Iraq has agreed with a well-known Dutch company to construct a shipyard to build vessels within post-war development plans, the official Alsabah daily said on Sunday, 

The General Company for Ports of Iraq, a subsidiary of the Transport Ministry, has reached agreement with Damen Group to build a “shipbuilding and maintenance city” in Umm Qasr port in the Southern Basra Governorate, the paper said, quoting the Company’s General Manager Farhan Al-Fartousi. 

“We have drawn up plans to invest in ports and shipbuilding…we have agreed with Damen Group to cooperate in setting up such projects, mainly a shipbuilding city and quays in Umm Qasr Port,” he said. 

Fartousi did not make clear if Iraq has signed a contract with Damen and whether the project would be a joint venture. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021