The £13 billion project aims to redefine this country's position in global trade and create the new "Suez Canal".
Al Faw Grand Port is currently under construction on the coast of Iraq. (Image: Getty)
Located between Europe and Asia, Iraq holds a strategic position, and in the Middle Ages, it was a key trading hub along the Silk Road. Today, Iraq is building a 740-mile shipping shortcut between Asia and Europe called the Development Road as well as the Al Faw Grand Port on its coastline. The Development Road is a shipping trade route that will connect the Grand Faw port in Iraq to Turkey, significantly reducing travel time for goods moving between both continents.
The £13 billion project will be financed by Iraqi and Turkish Government money and outside investors. Recently, the Suez Canal has had its fair share of challenges and instability, with the Red Sea attacks, which have led to a significant fall in global trade.
Grand Faw Port is currently under construction. (Image: Getty)
If successful, this could bring billions to the country and significantly boost its economy, repositioning it on the global trade scale.
The port aims to handle massive container ships, with two main terminals and an artificial island for containers.
Once complete, the port can manage millions of shipping containers annually, positioning it among the world's largest and most significant ports.
The port is being constructed with cutting-edge technology, such as cantitravel piling techniques and concrete mattresses, to protect against erosion caused by the movement of large vessels.
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In April 2024, the trade route reached a major milestone: Iraq, Turkey, Qatar, and the UAE signed a quadrilateral agreement, marking a major step toward coordinating the Development Road project.
The trade route is expected to enhance Iraq's geopolitical influence, improve regional security, and promote stability. It is set to be completed in three phases: 2028, 2033, and 2050.
While the ambitious £13 billion mega-project holds immense potential to transform the country into a key player in global trade, challenges remain.
The project is still in its early stages, and regional instability, along with competing infrastructure projects, could potentially pose challenges to its success.
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