Iraq signs multi-million dollar deal to modernize Basra’s Maqal Port
NAWAH-led consortium will invest more than US$14 million to enhance container handling capabilities of neglected Iraqi port
Iraq’s Ministry of Transportation and the General Company for the Ports of Iraq have agreed a multi-million dollar deal with a consortium led by North America Western Asia Holdings (NAWAH) to modernize Basra’s Maqal Port.
Under the 10-year agreement, the American company will invest more than US$14 million to bring both heavy-lift crane and container handling capabilities to the 93-year-old port. NAWAH will also build a modern container yard adjacent to the port’s berth 14, which like much of the port has been neglected during years of war and sanctions in Iraq.
“The speed at which Iraq can rebuild and become prosperous is greatly dependent upon the capacity of its ports,” said Paul Brinkley, NAWAH’s president and CEO.
“The modernization of Maqal Port is an important step in helping Basra regain its status as a key regional trading hub.”
Nawah will partner with New Jersey-based Triton Container International Ltd. and Chicago’s Marmon Crane Services to execute the project.
“Modernizing Maqal Port is one step in Iraq’s greater vision to improve and expand our country’s shipping and port capabilities,” said Hadi Al-Amiri, Iraq’s minister of transportation.
“Having an American company like NAWAH commit to our country’s long-term economic growth sends a strong message to other American and international investors that Iraq is truly ripe for investment.”