Iraqi Transport Minister arrives in Istanbul for "significant decisions" on $20B Road Project

Shafaq News/ On Wednesday, Iraq's Transport Minister Razzaq Muhibis Al-Saadawi arrived in Istanbul to attend a four-party ministerial meeting on the Iraqi Development Road Project, a multi-billion-dollar initiative designed to connect “the Iraqi port of Basra on the Persian Gulf to Turkiye and beyond.”

Al-Monitor news website's report said on Saturday the meeting will take place on Aug. 29 at the Dolmabahce Palace in Istanbul, which once served as the residence of the Ottoman Empire's last sultans. Ministers from Turkiye, Iraq, Qatar, and the UAE are expected to discuss the next steps for the project.

Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu, who will host the talks, affirmed the meeting would involve "significant decisions" regarding the project, with Qatar and the UAE considered potential investors in the initiative, according to the report.

The project, formally launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is estimated to be worth around $20 billion. It includes “a 1,275-kilometer (792-mile) rail and road network,” designed to facilitate the movement of goods between Europe and the Gulf region.

“Iraq is home to roughly 10% of global oil reserves and accounts for 5% of global production. Energy will hence play a pivotal role in the scheme.” Iraqi officials believe the project could dramatically reduce the cost of trade between China and Europe.

The project’s investment budget is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion for the electrified railway. It will be implemented in three phases, with completion dates set for 2028, 2033, and 2050.

The Development Road Project is expected to create 100,000 jobs in its first phase and up to one million jobs once completed.