Infrastructure Backers of $17bn project to rival Suez Canal to meet in Turkey By Pramod Kumar August 26, 2024, 4:13 AM Belga/Reuters Turkey, Iraq, Qatar and the UAE signed a preliminary agreement in April to cooperate on the Development Road project The four backers of the $17 billion Development Road project will meet this week in Turkey to advance the mega plan, a news report said. Turkey, Iraq, Qatar and the UAE signed a preliminary agreement in April to cooperate on the project, which was launched last year. “We are moving into a critical phase following the memorandum,” Daily Sabah newspaper reported, citing transport and Infrastructure Abdulkadir Uraloğlu. NewsletterGet the Best of AGBI delivered straight to your inbox every week The first summit, involving four ministers, will be held in Istanbul on August 29. Uraloğlu said the meeting will address “every detail” of the project, with key decisions expected to be made. The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. Turkish minister hints UAE and Qatar joining mega project Iraq plans oil exports via $17bn development road Middle East exports to rebound as Red Sea fears ease The minister said that the project is likely to make a substantial contribution to Turkey’s economic growth and regional development, leading to a new trade corridor between Asia and Europe. “The development road is not just a road to move goods or passengers,” Farhan Al Fartousi, director general of the General Company for Ports of Iraq, told the news agency last year when the plans were first revealed. “This road opens the door to the development of vast areas of Iraq.” The project is expected to be completed in 2029 if work starts in 2024, Fartousi said.
