[1][2] The project is expected to turn the country into a transit center by shortening the travel time between Asia and Europe in an attempt to compete with Egypt's Suez Canal.
[3][4] In May 2023, Baghdad hosted a summit which brought together transport ministers and officials from the European Union, the World Bank, GCC, Iran, Turkey, Syria and Jordan to discuss the establishment of the Development Road initiative.
[5] In April 2024, and during a visit to Baghdad by Turkish President Recep Tayyip Erdogan, quadrilateral memorandum of understanding regarding cooperation in Development Road project signed between Iraq, Turkey, Qatar, UAE.
[6][7] Observers and decision-makers note that the project is planned to be completed in three stages by 2028, 2033 and 2050 and will open Iraq to the world through Turkey, and will generate $4 billion annually and create at least 100,000 jobs.
[8][9][10] In July 2024, the Iraqi Ministry of Transport announced that it had signed a deal with consulting firm Oliver Wyman to conduct the economic model for the Development Road.