Iraq is embarking on an ambitious $17 billion project to build a 740-mile shipping shortcut between Asia and Europe known as the Development Road. This megaproject aims to bypass the Suez Canal in Egypt, which is currently the main chokepoint for shipping between the two continents. If successful, the Development Road could revolutionize trade routes and significantly reduce shipping costs for countries involved.
The plan has garnered support from countries like Turkey, Qatar, and the UAE, who see the potential benefits of having an alternative to the Suez Canal. However, the region is fraught with geopolitical tensions, with neighboring countries like Saudi Arabia, Russia, and China working on their own competing trade routes. Iraq also faces internal challenges, as political instability and rival factions within its borders could hinder the project’s progress.
WSJ’s Breaking Ground series delves into the intricacies of Iraq’s megaproject, exploring the potential opportunities and hurdles that lie ahead. By shedding light on the complexities of such developments, Breaking Ground aims to provide a comprehensive understanding of the impact that these projects could have on the region and the global economy.
As Iraq looks to forge a new path forward with the Development Road, it will be interesting to see how the country navigates the challenges ahead and whether this ambitious project will come to fruition.
Watch the video by The Wall Street Journal
Video “How Iraq’s $17B Megaproject Plans to Bypass the Suez Canal | WSJ Breaking Ground” was uploaded on 03/13/2025 to Youtube Channel The Wall Street Journal