Iraq, Turkey, UAE, Qatar sign agreement on Iraq’s $17bn Development Road project
Iraq, Turkey, the UAE, and Qatar signed on Monday a quadripartite agreement on Iraq’s Development Road project under the auspices of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Turkish President, Recep Tayyip Erdogan.
The Development Road project, valued at $17 billion, aims to create a strategic corridor that will connect the Al-Faw Grand Port in southern Iraq to Turkey’s border, extending a network of roads and railways. This initiative is designed to facilitate international trade, promote regional economic prosperity, and serve as a major transit route between Asia and Europe.
Under the agreement, the four countries will collaborate to develop the necessary frameworks for implementing the project. This includes the construction of a railway with an initial capacity of 3.5 million tons, with plans to increase this to 7.5 million tons in the second phase. The project also encompasses a highway for land transport, pipelines for energy, and the industrial city, which is expected to be one of the largest in the Middle East.
The project’s impact is anticipated to be substantial, providing a new competitive transport route, reducing travel time between Asia and Europe, and creating significant job opportunities in Iraq and the region. It is expected to stimulate economic growth and attract investments from regional and international players, with many Arab, regional, and European countries expressing interest in participating.
Iraq’s Prime Minister Al-Sudani emphasized the potential of the Development Road project, describing it as a global corridor for transporting goods and energy. The project will also strengthen Iraq’s position as a transit hub, competing with Egypt’s Suez Canal and fostering greater economic integration between the East and West.
With the agreement now in place, Iraq, Turkey, the UAE, and Qatar are poised to move forward with the project’s implementation, marking a new era of cooperation and development in the region. The Development Road project is expected to be a game-changer, significantly enhancing trade and connectivity across the Middle East and beyond.
