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By John Lee.

Iraq's Minister of Transport, Razzaq Muhibis Al-Saadawi, has announced progress on the Development Road Project, emphasizing that following the completion of detailed designs, the project will be presented to major international companies for investment opportunities.

Key Progress Milestones:

1. Completion of Preliminary Designs:
   • The Ministry has finalized 100% of the preliminary designs for both the road and railway components of the project.
   • Comprehensive topographic surveys and soil investigations have also been completed.
2. Transition to Final Designs:
   • Work has commenced on final designs, focusing on existing infrastructure and key elements such as bridges, buildings, and stations.
3. Timelines and Next Steps:
   • The detailed design phase is expected to conclude by 2025.
   • The project will then enter the phase of inviting leading global companies to compete for investment opportunities, aligning with Iraq's strategic vision under the leadership of Prime Minister Mohammed Shia Al-Sudani.

Detailed Survey Achievements:

• The topographic survey spans from Al-Faw to southeast of Al-Najaf Al-Ashraf Station, covering areas linked to passenger stations, container hubs, storage facilities, and water crossings such as rivers and streams.
• Surveys were conducted using aerial imaging and satellite-connected surveying equipment.
• Progress on detailed designs:
  • Railway line: 64% complete.
  • Road component: 60% complete.
  • Overall progress: 63% cumulative completion.

International Collaboration:

• The second ministerial council meeting on the Development Road Project, held in Baghdad in October, brought together transport ministers from Iraq, Turkey, the UAE, and Qatar.
• Discussions emphasized the importance of coordinated efforts among participating countries to ensure the project's success and foster effective collaboration.

Strategic Vision:

The Development Road Project is a cornerstone initiative for Iraq, aiming to boost its connectivity, enhance regional cooperation, and attract global investment. The project is poised to serve as a critical link for trade and economic growth, reinforcing Iraq's position in regional and international logistics networks.

(Source: Ministry of Transport)

By John Lee.

Prime Minister Mohammed S. Al-Sudani chaired a committee meeting to evaluate the progress of agreements and memoranda of understanding with Türkiye, signed during the Turkish President's visit to Baghdad in April.

Key topics included water resource infrastructure projects under the Strategic Framework Agreement, emphasizing cooperation based on fairness and good neighborliness.

The committee also discussed the Development Road Project, a regional initiative involving Iraq, Türkiye, Qatar, and the UAE, aimed at bolstering economic ties. Al-Sudani reviewed challenges and identified solutions to ensure timely completion and seamless collaboration on key infrastructure efforts.

(Source: PMO)

By John Lee.

QatarEnergy is to take a 50-percent stake in the TotalEnergies solar energy project in Iraq:

• Partnership Agreement: QatarEnergy has signed an agreement with TotalEnergies for a solar power project in Iraq as part of the Gas Growth Integrated Project (GGIP).
• Stake Distribution: QatarEnergy will acquire a 50% stake in the project, with TotalEnergies holding the other 50%.
• Project Scale: This large-scale project, using 2 million bifacial solar panels on single-axis trackers, will generate up to 1.25 gigawatts (GW) of solar power.
• Electricity Supply: Upon completion, it will supply power to around 350,000 homes in the Basra region, with phased completion between 2025 and 2027.
• Statements: Qatar's Minister of State for Energy Affairs expressed optimism about contributing to Iraq's solar power sector alongside TotalEnergies.
• Broader GGIP Role: QatarEnergy joined a consortium in June 2023, with a 25% stake, to implement the GGIP in Iraq, which also includes capturing flared gas for power generation.

Full statement from QatarEnergy:

QatarEnergy has signed a partnership agreement with TotalEnergies to enter into a solar power project that is part of the Gas Growth Integrated Project (GGIP) in the Republic of Iraq.

Pursuant to the terms of the agreement, which is subject to regulatory approvals, QatarEnergy will acquire a 50% interest in the solar photovoltaic project, while TotalEnergies will retain the remaining 50%.

This strategic project, which will be one of the largest in the world, will consist of 2 million high-efficiency bifacial solar panels mounted on single-axis trackers and will, upon its completion, be capable of supplying up to 1.25 gigawatts (peak) of solar-generated power to the electricity grid in the Basra region of Iraq. The project will be developed in phases that will come online between 2025 and 2027 and will have the capacity to provide electricity to about 350,000 homes in the Basra region.

Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: "I am pleased to have concluded our entry into this very important project for Iraq's energy sector, and look forward to working with our strategic partner, TotalEnergies, to progress it to fruition. We thank the Iraqi government for their trust, and TotalEnergies for this opportunity to support Iraq's solar power development."

QatarEnergy announced in June 2023 that it had entered into a consortium to implement the Gas Growth Integrated Project in Iraq, with a 25% participating interest, together with TotalEnergies (45%) and Iraq's Basra Oil Company (30%).

GGIP is a key strategic project that involves the design and construction of facilities to develop Iraq's natural resources in addition to recovering significant volumes of otherwise flared gas throughout the Basra region to supply power generation plants.

(Source: QatarEnergy)

By John Lee.

Representatives from Iraq, Turkey, the UAE, and Qatar gathered in Basra to discuss the latest developments in the "Development Road" project.

The meeting focused on finalizing the economic feasibility study and defining key routes for the project's execution. Led by Iraq, with participation from Turkey, Qatar, and the UAE, this meeting is part of ongoing efforts to accelerate work on the strategic initiative, which aims to connect the region through Iraq's Grand Faw Port.

Director General of Iraq's General Company for Ports, Dr. Farhan Al-Fartousi, highlighted the importance of the meeting, which was directed by Prime Minister Mohammed Shia Al-Sudani and Minister of Transport Razzaq Muhibis Al-Saadawi. Attendees included high-level officials from all participating countries, with discussions focusing on the next steps in implementing this regional transportation project.

The Development Road is seen as a transformative project linking East and West via Iraq, with significant benefits for all signatory nations and neighboring countries. The quadrilateral Memorandum of Understanding (MoU) for the project was initially signed in April 2024 by Iraq, Turkey, Qatar, and the UAE.

(Source: Ministry of Transport)

From the Iraq Britain Business Council (IBBC):

Iraq is making a significant comeback, presenting the private sector with an increasing array of opportunities to invest and contribute to its ongoing development. The Sudani government has not only introduced stability and reforms but is also investing in a wide range of infrastructure projects that promise growth and transformation.

At our December conference, IBBC will introduce the key stakeholders driving this project renaissance, spanning sectors as diverse as maritime development, the strategic Development Road, agriculture, energy, and the financing mechanisms supporting them all.

Where Growth Meets Opportunity

In September, Iraq's Minister of Transport outlined ambitious plans to IBBC, focusing on critical areas such as the development of Al Faw Port, investments in the Development Road, freeports, new cities and business hubs along the route, the establishment of a maritime authority, rail links to western Iraq, direct UK-Iraq flights, and tourism. Other ministries are concentrating on water management, agricultural advancements, and the Central Bank's modernization and digital transformation initiatives.

These initiatives will be a focal point on December 13th at our conference, Growing Opportunities, where you'll hear from key decision-makers, including lead sponsors like Al Zaman Group, Sadar Group, Trade Bank of Iraq, Basra Gateway Terminal, SAP and London Sky (Travel Partner). Top Iraqi and UAE ministers, British officials, and leading IBBC companies will explore all facets of a sustainable Iraq, from economic growth and energy to finance, climate action, education, and agritech innovation. A special Education Day will also take place on December 12th at the Taj Hotel, featuring discussions with higher education ministers, UK universities, and schools, all centered on skills development and training for the modern economy, sponsored by GEMS.

Tech and Innovation Focus

The Tech Forum will be hosted online, featuring speakers from InnovationUK, fintech experts, and leaders in digital transformation. This session will highlight the latest technological advancements reshaping Iraq's business landscape.

Geostrategic Insights and Business Environment

A high-level discussion on Iraq's current geostrategic positioning and its regional context will precede panel and roundtable discussions on key sectors such as energy, finance, transport, and infrastructure. Business-focused roundtables on Kurdistan and Basrah will also delve into the unique opportunities these regions present.

The Iraqi government has already committed $400 billion in investments this year, and private sector de-risking is advancing rapidly, with significant investments from Saudi Arabia, Qatar, and the UAE flowing into real estate and related sectors.

Similarly, Iraq's energy market is diversifying into gas and solar power, even as oil production continues to rise. Notably, Chinese companies now produce 50% of Iraq's oil output. Iraq's strategic location at the crossroads of Turkey, China, the Gulf, Iran, and Europe places it at the center of geopolitical developments. Under the Sudani government, Iraq has successfully balanced its relationships with these diverse forces, fostering internal and regional stability. While governance challenges remain, the outlook for business and investment has rarely been more promising. This positive sentiment is reflected in the Iraq Stock Market's 128% growth over the past two years, and the rapid modernization of private universities and schools.

Iraq is Rising-Be Part of Its Future

Join us at the IBBC conference to meet our members, Iraqi government ministers, and officials leading this major transformation. Don't miss the chance to engage with those shaping Iraq's promising future.

For more details and registration, click here.

By John Lee.

International sports retailer GO Sport has announced its expansion into Iraq.

Tom Foley, CEO of GO Sport, is quoted as saying:

"We are thrilled to bring GO Sport's unique retail experience to Iraq ... This new expansion in Baghdad is just the beginning of our journey in Iraq, and we look forward to expanding our presence further." 

Located in the heart of Baghdad, this new branch will offer a wide range of high-quality men's, women's, and children's apparel, footwear, and accessories across various sports categories including running, training, football, swimming, rackets, and lifestyle, according to a press release from the company.

The expansion plans into Iraq are made possible through a franchise agreement between Al Mana -- the Qatari-based owner of GO Sport -- and International Venture Investment Holding (IVI Holding).

(Source: PR Newswire)

By John Lee.

Iraq's Prime Minister, Mohammed Shia' Al-Sudani, announced the country's openness to partnerships for its flagship "Development Road" project, during a forum in Baghdad titled "Development Road - Opportunities and Growth." The forum was hosted by Enki Foundation for Studies and Research.

The event brought together economists, investors, and business leaders to discuss the strategic importance of the Development Road and the Grand Faw Port. Al-Sudani highlighted the project's potential to boost Iraq's non-oil economy and strengthen its role in global trade routes.

The Prime Minister emphasized Iraq's cooperation with Turkey, Qatar, and the UAE as central to the project's progress but noted that the initiative remains open to other international partners. He stressed the significance of global trade corridors for economic integration, with the Development Road poised to become a key player. The project includes industrial cities along the route, starting with the Faw industrial city, positioning Iraq as a critical hub in international shipping.

The forum also addressed the economic and developmental prospects of the project, the creation of thousands of jobs, and the challenges in fostering public-private partnerships.

(Source: PMO)

By John Lee.

Qatar Chamber (QC) has hosted a meeting with a delegation from Invest Kurdistan.

The meeting aimed to strengthen economic and commercial relations between Qatar and the Kurdistan Region of Iraq.

Discussions included an introduction to the investment climates and opportunities available in both regions.

Full statement from Qatar Chamber:

Qatar Chamber hosted on Tuesday, September 10, a meeting with a delegation from Iraqi Kurdistan Region representing the Investment Authority (Invest Kurdistan) led by its Chairman HE Dr. Muhammad Shukri.

QC First Vice-Chairman HE Mohamed bin Twar Al Kuwari presided over the Qatari side at the meeting, which was attended by several board members and many businessmen from both sides.

The meeting discussed means to foster economic and commercial relations between both sides, an introduction of investment climate in Qatar and Kurdistan Region, as well as the investment opportunities available in both countries.

Speaking at the meeting, HE Mohamed bin Twar said that exchanging visits between business communities would promote investment climate and opportunities galore in both sides, that consequently motivate investors to establish joint businesses.

Twar also noted that Kurdistan Region provide promising investment opportunities in various sectors, affirming that this would attract Qatari investors seeking to invest in safe and stimulating environment.

He underscored the Qatar Chamber's key role in encouraging Qatari investors to explore these opportunities, bolster cooperation with their counterparts in Kurdistan Region and establish new commercial alliances and partnerships.

QC First Vice-Chairman called on Kurdistan firms to cooperate with their Qatari counterparts and forge joint ventures in Qatar, assuring that Qatar boasts an attractive investment climate, leading legislation and a plenty of opportunities in all sectors.

For his part, HE Dr. Muhammad Shukri said that the delegation's visit to Qatar aims to promote investment opportunities available in Kurdistan Region before Qatari investors and learn about opportunities available in Qatar.

He said that there are several projects that are being studied currently between both sides, calling Qatari investors to visit the region to learn about its investment climate and opportunities and meet with their counterparts to review cooperation fields.

(Source: Qatar Chamber)

By John Lee.

Iraq's Minister of Communications, Dr. Hayam Al-Yasiri, announced an agreement with Qatar's Ooredoo Group to lay undersea cables with a capacity of 500 terabits at the Al-Faw station.

According to the Ministry, the cables, comprising 24 pairs, will significantly boost Iraq's international communication capacity by connecting to over 200 global undersea cables, from Oman through the Gulf and Al-Faw, extending to Europe.

Al-Yasiri emphasized the importance of this project in enhancing Iraq's geographic positioning as a key hub for international data traffic, making it a competitive alternative to the Suez Canal and attractive to global investors.

Ooredoo is the parent company of Iraqi mobile phone service Asiacell.

(Source: Ministry of Communication)