Iraq has almost completed a key phase of the Grand Faw Port project which was launched three years ago and is slated to be one of the world’s largest container terminals.

In statements published on Tuesday, Iraq’s Transport Minister Razzak Al-Saadawi said the Port in South Iraq would support bids for stronger economic integration with neighbouring Gulf oil producers and other countries in the region.

“We are about to complete a significant stage of the construction of Grand Faw Port…this Port will constitute an important part of the Development Road planned by Iraq,” Saadawi said after meeting the head of the Saudi Ports Authority Omar Hareeri in the Western Saudi Red Sea port of Jeddah.

In his remarks, published by Aliqtisad News and other Iraqi networks, Saadawi said Iraq would work for a “formula of economic integration” with the six-nation Gulf Cooperation Council after Faw Port and the Development Road are completed.

In a recent report, the Iraqi Planning Ministry said Phase 1 of Faw Port would be finished in early 2025 and it will be initially handle 20-45 million tonnes of cargo per year.

Phase 1 comprises quays and canals at a cost of around $4.7 billion and the port will be able to handle 99 million tonnes after it is fully completed.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)