Iraq is about to establish a private company for the development road project.
Iraq is about to establish a private company for the development road project.
2025-03-20 05:49
Shafaq News/ The Supreme Committee for Monitoring the Implementation of the Development Road Project discussed, on Thursday, the establishment of a company specializing in this project.
This came during Prime Minister Mohammed Shia al-Sudani’s chairing of the committee’s regular meeting, attended by the Ministers of Transport and Industry, the Chairman of the Investment Commission, the Chairman of the Iraq Development Fund, the Director General of Ports, and representatives from Oliver Wyman, which is providing consulting services for the project.
A statement issued by Al-Sudani’s media office stated that the meeting reviewed the project’s latest developments, including its progress in all its details. The meeting also discussed the establishment of a private company for the project, the conflicts affecting the progress of the railway and the highway, the designs of which have been completed, and the progress made in expropriations, antiquities, and the treatment of minefield remnants.
The meeting reviewed the Grand Faw Port project and its key developments, such as the submerged tunnel and container yard. A vision was presented regarding the port’s expected imports over the coming years, in addition to discussing insurance and maritime services costs, according to the statement.
The meeting also discussed identifying and prioritizing economic opportunities for the financial model, as well as the investment zones that will be offered for investment along the development path.
In April 2024, Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdoğan.
The agreement aims to enhance cooperation regarding Iraq’s strategic development project, as the four countries will work to establish the necessary frameworks for its implementation, according to a statement issued by the Prime Minister’s Office.
The strategic development road project is expected to contribute to stimulating economic growth and strengthening regional and international cooperation, achieving economic integration and sustainability between East and West.
The project will also increase international trade, facilitate the movement of goods, provide a new competitive transportation route, and enhance regional economic prosperity.
It’s worth noting that the “Development Road” project is a land and railway route extending from Iraq to Turkey and its ports. The road and railway span 1,200 kilometers within Iraq and are primarily intended to transport goods between Europe and the Gulf states.
The project’s investment budget is approximately $17 billion, including $6.5 billion for the expressway and $10.5 billion for the electric train. It will be completed in three phases, the first of which will end in 2028, the second in 2033, and the third in 2050.
The project is expected to provide approximately 100,000 job opportunities in the first phase, and one million job opportunities upon completion.
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