Türkiye’s $15B Development Road project set to boost construction sector
Development Road Project to connect the Persian Gulf to Europe (AA Photo)
The Turkish construction sector is setting its sights on the Development Road project, which aims to connect the Persian Gulf to Europe via Türkiye. According to the Construction Sector Analysis Report published by the Turkish Contractors Association (TCA), the project is expected to contribute $5 billion to the Turkish construction sector.
The report emphasizes the Development Road project’s potential: “The project, which includes a 1,200-kilometer railway and a parallel highway from the Faw Port in Basra to the Ovaköy Border Gate on the Turkish border, is estimated to cost at least $15 billion. It is anticipated that the project can be completed within 3-4 years by consortia formed by Turkish contracting companies.”
In addition to the Development Road project, Iraq plans to build nearly 100 hospitals, over 3,000 schools, and almost 4 million new housing units. The country offers a market with potential projects worth at least $5 billion annually.
$1.2 trillion potential in Saudi Arabia
The report also highlights relations with Saudi Arabia, noting that under the Vision 2030 program, there are plans to implement infrastructure and superstructure projects totaling $1.2 trillion. This includes $500 billion for the NEOM project, $500 billion for the King Salman Energy Park, $8 billion for Expo, and plans to build 20 airports in various cities across the country.
Additionally, the Ministry of Municipalities, Rural Affairs and Housing of Saudi Arabia is expected to allocate $60.5 billion for road, waste management, and recycling projects over the next five years.
