{"id":80737,"date":"2024-09-02T00:00:00","date_gmt":"2024-09-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/02\/work-on-usd-20-bn-gcc-europe-trade-route-to-begin-in-mid-2025\/"},"modified":"2024-09-02T00:00:00","modified_gmt":"2024-09-02T00:00:00","slug":"work-on-usd-20-bn-gcc-europe-trade-route-to-begin-in-mid-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/09\/02\/work-on-usd-20-bn-gcc-europe-trade-route-to-begin-in-mid-2025\/","title":{"rendered":"Work on USD 20 bn GCC-Europe trade route to begin in mid-2025"},"content":{"rendered":"

Work on a <\/strong>USD 20 bn regional trade route<\/a><\/strong> connecting the Gulf to Europe <\/strong>through Iraq will start in mid-2025<\/strong>, INA<\/a> reported on Thursday, citing statements by Iraq\u2019s Transport Minister Razzaq Al Saadawi during a press conference in Istanbul. <\/p>\n

ICYMI- <\/strong>Al Saadawi\u2019s statements come after a quadripartite meeting<\/a> between counterparts from Turkey, Qatar and the UAE on updates on the planned project which is set to facilitate trade movement between the two regions via road and rail. The meeting in Turkey was the first since Turkish President Recep Tayyip Erdogan visited Baghdad in April for the first time in over a decade.<\/p>\n

Background:<\/strong> The UAE, Iraq, Turkey, and Qatar signed a <\/span>preliminary agreement<\/a> in April to work together on the Road Development project in Iraq, which aims to connect a significant commodities port on Iraq's southern coast \u2014 the Grand Faw Port \u2014 to Turkey's border via rail and road networks. The Iraqi Transport Ministry <\/span>inked an agreement<\/a> in July with consulting firm Oliver Wyman to help market the project, supervise investments, and provide economic advisory services for strategic government projects.<\/span><\/p>\n

Ironing out the details: <\/strong>\u201cThe first phase of the strategic Road Development project will be implemented in mid 2025 after finalizing detailed designs for the project,\u201d Al Saadawi said. He said the project\u2019s railway track was 100% complete, while the expressway was 75% complete. <\/p>\n

A topographic survey for the project was also finalized, he added.<\/p>\n

Benefit for all: <\/strong>The project will help ensure a strong economy and diversified revenues for Iraq, serving the whole region and the world, Al Saadawi said. He said work on completing the requirements for the project between the four parties was going well. \u201cThe Road Development project will support the sustainability of global trade by diversifying international trade corridors,\u201d Bloomberg<\/a> reported, citing statements by Turkey\u2019s Transportation Minister Abdulkadir Uraloglu to TRT television on Friday. \u201cTurkey will strengthen its economic and strategic advantages by creating a reliable and effective trade corridor between Asia and Europe,\u201d Uraloglu added.<\/p>\n

What\u2019s next: <\/strong>The next quadripartite meeting will be held in Baghdad within two months, Al Saadawi said, without providing further details. <\/p>\n

IN PORT NEWS- <\/p>\n

I<\/strong>raq is looking to increase the handling capacity at Umm Qasr port to 1.5 mn <\/strong>containers annually<\/strong> on the back of a sector overhaul by the country\u2019s transportation ministry, INA<\/a> reported. \u201cThe Umm Qasr port will be expanded with additional phases under a plan to raise its capacity to 1.5 mn containers annually. The plan will also include oil ports and smaller ports\u2026,\u201d Iraq Railways Company Director General Yunus Jawad told INA. The national railway operator would need USD 3 bn to upgrade and develop its railways in line with the country\u2019s Iraq Road Development project. Part of the funds would be acquired through loans from the World Bank while the remainder would be financed from the federal budget, Jawad said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The next quadripartite meeting will be held in Baghdad within two months<\/p>\n","protected":false},"author":1,"featured_media":80738,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[35,134,153,32,231,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-iraq","tag-projects","tag-qatar","tag-trade","tag-turkey","tag-uae","wpautop","entry"],"acf":{"mongo_id":"637ae10f-0018-4b11-aad0-69491ca35bde","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/61.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Work on USD 20 bn GCC-Europe trade route to begin in mid-2025","related_issue":[80730],"teaser":"The next quadripartite meeting will be held in Baghdad within two months","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.54d7d9b3-5281-407c-8b30-e00edcae2a3e.mp3"},"yoast_head":"\nWork on USD 20 bn GCC-Europe trade route to begin in mid-2025 - 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