PM Al-Sudani targets Development Road Project hurdles

PM Al-Sudani targets Development Road Project hurdles
2025-01-22T11:43:51+00:00

Shafaq News/ On Wednesday, Iraqi Prime Minister, Mohammed Shia Al-Sudani, held the first 2025 regular meeting of the High Committee for the Development Road Project attended by representatives of Oliver Wyman.

According to a statement by the PM’s media office, Al-Sudani instructed state ministries and relevant institutions involved in the Development Road project to submit their data to consultancy firm Oliver Wyman to facilitate the creation of a comprehensive vision for the project.

Al-Sudani reviewed the latest progress on the Development Road project, including the status of the five major projects at the Grand Faw Port.

“He stressed the urgency of swiftly addressing challenges hindering the implementation of these projects to ensure adherence to the established timelines,” the statement added.

The prime minister also listened to a detailed presentation by the consultancy firm on the project's economic model and emphasized the importance of incorporating the latest advancements in technology and modern techniques.

“The meeting additionally featured a discussion of the project's security plan and a review of the outcomes from the recent four-way ministerial meeting attended by transportation ministers from Iraq, the UAE, Turkiye, and Qatar to deliberate on the Development Road initiative,” the statement concluded.

About Development Road Project

Iraq’s Development Road project, features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.

Iraq holds approximately 10% of global oil reserves and contributes 5% of global production. This strategic advantage is expected to enhance the project's impact on regional trade.

The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway.

In addition to transforming regional trade dynamics, the Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.

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