Syria’s fledgling government has sought investment to reconstruct the country after its devastating yearslong civil war.
Syria has signed a series of investment deals with international companies, covering 12 major strategic projects in infrastructure, transportation and real estate valued at a total of $14bn, the latest lifeline aimed at reviving its war-ravaged economy.
The plans included a $4bn investment project for Damascus airport signed with Qatar’s UCC Holding and a $2bn deal with the United Arab Emirates national investment corporation to establish a metro in the Syrian capital, Talal al-Hilali, head of the Syrian Investment Authority, said during the ceremony at the presidential palace in Damascus on Wednesday.
It’s a welcome development for President Ahmed al-Sharaa’s new government as it has been grappling with the heavy fallout from sectarian violence that broke out on July 13 in the southern province of Suwayda between Bedouin and Druze fighters. Government troops were deployed to quell the conflict. The bloodshed worsened, and Israel carried out strikes on Syrian troops and also bombed the heart of the capital Damascus, under the pretext of protecting the Druze.
Other major developments on the investment front destined for Damascus include the $2bn Damascus Towers project signed with the Italian-based company UBAKO, a $500m deal for the Baramkeh Towers project and another $60m agreement for Baramkeh Mall.
Since the overthrow of longtime ruler Bashar al-Assad in December in a lightning rebel offensive, Syria’s new authorities have worked to attract investment for the reconstruction of infrastructure destroyed in the country’s devastating, nearly 14-year-long civil war.
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The projects “will extend across Syria and represent a qualitative shift in infrastructure and economic life”, al-Hilali said on Wednesday, adding that the agreements were “a turning point” for Syria’s future.
Al-Sharaa and United States special envoy for Syria Tom Barrack were both present at the signing ceremony, Syria’s official SANA news agency reported on Wednesday.
Barrack congratulated Syrian authorities on “another great accomplishment”, saying they will witness the rise of a “new hub” in “trade and prosperity”.
The United Nations has put Syria’s post-war reconstruction costs at more than $400bn. Several deals have already been announced.
Last month, Saudi Arabia signed major investment and partnership deals with Syria, valued at $6.4bn.
Also in July, Syria signed an $800m deal with UAE-based company DP World to develop the port of Tartous, state media reported.
In May, Syria signed a $7bn energy deal with a consortium of Qatari, Turkish and US companies as it seeks to revive its crippled power sector.
The US and European Union have recently lifted sanctions on Syria in the wake of al-Assad’s ouster, opening the nation to further investment and trade deals.