16 companies have recently bid to build a breakwater for the $6 billion first phase of the Grand Fao port in the south of Iraq.
Major industry names like Hyundai Engineering & Construction, Daewoo Engineering & Construction Co., Dredging International, China Communications Construction Co. and Al Habtoor Leighton Group are among the bidders for the $412 million breakwater. Brazilian, Turkish, Italian, Ukrainian, Jordanian and Iraqi companies have submitted bids as well.
Results will be made public after a two-month evaluation of the entries. Additionally, the government will finance construction of the breakwater.
The Grand Fao port will have a capacity of more than 30 ships and will provide at least 100,000 jobs, explained a representative from the State Company for Iraq’s Ports. Iraq also holds the world’s fifth-largest crude deposits including Canadian oil sands, according to data from BP.
The government is trying to attract foreign investment and skill to help rebuild the infrastructure and increase energy exports to resuscitate an economy suffering from conflict and sanctions, among other issues.