Investment in New Container Port at Umm Qasr

The General Company of Iraqi Ports is seeking investment in the new container port in Umm al-Qasr, in Iraq’s southern province of Basra, according to a report from AK News. “The international and local companies that have shipping lines specialized in container transportation must offer their investments to create, manage and operate the new containers port in Umm Qasr, that includes four berths for the containers,” Anmar al-Safi, the director of media in Iraqi ports directorate said on Tuesday. Today the new investment plan for the project was published. Well studied conditions were set by the Iraqi side, the most prominent is that the investment period shall not be of more than thirty years, and that the construction and installation of plant must not take more than three years. The last investment for Iraqi ports was the contract signed with Gulftainer UAE for the management and operation of two berths at Umm Qasr port (south of Basra), valued at 500 million US dollars for three years, and this project will be completed in eleven months.

A spokesman from A.A.I.B. Insurance Brokers, specialists in Iraq observed; it really is important that Iraq continues to make steady progress in strengthening the economic capacity of the country.  Part of this progress must include modernization and expansion of its port infrastructure and facilities as these are key elements in helping to deal with the growing level of trade that is foreseen. Increased oil exports, growing volumes of international trade and handling the materials needed for multi sector investments in the country will all put pressure on Umm Qasr Port.

As the new Container Port at Umm Qasr example shows, projects of this nature can reach many millions of dollars in value and so will definitely need comprehensive risk management and insurance programmes putting in place. Insurances would need to consider the interests of different stakeholders involved in a project, including the various companies involved, the project owners, operators,  financiers, contractors and sub contractors, governments and local authorities.

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