Economic Update – Baghdad
The Ministry of Transport has announced that the first phase of the Grand Port of Al-Faw is on track for completion by the end of this year, as stated by the ministry’s spokesman, Maitham Al-Safi.
Situated in the Faw Peninsula of Basra Governorate, the port project is valued at €4.6 billion and is designed to handle a capacity of 99 million tons annually, accommodating a variety of cargo. The initiative began with the foundation stone being laid on April 5, 2010, under the auspices of the then Iraqi Minister of Transport.
In an interview, Al-Safi highlighted that the Grand Port will encompass an area of 54 square kilometers, positioning it as the largest port in the Middle East. He also noted that a significant naval base will be associated with the port’s operations.
The initial phase of the project comprises five key components:
- Completion of five piers
- Establishment of a roadway connecting Umm Qasr to the 62-km stretch of Al-Faw Port
- Construction of an underwater tunnel
- Implementation of the marine channel
- Preparation of the trade exchange yard
As per the approved blueprint, the Grand Port of Al-Faw is poised to become the largest port in the Persian Gulf and rank among the largest ports globally. This project is expected to significantly alter global maritime transport dynamics, facilitating the movement of goods between China, Japan, and southeastern Europe through Iraq, enhancing trade routes worldwide.
It is worth noting that the Iraqi government initiated the project in 2010, marking the laying of its foundation stone in April of that same year at a projected cost of €4.4 billion.