We proposed a novel InP based photonic wire waveguide with an InAlAs oxide cladding. The InGaAsP/InAlAs-oxide structure in the vertical direction provides an ultrahigh index contrast waveguide, and it allows a bend radius of a few mum with no vertical leakage loss. The InP photonic wire waveguide with a 500x300-nm rectangular channel core (refractive index n ~ 3.36) and an InAlAs oxide cladding (n ~ 2.4) was numerically analyzed using the three-dimensional time-domain beam propagation method (3D TD-BPM). We predicted that the U-bend waveguide with a 3-mum bend radius can be realized with the propagation loss of < 0.5 dB.