Basra Provincial Council announced on Tuesday the formation of a group that includes 100 local businesses to invest in Faw Port "to preserve the sovereignty of Iraq".
Council member Walid Qitan said: "The efforts of businessmen in the province resulted in the cooperation of major public companies to invest in Faw Port in order to preserve the sovereignty of Iraq on this strategic link that will connect the Middle East and Europe in the future."
According to AKnews, a public company was established under the name of Basra National Group, which includes 100 businesses and is supported by Basra council to invest in the port with 51 percent of shares. Foreign companies wishing to invest in the port take 49 percent of shares.
Qitan added: "This project is the first of its kind to keep the Iraqi sovereignty and it will be followed in other Iraqi provinces."
Member of the founding committee of the company Ghazi Abbass Assad said: "The company includes businessmen and owners of capital in the province and its priorities will be working on the investment of Faw Port, as well as the implementation of the railway project that connects Basra to Turkey.
"The businessmen seek through this project to make Basra one of the best economic cities in the Middle East."
Assad added that five percent of the company's profits will be used to support the poor and needy in the province.
The Faw project will cost about $6.1 billion (7 trillion IQD) at an estimated capacity of 99m tonnes per year and will be one of the largest ports on the Gulf.
Faw is expected to include two berths for containers at a length of 39,000m and 2,000m. The port will also include a containers yard at a size of one million square meters as well as another multi-purpose yard covering an area of 600,000 square meters.
Iraq announced plans to build Faw in 2005 and the foundation stone was put in place in April 2010. This was a year before Kuwait announced plans to build its Mubarak Port on Bubyan island.