On May 23, Wadee Al Handal, Chairman of Al Handal International Group(HIG) attended the International Arab Banking Summit “Istanbul 2024”(IABS), organised by the Union of Arab Banks, as part of an Iraqi delegation. Addressing a large audience of Turkish and Arab officials, Al Handal emphasized Iraq’s commitment to economic openness and the importance of building robust international economic relations to attract foreign investments for infrastructure development.

Al Handal highlighted the flourishing bilateral relations between Iraq and Turkey, evidenced by a trade exchange that reached $20 billion last year. This cooperation has led to the implementation of significant strategic projects within Iraq. The recent visit of Turkish President Recep Tayyip Erdogan to Iraq was noted as a pivotal moment, expected to positively impact the Arab region, particularly through the Iraqi Development Road Project.

This ambitious project aims to revolutionize goods transportation between East Asia and Europe by cutting shipping time from the port of Al-Faw to Europe by fifteen days and reducing insurance and transportation costs. The project is anticipated to generate over 100,000 direct job opportunities and facilitate the establishment of large factories in Iraq.

Al Handal also elaborated on the development road's extensive connectivity, linking countries from #China to Britain via rail and land, enhancing both passenger and goods transport. The project, costing $17 billion, is expected to transport 15 million passengers and over 22 million tons of goods annually, generating approximately $5 billion in annual revenues for Iraq.

At the summit, there was a call for Arab and foreign banks to invest in these ventures, emphasizing the role of sovereign guarantees in accelerating development. Additionally, it was noted that the Central Bank of Iraq has been working with its Turkish counterpart to adopt the Turkish lira and the #euro for bilateral trade financing.