Latest news with #DevelopmentRoad
Iraqi News
4 days ago
- Business
- Iraqi News
Iraq qualified to be regional financial center
Baghdad ( – The prime minister's financial advisor, Mazhar Salih, revealed on Sunday that Iraq is qualified to be a regional financial center. In a statement to the Iraqi News Agency (INA), Salih explained that Iraq is the second-largest oil producer in the Middle East and has the world's fourth-largest oil reserves, allowing the country to play a leading role in the global energy market given its large financial surpluses that can be directed toward investments in financial infrastructure. Iraq's foreign reserves surpass $100 billion, giving the country a considerable financial safety cushion, trust in monetary stability, and strong financial investment appeal, according to Salih. The Iraqi official indicated that Iraq's unique geographic location, which serves as a critical corridor connecting the world, provides an open economic space for global markets and their commercial interactions, with links creating an important climate for regional financial markets, especially with the country's strategic project of the Development Road, which will connect Europe and the Gulf. Iraq's human resources, with 60 percent under the age of 30, are capable of undergoing training in financial technology, banking innovation, digital technology, and artificial intelligence, according to Salih. Additionally, given that the state-owned banks are controlling more than 80 percent of the country's banking activities, the reform campaign led by the Iraqi government aims to transform Iraq into a global financial center.
Shafaq News
10-06-2025
- Business
- Shafaq News
Iraq's railway network: Glorious past vs. troubled present
Shafaq News/ Iraq was once a pioneer in railway transport across the Middle East, establishing major railway links in the 1960s and 1970s that stretched from Basra to Baghdad and onward to Turkiye. However, today, this legacy of connectivity lies dormant. According to transport expert Basel Al-Khafaji, decades of neglect by the Ministry of Transport have left Iraq's railways struggling to keep up with modern standards. 'The historic rail line from Maaqal in Basra to Turkiye must be rebuilt with modern tracks to connect with the Grand Al-Faw Port, extending 400 km beyond Umm Qasr,' he emphasized to Shafaq News, warning that the failure to update this line not only erodes Iraq's passenger transport but also hampers its potential for commercial freight traffic. While experts point to long-term neglect, lawmakers are voicing frustration over the government's failure to translate plans into results. Parliamentary Frustration The Parliamentary Transport Committee has lambasted the government for failing to deliver on its transport promises. With the end of its term looming, most railway projects remain stuck in the planning stage. Haitham Al-Zurkani, a member of the committee, argued, 'Despite holding consultations with transport officials, the government has not kept its word. The Prime Minister must be held accountable for not meeting the program's targets, which include easing transport bottlenecks and modernizing rail infrastructure.' Al-Zurkani emphasized that Iraq's rail network is outpaced by regional and global peers, including neighboring Turkiye and Iran. 'In other countries, trains travel at 300 km/h, but we still rely on outdated lines,' he said. He also expressed concern over the incomplete railway link with Iran, noting that Tehran has finished its segment while Iraq lags. 'Rail freight would greatly reduce the need for trucks, especially once Al-Faw Port becomes operational,' Al-Zurkani said. Government Response Ministry of Transport spokesperson Maitham Al-Safi countered the criticism by highlighting recent progress. He told Shafaq News that 12 railway lines have been rehabilitated over the past three years. 'Last year, we opened the Saawa-Hujama project, and work is underway to complete other lines.' The Ministry is prioritizing the Basra-Shalamjah rail project, which will serve pilgrims and travelers heading to Iran. 'We have signed a contract with the Spanish firm Emathia, which is already working on demining and removing wartime remnants. We are now close to launching the project's main construction phase,' Al-Safi asserted. Beyond this, the Ministry is advancing the first phase of the 'Development Road,' aimed at revitalizing existing rail lines and integrating them with Al-Faw Port's operations. 'Rehabilitation covers the Basra-Baghdad corridor and will eventually link northern regions,' he said. Al-Safi also highlighted plans for a 36-km Basra-Shalamjah line, connecting to provinces including Karbala. Additionally, the government is evaluating a proposal for an 85-km suspended train project linking Najaf and Karbala. 'Several companies have submitted bids for the suspended train, and it's now with the Investment Authority,' Al-Safi outlined. The Ministry aims to finish detailed design work for the Development Road by year-end, after which the project will be opened to international competition.'We're dividing the project into seven segments to attract top global firms, all aligned with Iraq's strategic vision,' Al-Safi said. Al-Faw Port Progress Efforts to revive the railway system are closely tied to progress at the Grand Al-Faw Port, a flagship project designed to anchor Iraq's economic future. Al-Safi said that significant milestones have been achieved, including the completion of five berths and the 62-km access road. 'We're making progress on the submerged tunnel, container yards, and dredging work in the channel,' he said. Al-Safi expected these infrastructure projects to wrap up by year-end, establishing Al-Faw Port as a major gateway for the Development Road and a catalyst for Iraq's economic transformation. 'The vision is for Al-Faw Port and the railways to work in unison, opening up new opportunities for trade and reducing reliance on road transport,' he said. Whether Iraq's railway can reclaim its former glory depends not just on tracks and tunnels, but on political will, transparent investment, and a strategic shift from delay to delivery.
Shafaq News
09-06-2025
- Politics
- Shafaq News
Al-Anbar's energy boost: Iraqi PM fast-tracks Akkas Gas Project
Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani ordered, on Monday, the immediate acceleration of the Akkas gas field to power al-Anbar's 1,600-megawatt station, pledging federal backing to upgrade the province's energy sector and close service gaps. The directive followed an unannounced visit to al-Anbar, where al-Sudani met tribal leaders at the guesthouse of Sheikh Hamid Turki al-Shawkah, head of the Tribal Sheikhs Council and chief of the Al-Bu Dhiyab tribe. According to the PM's media office, he described al-Anbar as rich in potential, confirming funding for stalled and new projects. 'Gas investment in Anbar [al-Anbar] is among the government's top priorities,' he remarked, confirming orders to expedite the Akkas project. He also referenced broader reforms, including the Development Road project and initiatives to address water scarcity. However, the visit drew criticism from within al-Anbar. A source in the provincial council, speaking anonymously, told Shafaq News that the trip bypassed local protocols and excluded official coordination. 'There was no provincial flag. It wasn't treated as a formal visit.' The source also flagged al-Sudani's meetings with Hamid al-Hayis and Arkan Altarmoz, outspoken critics of the local administration, as a possible move to reshape the province's political landscape and marginalize the elected council.
Shafaq News
08-06-2025
- Business
- Shafaq News
Iraq's President in France for UN ocean summit
Shafaq News/ Iraqi President Abdul Latif Rashid arrived in France on Sunday to attend the United Nations Ocean Conference, where he is expected to meet French President Emmanuel Macron for high-level discussions. The conference brings together world leaders to address marine pollution, climate resilience, and the sustainable management of ocean resources. An Iraqi official familiar with the visit indicated that discussions with the French side are expected to focus on infrastructure initiatives, expanding environmental cooperation, and following up on previously signed agreements. Earlier today, President Rashid emphasized Iraq's interest in strengthening its partnership with France, reiterating a commitment to cooperation across political, environmental, and economic spheres. He also reaffirmed Baghdad's policy of neutrality in global affairs, pointing to strategic partnerships as a means to advance the country's economic reform agenda. The visit follows earlier discussions between Macron and Iraqi Prime Minister Mohammed Shia al-Sudani, who met in March to review the $17B Development Road project. The initiative aims to link Asia and Europe through Iraq, with the potential to generate up to one million jobs. Since 2023, Iraq and France have formalized a series of agreements spanning energy, defense, and transportation. Baghdad is currently preparing to host an Iraq–France business forum, an event designed to enhance private-sector ties and attract new investment.
Shafaq News
08-06-2025
- Business
- Shafaq News
PM Al-Sudani: Iraq ready to export 80 local products
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani announced that about 80 locally manufactured products are now ready for export, highlighting Iraq's expanding role as a regional economic hub. Speaking to tribal leaders during Eid al-Adha celebrations, Al-Sudani emphasized a renewed focus on improving management across various sectors, stressing that ongoing economic reforms aim to reduce Iraq's dependence on oil and accelerate efforts toward diversification. Al-Sudani then outlined Iraq's ambitions through the Development Road project, describing it as a 'transformative initiative' designed to position the country as a key transit route in global trade. The project, he added, seeks to build a 'new Iraq' by enhancing economic connectivity while maintaining an independent political stance on regional and international affairs. In April 2024, Iraq joined Turkiye, the United Arab Emirates, and Qatar in signing a four-party agreement to advance the Development Road. This initiative aims to stimulate economic growth, boosting regional cooperation by improving trade flows, simplifying cargo movement, and establishing a competitive transport corridor linking East and West. With an estimated investment of $17 billion, the project is expected to create around 100,000 jobs in its initial phase, with employment rising to as many as one million once fully completed.
