The new £12.6bn Suez Canal rival that will create incredible Europe Asia short cut

An incredible new infrastructure project estimated to cost over £12billion could rival the Suez Canal as a major trade route. The Iraq-Europe Development Road is an ambitious project underway in Iraq designed to facilitate the transport of goods from the Gulf to Europe via the Grand Faw Port in Basra in southern Iraq. The port is set to be linked to Turkey and subsequently to Europe through a massive network of railways and highways.

Earlier this year, Maytham Al-Safi, the country's Director of Relations and Media for the Ministry of Transport, told the Iraqi News Agency (INA) explained that the project will also integrate three existing major airports and connect to three new ones. This includes Mosul airport which was officially inaugrated in July.

The Development Road will also connect to 15 industrial cities, including the aforementioned Al-Faw port, a huge shipping hub located on Iraq's southern coast.

In a video on the project on its YouTube channel, the explained that Iraq is in a prime position due to being at the heart of the global shipping trade between the two continents.

The country has historically been an important an important location for global trade, with Baghdad a key part of the famous Silk Road an ancient trade route that linked The West with China.

But partly due to the wars and conflicts its infrastructure has declined.

However, according to the outlet, if this "multi-model corridor" proves successful, it could prove to be an economic boon and "serve as an alternative to the choke point at the Suez Canal" in Egypt, which is "currently the shortest martime route between Europe and Asia".

Due to attacks on international shipping by Yemen's Houthi Rebels in recent years, the Suez Canal has become dangerous to navigate through it, making alternatives an attractive prospect.

Burak Yildirim, a Defense and Security Analyst said in article in June last year for The Wilson Centre that the development road at that under the plans at that time, the project would offer a "10-day advantage over the Suez Canal".

"Since Iraq is the only country outside the EU Customs Union along the route, it also provides significant bureaucratic benefits. Costs are substantially reduced," he added.

Iraq's new project could bring billions of dollars of revenue to the country partly due to the huge fees the country would be able to charge shippers. This income would importantly not be "directly tied to the price of oil", the WSJ explained.

However, it faces logistical problems due to the presence of rival armed factions along the route. It's also just one of such shortcuts across the Middle East under construction, with competing countries racing to get there first.

And while it's being built during a period of relative stability in the country, its completion and success may depend on whether that continues.

The WSJ put the cost of the project at £17billion (around £12.6billion).

The project is planned to be completed in three phases, the last of which will wrap up in 2050. Phases one and two were scheduled to be completed in 2028 and 2033, Arab Centre Washington DC reported in March.