AD Ports Group Signs Strategic MoUs with Gujarat Maritime Board and RITES Limited…

Abu Dhabi, UAE – 14 February 2024: AD Ports Group, the main facilitator of world commerce, logistics and trade (ADX: ADPORTS), in the present day introduced the signing of strategic Memoranda of Understandings (MoUs) with Gujarat Maritime Board, and RITES Limited, a licensed multi-disciplinary transport and infrastructure firm. These MoUs mark a big leap in worldwide collaboration aimed toward enhancing international commerce, infrastructure improvement, and financial diversification.

These MoUs cowl a broad spectrum of collaborative ventures, starting from infrastructure improvement, know-how switch, sustainable and inexperienced port improvement, to maritime schooling and tourism, thereby reinforcing AD Ports Group’s scale, strategic geographic footprint, and trade management.

MoU with Gujarat Maritime Board

This MoU covers collaboration throughout a broad spectrum of initiatives throughout the port and maritime sectors. Central to this MoU is the ambition to considerably advance infrastructure improvement by way of the development of latest ports and the growth and modernisation of current port services. It encapsulates a shared imaginative and prescient for know-how switch, sustainable and inexperienced port improvement, inclusive of renewable vitality deployment, waste administration, and emission reductions, aligning with international environmental stewardship requirements.

Further, the MoU emphasises maritime schooling and coaching, highlighting the collaborative potential with the Gujarat Maritime University, together with the potential institution of a Centre of Excellence throughout the college, the Gujarat International Maritime Arbitration Centre (GIMAC).

The MoU additionally explores avenues for direct and oblique investments by AD Ports Group, three way partnership executions, and the event of a Port City in Gujarat.

MoU with RITES Limited

This MoU is aimed toward exploring and leveraging mutual alternatives for port improvement, multimodal logistic parks, financial and free commerce zones, rail connectivity initiatives, and associated infrastructure companies.

The cooperation will drive an progressive strategy in direction of creating built-in logistics options by way of harnessing collective strengths in know-how, sustainability, and strategic planning, with an emphasis on delivering initiatives that aren’t solely economically viable but in addition environmentally sustainable and technologically superior.

Following the announcement on the 18th G20 Heads of State and Government Summit for the deliberate India-Middle East-Europe Economic Corridor (IMEC), AD Ports Group and Rites Limited have additionally agreed to discover potential joint alternatives that will meet the aims of the initiative.

This MoU aligns with the Group’s goal of positioning Abu Dhabi as a pivotal hub within the international commerce community, underpinned by its built-in portfolio of logistics and maritime companies that cater to the dynamic wants of the worldwide market.

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, mentioned: “Our collaboration with these distinguished Indian entities is ready to considerably advance the aims of each of our nice nations, constructing on the robust, profitable and well-established relationship. With our sensible leaders’ steering, we goal to additional our formidable financial aims that may profoundly influence international commerce, invigorating ancillary sectors.”

He added: “As a Group, we’re dedicated to increasing our international footprint, creating worth, driving financial diversification, and making a constructive influence on the communities we serve. Through leveraging our collective experience and assets, with a transparent technique for development by way of integration and growth, we will set new international benchmarks in operational excellence, digital innovation, and sustainable development.”

India is the second largest buying and selling accomplice of the UAE, whereas the UAE stands because the third largest buying and selling accomplice for India, since 2019. India-UAE commerce rose to USD 85 billion in 2022, with the goal of reaching the USD 100 billion mark by 2030. Moreover, because the entry into the Comprehensive Economic Partnership Agreement (CEPA) on 1 May 2022, bilateral commerce between each nations rose by roughly 15%.