Kuwait Encouraged to Invest in Iraq’s Development Road Projects
On Sunday, Prime Minister Muhammad Shi’a Al-Sudani urged the State of Kuwait to engage in significant development road projects across Iraq. This request was made during a meeting held in Baghdad with the Ambassador of Kuwait to Iraq, Hassan Muhammad Al-Zaman.
During the discussions, Prime Minister Al-Sudani emphasized the longstanding and robust relations between Iraq and Kuwait while highlighting the necessity to strengthen and expand ties across various sectors. He expressed a strong desire to enhance bilateral cooperation in multiple areas, showcasing the region’s potential and favorable investment climate for Arab and foreign enterprises, including Kuwaiti companies.
The Prime Minister’s office issued a statement noting that opportunities exist for Kuwait to participate in road projects and capitalize on announced investment openings, which aim to foster economic integration and mutual interests between the two nations.
In April 2024, Iraq, Turkey, the United Arab Emirates, and Qatar formalized a quadruple agreement focusing on the Iraq Development Road project under the leadership of Prime Minister Al-Sudani and Turkish President Recep Tayyip Erdogan. This agreement is designed to bolster collaboration related to this strategic initiative, as the four countries will work together to establish the necessary frameworks for its implementation, according to the Prime Minister’s office.
The Development Road project is expected to propel economic growth and enhance regional and international cooperation, achieving economic integration and sustainability between East and West. It is projected to facilitate international trade, streamline goods movement, create a new competitive transportation route, and promote regional economic well-being.
Notably, the Development Road project encompasses land and rail routes extending from Iraq to Turkey and its ports. This infrastructure will span 1,200 kilometers within Iraq, primarily serving to transport goods between Europe and the Gulf states.
The investment budget for the project is estimated at approximately $17 billion, comprising $6.5 billion allocated for the highway and $10.5 billion earmarked for the electric train. The project will unfold in three phases, with the first phase concluding in 2028, the second in 2033, and the third in 2050.
Upon its completion, the project is anticipated to generate around 100,000 jobs in its initial phase and ultimately provide one million job opportunities.