AD Ports Group and the International Development Bank (IDB) have signed a Memorandum of Understanding (MoU) to review opportunities for ports and logistics projects that could enhance trade flows between the UAE and Iraq.

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

As part of its strategy for growth and globalisation, AD Ports Group has signed a number of milestone agreements to explore opportunities for the management and development of ports and logistics assets across Iraq, including a 2021 agreement with General Company for Ports of Iraq (GCPI) to promote increased cooperation.

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.

The UAE and Iraq have continued to strengthen trade ties in 2022, with several trade agreements and development deals.

The World Bank estimates that Iraq’s economy will expand 6.3 per cent over the next two years.

Last week AD Ports invested $800 million to buy an 80 per cent stake in Global Feeder Shipping.