Skip to content Skip to Search
Skip navigation

Turkish minister hints UAE and Qatar joining mega project

By Pramod Kumar
Turkish minister Abdulkadir Uraloglu said the Development Road project is in the final stages Abdulkadir Uraloglu/X
Turkish minister Abdulkadir Uraloglu said the Development Road project is in the final stages

The United Arab Emirates (UAE) and Qatar are considering joining the mega Development Road project, which will link southern Iraq to Turkey, a senior Turkish minister has said. 

“We will implement the project hopefully, in collaboration with Iraq. The UAE and Qatar also seem to be interested in this process,” transport and infrastructure minister Abdulkadir Uraloglu told Anadolu Agency, Turkey’s state-run news agency.

The minister said the project is in the final stages, adding that the investment will be around $15 billion.

“When we transfer cargo from the sea route to the railway here, we will be able to reach every corner of Europe by railway or ensure re-transfer from any port in Turkey to the sea,” he added.

In September 2023, Turkish President Recep Tayyip Erdoğan lauded plans for a $17 billion infrastructure and transportation project linking southern Iraq to Turkey as an opportunity to “build a new world.”

The Development Road project will link Grand Faw Port, a commodities port in Iraq, by rail and road to the border with Turkey. It will transform the country into a transit hub by reducing travel time between Asia and Europe in a bid to rival the Suez Canal.

The project was announced in May and is expected to be completed in 2025.

The corridor will pass through the Gulf countries and Iraq and go to Europe through Turkey, Daily Sabah newspaper reported citing an Erdoğan speech at the Concordia Annual Summit in New York.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]