Syria inks $14b investment deals for 12 major strategic projects

By Rania Abu Shamala

ISTANBUL (AA) – Syria signed a series of investment memoranda worth $14 billion on Wednesday with several foreign companies, covering 12 major strategic projects.

The signing ceremony was held at the People’s Palace in Damascus, in the presence of President Ahmad al‑Sharaa, the state news agency SANA reported.

Talal al‑Hilali, Director of the Syrian Investment Authority, said the agreements include a $4 billion deal with Qatar’s UCC Holding for developing Damascus International Airport, a $2 billion Damascus metro deal with the UAE’s national investment corporation, and a $2 billion deal for Damascus Towers with Italy-based UBAKO.

He said Syria also inked a $500-million-dollar deal for the Baramkeh Towers project, and another $60 million agreement for Baramkeh Mall.

During the ceremony, US Special Envoy to Syria Thomas Barrack described Syria as a land that produces great leaders, noting that Damascus has served as a hub of trade and transportation for thousands of years.

Bashar al-Assad, Syria’s leader for nearly 25 years, fled to Russia in December, ending the Baath Party regime, which had been in power since 1963.

A new transitional administration led by Sharaa was formed in January.