Latest news with #DevelopmentRoad
Iraqi News
22-05-2025
- Business
- Iraqi News
Iraq makes great progress in Al-Faw Grad Port's underwater tunnel
Baghdad ( – The General Company for Ports of Iraq (GCPI) declared substantial progress on Wednesday in the construction of the submerged tunnel as part of the Al-Faw Grand Port project. This milestone was highlighted by completing the installation of the third concrete section, which was one of the project's most sensitive engineering stages, demanding extreme accuracy and excellent technical coordination, according to a statement released by the GCPI. GCPI's director, Farhan Al-Fartousi, stated that the third section has been precisely positioned in the waterway. The installation of the third concrete section was completed in approximately four to five hours, bringing the total length of the structure under the Khor Al-Zubair Channel to 567 meters, as stated by Al-Fartousi. The water level above the third segment is expected to reach approximately 15 meters, demonstrating the process's effectiveness in achieving the specified design depth in line with the technical standards required for submerged tunnels. The underwater tunnel forms part of the new highway being built to link the Al-Faw Grand Port to Umm Qasr Port and the existing transport network, including Iraq's strategic project of the Development Road. The Iraqi Minister of Transport, Razzaq Al-Saadawi, revealed in March that the first phase of the Al-Faw Grand Port will be completed by the end of 2025. The first phase of the project consists of five piers, which have been completely finished; a 62-kilometer road that connects the Al-Faw Grand Port to Umm Qasr port city; a 2,400-meter-long submerged tunnel; a ship canal; and a container yard, according to the Iraqi News Agency (INA). The Al-Faw Grand Port is located on the Khor Abdallah Channel, near the mouth of Shatt Al-Arab. According to Maritime Gateway News, the five container shipping berths, which have been constructed by Daewoo E&C, a company located in South Korea, can each hold ships up to 23,000 twenty-foot equivalent units (TEU). With 100 berths and the capacity to handle 7.5 million TEU annually, the Al-Faw Grand Port is expected to surpass Dubai's 67-berth Jebel Ali as the largest container port in the Middle East when finished in 2038. Four million TEU of containers may be handled annually by the port's first phase, which is anticipated to be finished in 2028. The $7 billion logistics project, which connects Basra to Turkey via an overland route, will compete with Egypt's Suez Canal and establish Basra as a gateway to Europe. The Development Road is a strategic initiative aimed at connecting Asia and Europe via gas and oil pipelines, train networks, and highways.
Iraq Business
21-05-2025
- Business
- Iraq Business
Iraq Completes First Section of Development Road
By John Lee. The General Company for Ports of Iraq (GCPI), has announced the completion of the first section of the Development Road Project, linking the Al-Faw Grand Port to Umm Qasr. According to the Ministry's media office, the 62-km road consists of three lanes designated for heavy trucks and cargo, and is equipped with a high-standard safety wall to ensure smooth and secure transportation. The completed segment stretches from the Grand Al-Faw Port to the submerged tunnel over 51 km, followed by an additional 11 km extending to the main road toward Safwan. The project includes two major bridges-805 metres and 300 metres long-and is equipped with solar-powered lighting to ensure sustainable energy and modern technology use. This segment marks the first phase in executing the Development Road, a strategic initiative designed to link Iraqi ports with land borders and enhance transport infrastructure nationwide. The Al-Faw Grand Port, located on the Al-Faw Peninsula in Basra, is a cornerstone project intended to transform Iraq into a regional trade hub through integration with global transport networks. The port's projected capacity of 99 million tonnes annually positions it among the largest in the Arabian Gulf and tenth worldwide. In 2024, the Ministry of Transport received the five-berth project at the port, with other infrastructure components advancing steadily. The submerged tunnel is in the concrete segment alignment stage at Khor Al-Zubair, container yard completion has surpassed 90%, and channel dredging continues. The first phase of the Al-Faw Grand Port is expected to be completed by the end of this year. (Source: Ministry of Transport)
Zawya
19-05-2025
- Business
- Zawya
Iraq reports completion of part of 'Development Road'
Iraq has completed the first section of the Development Road project and started the handover process, the General Company for Ports of Iraq (GCPI) has announced. Company Director Farhan Al-Fartousi said the road is being built with three lanes designated for heavy trucks and cargo. 'The first section of the road stretches from Grand Al-Faw Port to the submerged tunnel, covering 51 kilometres (km), and then continues from the tunnel to the main Safwan road for an additional 11km, bringing the total length of this segment to 62 km,' he said, quoted by Shafaq News and other Iraqi outlets on Sunday. The project includes two major bridges—one measuring 805 metres and the other 300 metres in length, he noted. The road will also be equipped with a solar-powered lighting system implemented by South Korea's Samsung company, aimed at providing sustainable energy and advanced technology, he added. Last month, Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu announced that Ankara intends to finalise an agreement with Iraq 'very soon' on the Development Road project. The Grand Al-Faw Port is a strategic megaproject located on Al-Faw Peninsula in Basra province, southern Iraq. It aims to transform the country into a regional trade hub by connecting it to global transport networks. The port project is estimated to cost around $4.6 billion and spans 54 square km. It is expected to have a capacity of 99 million tonnes annually, positioning it among the largest ports in the Gulf and the tenth largest globally. (Writing by Nadim Kawach; Editing by Anoop Menon)
Shafaq News
18-05-2025
- Business
- Shafaq News
From rhetoric to reality: Iraq's economic ambitions following Arab League summit
Shafaq News/ Iraq used the Arab League summit in Baghdad to reinforce its bid for regional economic integration and foreign investment, a senior official said. Mudhir Mohammed Salih, economic adviser to Prime Minister Mohammed Shia al-Sudani, described the summit as a 'strategic opportunity' to signal Iraq's political and economic stabilization. 'It marked a shift from crisis management to development-focused diplomacy,' he told Shafaq News. Salih identified the $17 billion Development Road project, a 1,200-kilometer trade corridor linking the Grand Faw Port in southern Iraq to the Turkish border, as a pillar of Iraq's economic transformation. He also cited momentum for economic coordination with neighboring states, including Jordan, Egypt, and Iran, calling the summit 'a launchpad for cross-border investment dialogue.' Despite the high-level push, Iraq's investment performance remains relatively low. According to the World Bank, the country recorded a net foreign direct investment (FDI) outflow of $5.27 billion in 2023, driven by 'legal uncertainty and security risks.' 'Iraq is making the right overtures, but talk alone won't unlock capital,' said Ranj Alaaldin, a fellow at the Middle East Council. 'Investors need legal predictability, regulatory enforcement, and protection mechanisms.' Iraq's energy sector constraints only add to the issue. More than 50% of electricity generated is lost in transmission, according to the International Monetary Fund (IMF), amid Iraq's heavy dependency on Iranian electricity imports, a vulnerability heightened by the expiration of US sanctions waivers in early 2025. 'These deficits directly limit industrial productivity and undermine long-term competitiveness,' the IMF noted in its May 2025 review. While the Arab League summit did help Iraq in its economic project, experts remain skeptical of near-term results, arguing that regional visibility must now be matched by measurable reforms in infrastructure and market regulation.
Shafaq News
17-05-2025
- Business
- Shafaq News
Iraq's Development Road +$4B trade corridor finalized
Shafaq News/ Iraq completed the first section of the Development Road project and began the handover process, the General Company for Ports announced on Saturday. Company Director Farhan Al-Fartousi told Shafaq News that the road is being built with three lanes designated for heavy trucks and cargo. 'The first section of the road stretches from Grand Al-Faw Port to the submerged tunnel, covering 51 kilometers, and then continues from the tunnel to the main Safwan road for an additional 11 kilometers, bringing the total length of this segment to 62 km,' he explained. The project includes two major bridges—one measuring 805 meters and the other 300 meters in length. The road will also be equipped with a solar-powered lighting system implemented by Samsung, aimed at providing sustainable energy and advanced technology. Last month, Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu announced that Turkiye plans to finalize an agreement with Iraq 'very soon' on the Development Road project. The Grand Al-Faw Port is a strategic megaproject located on Al-Faw Peninsula in Basra province, southern Iraq. It aims to transform the country into a regional trade hub by connecting it to global transport networks. The port project is estimated to cost around $4.6B and spans 54 square km. It is expected to have a capacity of 99M tons annually, positioning it among the largest ports in the Gulf and the tenth largest globally.
