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Iraq hires Oliver Wyman for Development Road economic study
The Iraqi government has hired Oliver Wyman to prepare an economic study for its planned $17 billion railway and motorway project.
The country’s Ministry of Transport has selected the US-based strategic consulting firm as its economic and financial partner for the planning phase of the ‘Development Road’ program.
The project aims to establish a railway system connecting the Al-Faw Grand Port in southern Iraq to the Turkish border. To realize this ambition, over 1,200-kilometers of rail tracks will need to be installed. In addition, a parallel motorway will be built to boost road transport.
Run under the patronage of Iraqi Prime Minister Mohamed Shia al-Soudani, the program is part of the government’s national vision to diversify its economy beyond oil income, with rail considered a key driver of economic value added and (international) trade.
Beyond enhancing domestic connectivity, the mega program is poised to stimulate international trade, streamline the movement of goods, and foster regional economic growth, thereby elevating Iraq’s standing in the region’s logistics landscape and improving the country’s contribution to the New Silk Belt.
Notably, Development Road comes on the heels of a quadripartite agreement signed between Iraq, Turkey, the UAE, and Qatar, underscoring a collaborative effort to bolster infrastructure development in Iraq.
Nasser Al-Asadi, Transport Adviser to Prime Minister Mohammed Al-Sudani, stated: “This massive project is divided into two parts: the first is the economic part and the second is the engineering part… we have engaged Oliver Wyman to prepare a study on the financial and economic part of the project.”
Terms and conditions of the contract have not been disclosed.
Razzaq Muhaibis Al-Saadawi, Iraq’s Minister of Transport, highlighted that the project will include “a scientifically-backed business case, a roadmap including key financial milestones, and an approach for financing and marketing the project internationally.”
Headquartered in the US, Oliver Wyman is one of the world’s leading consultant to governments and private sector corporations. In the (public) transport and mobility space, the firm is recognised as one of the leading consultancies.
