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Iraq, Turkey, UAE, Qatar..Important meeting to discuss "development path"
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Economy News - Baghdad
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Added 08/29/2024 - 10:27 AM
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Economy News - Baghdad
Istanbul is hosting an international summit on Thursday, bringing together officials from Turkey, the UAE, Iraq and Qatar, to discuss the “Development Road” project, which aims to link the Iraqi port of Basra on the Arabian Gulf to Turkey and beyond.
The ministers from these countries are scheduled to meet at the presidential office in Istanbul's Dolmabahce Palace, where "important decisions" will be made on the ambitious project, estimated to have investments of around $20 billion, according to Turkish state broadcaster TRT, which said the UAE and Qatar were potential investors in the project.
The project was previously approved during Turkish President Recep Tayyip Erdogan’s official visit to Baghdad in April and will connect the Faw Port in Basra, which is still under construction, to Turkey via a 1,275-kilometre (792-mile) road and rail network.
Abu Dhabi Ports Group has signed a preliminary deal with the General Company for Iraqi Ports to develop the Faw Port and its planned economic zone.
Abu Dhabi Ports Group has signed a preliminary deal with the General Company for Iraqi Ports to develop the Faw Port and its planned economic zone.
In April, a four-way memorandum of understanding was signed between the UAE, Iraq, Turkey and Qatar to cooperate on the “Strategic Development Road” project.
Iraq holds about 10 percent of the world’s oil reserves and accounts for 5 percent of global production. The Iraqi government believes that once the project is completed, it will significantly reduce the cost of trade between China and Europe, as it is expected to transform Iraq into a major transit hub, helping to reduce transportation times between Asia and Europe.
Iraq holds about 10 percent of the world’s oil reserves and accounts for 5 percent of global production. The Iraqi government believes that once the project is completed, it will significantly reduce the cost of trade between China and Europe, as it is expected to transform Iraq into a major transit hub, helping to reduce transportation times between Asia and Europe.
Iraq is counting on the development road, known locally as the “dry canal,” to link Asian and European markets via the Grand Faw Port in Basra Governorate (south), then the dry canal that starts from the port in the south and ends at the Iraqi-Turkish border in the north. The project is scheduled to be completed in 3 phases, the first ending in 2028, the second in 2033, and the third in 2050.
Views 67
Added 08/29/2024 - 10:27 AM
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