King Salman bin Abdulaziz of Saudi Arabia has laid the foundation stone for the Arar Port Development Project, a mega-development that straddles the Saudi and Iraqi borders.
The port will be developed over an area of 1,666,771 square meters, almost the same size as the Principality of Monaco, with a total value of AED 254-million (US $69-million).
Arar Project will include a logistic zone that will serve as the Kingdom’s Northern Economic gate, connecting the Kingdom with Europe and Asia, boosting trade relations between Saudi Arabia and Iraq, and attracting local and regional investments.
It is also expected that this logistic zone will attract qualitative industrial investments that will further enhance the Kingdom's economic position, according to a statement from the Saudi Arabian government.
Arar port development project will revamp and establish customs & immigration offices at both the Saudi and Iraqi borders to better serve the passengers, administrative buildings for security sectors, and other customs related buildings.
A new trade route network will also be established in accordance with the latest international specifications linking the zone’s facilities, which will further boost the trade exchange and economic relations between the two countries.
Arar project is expected to generate massive economic opportunities, valuable employment offers for Saudis thus serving as a hub for innovation, creativity, investment and motivation.