Turkey is set to host a summit on Thursday, August 29, in Istanbul, with representatives from Iraq, Qatar, and the United Arab Emirates to discuss a multi-billion dollar project aimed at connecting Iraq’s Basra Port on the Arabian Gulf to Turkey.
Turkish Minister of Transport and Infrastructure, Abdul Qadir Oural Oglu, announced that “significant decisions” are expected during the meeting, in statements to the Turkish official channel TRT.
Qatar and the UAE are considered potential investors in the project, which is valued at $20 billion and was formalized during Turkish President Recep Tayyip Erdogan’s official visit to Baghdad in April.
The project aims to link the Al Faw Port in Basra to Turkey through a 1,275-kilometer road and railway network.
This ambitious infrastructure project could transform Iraq into a major transit hub, reducing transport times between Asia and Europe and potentially competing with Egypt’s Suez Canal.
Iraqi Prime Minister Mohammed Shia al-Sudani noted that the project includes the construction of a railway line capable of handling 3.5 million tons in the first phase and 7.5 million tons in the second phase.
Additionally, a highway and energy pipelines are planned. Abu Dhabi Ports Group has signed a preliminary agreement with the Iraqi Ports Company to develop the city of Al Faw and its economic zone.
Iraq hosts about 10 percent of the world’s oil reserves and accounts for 5 percent of global production. The Iraqi government believes that once completed, the project will significantly reduce the cost of trade between China and Europe.
