Turkiye fuels Mosul's revival with investments and trade links
Anadolu Agency Varli emphasized that the Development Road Project—a transport corridor linking Iraq to Asia and Europe via Turkiye—alongside Turkish investments, will generate job opportunities in Mosul. 'Mosul holds a special place for Turkiye, and one of Ankara's top priorities is to advance the city's development and improve living standards,' he added.
Among the key projects driving growth is the construction of Mosul International Airport by Turkish companies, set for completion in the first half of 2025, which is designed to handle 2 million passengers annually and will connect Mosul to Istanbul, in addition to a 600-bed hospital, one of Iraq's largest, which is under construction and expected to open within the next few years.
Plans for organized industrial zones in Mosul and Tal Afar have also been set following Turkish President Recep Tayyip Erdogan's visit to Iraq in 2024, and these zones are expected to create significant job opportunities for locals, where unemployment rates near 30% according to Iraqi government data.
Varli highlighted his office's efforts to bring more Turkish businesses to Mosul, citing Nineveh Governor Abdul Qadir Al-Dakhil's visit to Turkiye late last year, where he met Turkish Deputy Foreign Minister Nuh Yilmaz and leaders of Turkish institutions, including TİKA (Turkish Cooperation and Coordination Agency), the Maarif Foundation, and Yunus Emre Institute.
'Turkiye has always stood by Mosul during its toughest times, and the people of Mosul have not forgotten this,' Varli said, reaffirming Ankara's commitment to supporting all Iraqi communities, adding that Turkish institutions like TİKA—active in Iraq for years—will expand operations in Mosul and Tal Afar.
In April 2024, Turkiye, Iraq, Qatar, and the UAE signed a quadrilateral memorandum of understanding in Baghdad to advance the Development Road Project, overseen by Turkish President Erdogan and Iraqi Prime Minister Mohammed Shia Al-Sudani, with completion targeted by 2030.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
an hour ago
- Shafaq News
Gold prices dip on US-EU trade optimism
Shafaq News Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion. Spot gold was down 0.2% at $3,360.68 per ounce, as of 0459 GMT. U.S. gold futures fell 0.3% to $3,363. 'Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market,' OANDA senior market analyst Kelvin Wong said. 'However, the dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level.' The European Union and the United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan. The S&P 500 and the Nasdaq notched record closing highs overnight as signs of easing global trade tensions lifted risk sentiment among investors. Offering respite to gold, the U.S. dollar index (.DXY), opens new tab was headed for its worst week in a month, making greenback-priced gold less expensive for other currency holders. Data showed U.S. jobless claims unexpectedly fell last week, signalling a steady labour market despite sluggish hiring making it harder for the unemployed to find work. The Federal Reserve is also widely expected to leave rates unchanged at its July 29–30 meeting, but markets continue to price in a potential rate cut in September. Spot silver eased 0.3% to $38.96 per ounce, but was on track for a weekly gain, up 2% for the week. Platinum fell 0.8% to $1,396.43 and palladium slipped 0.9% to $1,217.02.
Shafaq News
2 hours ago
- Shafaq News
Oil prices rise on trade hopes
Shafaq News Oil prices rose on Friday as trade talk optimism supported the outlook for both the global economy and oil demand, outweighing news of the potential for more oil supply from Venezuela. Brent crude futures touched a one-week high and was up 29 cents, or 0.42%, at $69.47 a barrel as of 0310 GMT. U.S. West Texas Intermediate crude futures climbed 29 cents, or 0.44%, to $66.32. Oil, along with stock markets, gained support from the prospect of more trade deals between the U.S. and trading partners ahead of August 1, when the U.S. will impose new tariffs on goods from an array of countries. The United States announced a trade deal with Japan on Wednesday, after which two European diplomats said the European Union was moving toward a deal involving a baseline 15% U.S. tariff on EU imports plus possible exemptions. 'Trade talk optimism appears to be offsetting expectations for stronger Venezuelan supply,' ING analysts wrote in a client note on Friday. The U.S. is preparing to allow partners of Venezuela's state-run PDVSA ( starting with U.S. oil major Chevron (CVX.N), opens new tab, to operate with limitations in the sanctioned nation, sources said on Thursday. Venezuelan oil exports could consequently increase by a little more than 200,000 barrels per day, which would be welcome news for U.S. refiners as it would ease tightness in the heavier crude market, ING analysts wrote. So far this week, Brent has gained 0.4% and WTI has fallen 1.4%. Both contracts advanced around 1% on Thursday driven by reports of cuts to Russian gasoline exports. Also supporting the market were U.S. crude inventory draws. U.S. Energy Information Administration data on Wednesday showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far more than the 1.6 million barrel draw estimated by analysts in a Reuters poll. 'I am encouraged by the way crude oil held and bounced away from the $65/64 support band this week, which keeps hopes intact of a rebound back towards $70,' said IG analyst Tony Sycamore, adding that next week will bring data for traders to chew over. Economic data next week from the world's biggest economies and oil consumers include factory activity in China and U.S. inflation, jobs and inventories.
Iraqi News
7 hours ago
- Iraqi News
Iraq exports over 600 million barrels of oil in 2025's first half
Baghdad ( – The State Organization for Marketing of Oil (SOMO) revealed on Thursday that Iraq's oil exports during the first half of 2025 surpassed 600 million barrels. According to the figures, Iraq's total oil exports in the first half of the year were 606.58 million barrels, representing 101.09 million barrels per month. SOMO reported that revenue generated from oil exports in March, April, May, and June totaled $27.5 billion. Due to ongoing production cuts in line with OPEC+ agreements and additional voluntary reductions, Iraq's average crude oil and derivative exports fell by 110,000 barrels per day in the first quarter of 2025. Iraq's average crude oil and petroleum derivative exports during 2024 increased to 3.64 million barrels per day compared to 3.55 million barrels per day in 2023. Over 70 percent of Iraq's oil exports in the first quarter of 2025 were sent to Asian buyers, who continued to be the largest consumers of Iraqi oil. The top three countries on the list were China (1.34 million barrels per day), India (940,000 barrels per day), and South Korea (380,000 barrels per day).
