Trade

Turkey Hosts Gulf Nations in $20 Billion Bid for New Trade Route

Pedestrians along the banks of the Bosphorus strait in Istanbul.
Photographer: Nicole Tung/Bloomberg

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By Selcan Hacaoglu and Firat Kozok

August 29, 2024 at 7:38 AM UTC

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Turkey is hosting transport ministers from Iraq, Qatar and the United Arab Emirates in Istanbul on Thursday to discuss building an estimated $20 billion trade route connecting the Persian Gulf to Europe.

Turkish President Recep Tayyip Erdogan is seeking financing from the UAE and Qatar to build a rail and road network from Iraq’s Faw port on the Persian Gulf to its northern border with Turkey and a railway across Istanbul’s Bosphorus Strait bridging Europe and Asia.