Gulftainer II

completed

The Project, also referred to as the Umm Qasr Logistics Center (“UQLC”), involves the development, construction and joint-operation with the Iraqi Ports Authority (IPA) of an inland container depot and logistics center on a 750,000 m2 plot of land a short distance from Gulftainer’s existing container and cargo terminal operations at Umm Qasr Port. The Logistics Center will be fully secure and will encompass the entire range of logistics and freight forwarding services, an inland container depot, cold stores and areas to be utilized by other major logistics providers. The UQLC is located outside of the security fence of the port northward on a surface area of 75 ha. There is no community population within immediate surroundings of the facilities. Ground preparation and engineering design for the Project have begun and operations are expected to commence in the 3rd quarter of 2012. UQLC will effectively serve as an extension of the Umm Qasr Port operations, and Gulftainer would be the only company with such a facility that would also contain customs clearance facilities. The Project is being implemented under a 10 year concession that is being is expected to cost approximately US$ 40 million and is intended to cater towards the significant amount of economic activity that is currently taking place and is expected to continue over the next several years as Iraq continues to develop its substantial hydrocarbon reserves. In addition, the Project will also benefit from the increased container traffic and non-containerized cargo that is expected to be handled by the Umm Qasr Port as the rebuilding of Iraq gains momentum.