Baghdad, April 22 (QNA) - The State of Qatar has signed a Memorandum of Understanding (MoU) for joint cooperation on the Development Road Project and the development of Al Faw Port between the governments of the Republic of Iraq, the United Arab Emirates (UAE), and the Republic of Turkiye, which are the Participants of this leading project, in the presence of HE Prime Minister of the Republic of Iraq Muhammad Shia Al Sudani and HE President of the Republic of Turkiye Recep Tayyip Erdogan.
The MoU was signed by HE Minister of Transport Jassim bin Saif Al Sulaiti, HE Minister of Transportation in the Republic of Iraq Razzaq Muhibis Al Saadawi, HE Minister of Energy and Infrastructure of the UAE Suhail bin Mohamed Al Mazrouei, and HE Minister of Transport and Infrastructure of the Republic of Turkiye Abdulkadir Uraloglu.
The MoU aims at supporting economic integration among these countries, connecting the East with the West, and enhancing global trade between the countries and world countries. The "Development Road" represents a comprehensive strategic project that meets the ambitions of the participants to promote ties through the commercial exchange, industrial projects, and multiple and diverse transport lines.
The project is to create a land route and railway extending from Iraq to Turkey and its ports. The road and the railway are 1200 kilometers long inside of Iraq for the transporting of goods between Europe and the Gulf countries. The projects investment budget stands at roughly $17 billion. The project is to be carried out in three phases; the first to be completed in 2028, the second in 2033, and the third in 2050. (QNA)