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Iraq’s Transport Minister Razzaq Muhaibis Al-Saadawi said on Tuesday that the government will present the techno-economic study for the 1,200-kilometre (km) Development Road project to Gulf investors and Turkey in a ministerial meeting next month.
The study, prepared by U.S.-based consultancy Oliver Wyman, includes a comprehensive financial and economic model for the multi-modal corridor, which stretches 1,200 km from Al-Faw to the Turkish border. It outlines investment opportunities and proposes the establishment of industrial cities along the route.
“The ministerial meeting with the UAE, Qatar, and Turkey in mid-October will discuss the investment opportunities and funding mechanisms,” Al-Saadawi said during a panel discussion at the Global Rail event in Abu Dhabi.
“Oliver Wyman has identified eight key sectors for investment: agriculture, industry, trade, tourism, energy, logistics services, and telecommunications,” he said.
The minister emphasized that the Iraqi government, under Prime Minister Mohammed Shiaa Al-Sudani, is actively working to streamline procedures for investors. A new independent authority is being proposed for Development Road, which will work with the Prime Minister’s Office. This body will function as a ‘mini-cabinet’ with the mandate to simplify investment processes and eliminate bureaucratic hurdles.
The Development Road is a cornerstone of Iraq’s strategy to position itself as a regional logistics hub, linking the Gulf to Europe via Turkey and onwards to Europe.
(Reporting by Majda Muhsen; Editing by Anoop Menon) (anoop.menon@lseg.com)
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