Monday 20 May 2024

A road project (representative image)

UAE, Iraq, Türkiye, Qatar sign $17bn road development project

DUBAI, 26 days ago

The UAE, Iraq, Qatar and Türkiye, have signed an agreement for a strategic road project that is designed to bolster economic growth and promote regional and international cooperation by fostering economic integration, a report said.

The quadrilateral Memorandum of Understanding for cooperation on the road development project was signed on April 22, in the presence of Iraq's Prime Minister Muhammed S Al Sudani and President of Türkiye Recep Tayyip Erdoğan, Emirates News Agency, WAM, said.

The MOU was signed by Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei, Iraq's Minister of Transport Razzaq Muhibis, Türkiye’s Abdulkadir Uraloğlu, and Qatar's Minister of Transport, Jassim bin Saif Al Sulaiti.

"The outlines for the framework of implementing the Development Road project aim to stimulate economic growth and enhance regional and international cooperation through economic integration. It seeks to create a sustainable economy bridging East and West, increase international trade, facilitate movement and commerce, establish a new competitive transport route, and bolster regional economic prosperity,” said a statement from the PM Office.

The $17 billion project aims to create a land route and railway extending from Iraq to Turkiye and its ports.The road and the railway within Iraq are 1,200km long for the transport of goods between Europe and the Gulf countries. 

The project is expected to be carried out in three phases; the first to be completed in 2028, the second in 2033, and the third in 2050, a Qatar Ministry of Transport statement said.


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