Monday, February 19, 2024
AD Ports Group has recently inked strategic memoranda with Gujarat Maritime Board and RITES Limited, a reputable multi-disciplinary transport and infrastructure company. These agreements signify a significant step forward in international cooperation with the aim of boosting global trade, advancing infrastructure, and promoting economic diversification.
The scope of these agreements encompasses various collaborative ventures, spanning infrastructure development, technology exchange, sustainable port initiatives, and maritime education and tourism. This move solidifies AD Ports Group’s stature, strategic geographical presence, and leadership within the industry.
The memorandum with Gujarat Maritime Board encompasses a wide array of initiatives within the port and maritime sectors. Key focuses include ambitious plans for infrastructure enhancement through the construction of new ports, as well as the expansion and modernization of existing facilities. It also underscores shared goals for technology transfer, sustainable practices, including renewable energy adoption, waste management, and emissions reduction, in alignment with global environmental standards.
Additionally, there’s a spotlight on maritime education and training, with potential collaborations with Gujarat Maritime University, potentially establishing a Centre of Excellence within the university, namely the Gujarat International Maritime Arbitration Centre (GIMAC). Moreover, the agreement explores avenues for direct and indirect investments, joint ventures, and the potential development of a Port City in Gujarat.
The agreement with RITES Limited aims to explore mutual opportunities in port development, multimodal logistics parks, economic and free trade zones, rail connectivity projects, and associated infrastructure services. This collaboration intends to foster innovative approaches to integrated logistics solutions, leveraging collective strengths in technology, sustainability, and strategic planning to deliver economically viable, environmentally sustainable, and technologically advanced projects.
Furthermore, in the wake of the announcement at the 18th G20 Heads of State and Government Summit regarding the planned India-Middle East-Europe Economic Corridor (IMEC), AD Ports Group and RITES Limited are also poised to explore joint opportunities aligning with the initiative’s objectives.
These agreements resonate with AD Ports Group’s vision of establishing Abu Dhabi as a key hub in the global trade network. This vision is underpinned by its integrated portfolio of logistics and maritime services, tailored to meet the evolving demands of the global market.
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Our collaboration with these distinguished Indian entities is set to significantly advance the objectives of both of our great nations, building on the strong, successful and well-established relationship. With our wise leaders’ guidance, we aim to further our ambitious economic objectives that will profoundly impact global commerce, invigorating ancillary sectors.
“As a group, we are committed to expanding our global footprint, creating value, driving economic diversification, and making a positive impact on the communities we serve. Through leveraging our collective expertise and resources, with a clear strategy for growth through integration and expansion, we can set new global benchmarks in operational excellence, digital innovation, and sustainable growth.”
Since 2019, India has held the position of the UAE’s second-largest trading partner, while the UAE has been the third-largest trading partner for India. In 2022, bilateral trade between India and the UAE surged to USD 85 billion, with a target of reaching USD 100 billion by 2030. Following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) on May 1, 2022, bilateral trade between the two nations experienced a notable increase of around 15 percent.
Saturday, April 27, 2024
Saturday, April 27, 2024
