January 6, 2021 | real estate

Daewoo E&C Lands US$2.6 Bil. Port Construction Project in Iraq


Daewoo Engineering & Construction (Daewoo E&C) has won a package deal worth US$2.62 billion to carry out follow-up work on the construction of Al Faw New Port in the southern Iraqi state of Basrah.

Daewoo E&C said on Jan. 4 that it signed a contract on the project with the Iraqi Port Authority on Dec. 30, 2020 (local time).

Daewoo E&C has been involved in the Al Faw New Port Development project, which is a large-scale project to develop a port for Basra State, which is the only region in Iraq that borders the sea. The Iraqi government plans to develop Al Faw Port into the world’s 12 largest ports by linking it with Turkey and other nearby countries.

The latest deal that Daewoo E&C has bagged is a follow-up order to the work carried out by the Korean builder. It involves five tasks –- the construction of the interior wall of a container terminal; dredging and reclamation work for the container terminal; a road between Al Faw and Umkasr; a main road to the new port; and Kor Al-Jubair Immersed Tunnel.

Including the latest contract, Daewoo E&C has won a total of 10 construction projects worth 4.1 trillion won related to the Al Faw New Port Development project.

“We could clinch the deal as the client highly recognized our technology and field management capabilities shown in our previous projects,” a Daewoo E&C official said. “The deal is highly profitable as we won it through a private contract.”

Daewoo E&C will also actively participate in the port hinterland development project expected to be implemented in the future. The Iraqi government plans to link the new port to Turkey and other neighboring countries. Industry experts predict that the port project will be followed by large-scale construction projects to build railways, a dry bulk terminal, a hinterland complex and a naval base in the future.

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