100% Iraqi-Owned Company to manage Development Road Project, 9 APRIL

 100% Iraqi-Owned Company to manage Development Road Project,

By John Lee.

The Prime Minister's Advisor for Transportation Affairs has announced that the Development Road Project will be managed by a new 100% Iraqi-owned company, reporting directly to the Prime Minister.

Speaking to the state-run Iraqi News Agency (INA), Nasser Al-Asadi explained that during a recent meeting of the Higher Committee for the Development Road, a comprehensive study was conducted on the most appropriate legal structure to manage the project. Various options were considered, including establishing a company, authority, or other legal entity.

The final decision is to form an independent private company under the Companies Law, which will:

• Oversee all financial, engineering, economic, and investment aspects of the project;
• Operate independently of the Ministry of Transport;
• Have its own laws and regulations;
• Handle any investment shares related to the project.

Al-Asadi underlined the strategic nature of the Development Road, describing it as a global project requiring a dedicated entity to ensure effective and transparent management.

(Source: INA)