Work on a $17 billion new major trade route for the transport of goods between the Arabian Gulf and Europe is expected to start in the middle of next year, Iraq's Transport Minister has said.
Baghdad will host a meeting in two months to discuss progress on the Development Road project, Razzaq Al Saadawi said at a press conference in Istanbul after a four-way meeting between Turkey, Iraq, the UAE and Qatar on Thursday.
“The first phase of the strategic development road project will be implemented in the middle of next year, after the completion of the detailed design phase of the project,” Mr Al Saadawi said during the press conference with Turkey's Transport Minister Abdulkadir Uraloglu, the Iraqi News Agency (INA) reported.
“Work to complete the requirements of the Development Road is proceeding well, with great support from our government, which looks forward to a strong economy and diversification of sources of income, in a way that serves Iraq, the region and the world.”
Officials from the four countries met at Dolmabahce Palace in Istanbul on Thursday to discuss the rail and road infrastructure stretching from Iraq’s southern port of Faw on the Arabian Gulf to its northern border with Turkey, and a railway across Istanbul’s Bosphorus Strait bridging Europe and Asia.
The port will be linked to Turkey and onward to Europe through an intricate network of railways and highways.
It was first such meeting since the countries signed a memorandum of understanding to co-operate on the project during Turkish President Recep Tayyip Erdogan’s visit to Baghdad in April.
“The meeting discussed ways to complete the terms of the quadripartite memorandum of understanding, the most important of which is establishing a co-ordination entity from which three levels emerge. The first is ministerial [the four ministers], the second co-ordination [general managers] and the third executive [experts and technicians],” Mr Al Saadawi said.
Mr Uraloglu said the meeting also tackled topics such as foreign trade and the transport and communications sectors of the four countries, INA reported.
“Compared to other projects, this road will shorten the distance compared to the rest of the roads, canals and international passages between the continents of Asia and Europe,” he said.
“The Development Road will be shorter and important, and will contribute to developing the economies of the countries included in it.”
The project will focus on building road and rail links along a 1,200km route from Faw, south of Basra on the Arabian Gulf, to Iraq's border with Turkey in the north.
From there, goods can be transported by road and rail to Turkey's western city of Edirne, near the country's borders with Greece and Bulgaria.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE
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Tesalam Aleik
Abdullah Al Ruwaished
(Rotana)
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.