economic twinning between the two brother countries,” Khalaf said.

In 2022, the UAE and Iraq continue to deepen commercial ties through a number of trade and development agreements. According to the World Bank, Iraq’s gross domestic product is expected to grow by 6.3 percent over the next two years.

“Building connectivity helps strengthen national economies and trade links between our two countries, so we are delighted to enter into this agreement with AD Ports Group, a major enabler of global trade, logistics and transport,” Khalaf said. “Ports and logistics play a vital role in delivering supplies to communities across Iraq, and we are optimistic that we can collaborate on projects that can have a real and lasting impact.”