Iraq’s US$ 17 bn road dev corridor to open soon

Iraq’s US$ 17 bn ‘Development Road’ project — which combines a 1,200-kilometre rail line with a parallel motorway stretching from the southern Faw Port to Turkey’s border — is set to reshape cargo flows between the Gulf and Europe. Nabil Al-Marsoumi, economics professor at Basra University, said, “As you know, the Development Road will create a land route to the Gulf….this will offer a much faster and more cost-effective alternative to sea travel.” Once operational in 2028 — the corridor is expected to significantly boost trade between Turkey, Iraq and Gulf states with Turkey positioned as the main beneficiary due to its strong export base. Turkish Transport Minister Abdul Qadir Oglu projected that bilateral trade with Iraq could rise from $20 bn to $30–40 bn annually. Iraq’s Transport Ministry said the project would generate annual revenues of at least $4 bn for shareholders, including Iraq, Qatar and the UAE.