North America Western Asia Holdings announced that it has entered a formal agreement with Iraq’s Ministry of Transportation and the General Company for the Ports of Iraq to modernize Maqal Port, a historic port located in Basra’s urban center on the Shatt al Arab waterway.
As part of the agreement, the American company will invest more than $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. The company’s agreement with GCPI will extend 10 years.
“ 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 .”
With Umm Qasr Port, Iraq’s only other modern port, some 40 miles away from downtown Basra, this venture will provide a full spectrum of companies representing Basra’s merchant community and industrial base with close, convenient accessibility to a world-class, containerized berth.
“ 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 .”
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Press Release, October 3, 2012