ERBIL, Kurdistan Region of Iraq – Iraq's Grand Faw Port project is expected to be completed by the end of the year, a top official involved in the project told state media on Sunday.

Head of the state-owned General Company for Ports of Iraq (GCPI) Farhan al-Fartousi confirmed to Iraqi state media that the Grand Faw Port project will be 100 percent completed by the end of this year.

Fartousi added that the company is aiming to finalize "the contracting process with partners to manage and operate" the port, adding that the official partners for this purpose will be revealed "within the next few months." 

The Grand Faw Port is a port on the Arabian Gulf that is under construction near the Iraqi city of Al-Faw.

It is part of the larger multi-billion dollar Development Road project initiative that aims to position Iraq as a strategic link connecting Asia to Europe. The development road is a railways, roads, ports, and cities project that is set to extend from the Grand Faw Port in southern Iraq to the Turkish border.

The port has garnered "significant international and regional interest" Fartousi said, adding that it is no longer a "simple or regional project but rather a strategic international project."

Fartousi announced on Saturday that "the leveling process for the second segment of the immersed tunnel as part of Al Faw Grand Port project" had been completed, adding that the tunnel will act as a "vital artery," connecting the Umm Qasr and Grand Faw ports.

The port sits on an area of 54 square kilometers, and upon completion, will have a total capacity of 25 million containers per year and 55 million tons of bulk goods, according to the project's official website.