ADQ mulls financing for railway over iconic Bosphorus strait: Abu Dhabi sovereign wealth fund ADQ and Turkey are holding talks over a proposed railway transiting Istanbul’s Yavuz Sultan Selim suspension bridge which links the Asian and European sides of the city, Bloomberg cites Turkish officials familiar with the talks as saying. The railway would come as part of a larger corridor linking the Middle East with Europe and Asia, according to Bloomberg.

Is that you, Development Road? Turkey has been working to ramp up efforts to gather support for Iraq’s USD 17 bn Development Road logistics corridor, which it paints as a better alternative to the US-backed IMEC corridor that posits routes bypassing Turkey. The country has also been pursuing a logistics corridor connecting it with Azerbaijan and markets in Central Asia.

The proposed railway could supply a strategic link between Europe and Asia: Turkey is angling to leverage its strategic position at the junction of Europe and Asia to become a crucial partner in a trade corridor linking China, the Middle East, and Europe.

Newfound friends: The move is one of several proposed investments by the UAE in Turkey following the thawing of relations between Ankara and the GCC following a yearslong rift, Bloomberg added. The UAE hopes to see its bilateral trade with Turkey top USD 40 bn by 2030, with energy, logistics, tourism, and agriculture among “key sectors” attracting the interest of UAE investors, an Emirati official told Bloomberg.

Is a link between Turkey and the GCC also in the works? The country has broader plans that will see it connecting its railway and highway networks with the GCC, with more infrastructure projects to follow, Bloomberg cites the officials as saying.

REMEMBER- The UAE is also expected to play a big role in the Iraqi project, with Emirati officials holding frequent talks with Iraqi counterparts to discuss contributions and investments in the project.

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