Syria Sign MOUs for 12 Projects Worth $14 Billion

The investors’ confidence in Syria has apparently returned with several global companies, including those from the GCC region, showing keen interest in the reconstruction of the war-torn nation as they agreed to take part in dozen infrastructure projects.

The investors have signed memoranda of Understanding (MOUs) for projects valued $14 billion in the presence of Syrian President Ahmad al-Sharaa at the People’s Palace in Damascus two days ago, according to Syrian news agency Sana.

During the signing ceremony, Director General of the Syrian Investment Authority Talal al-Hilali said that the meeting was not just an official occasion but a clear indication that Syria was open to investment, determined to build a prosperous future, and ready to work side by side with its trusted partners to write a new chapter of progress and development.

“Today, we announce a group of 12 major strategic projects, with a total value of $14 billion. These projects will make a qualitative shift in infrastructure and economic life in Syria,” he added.

He clarified that the projects include Damascus International Airport (4$ billion), Damascus Towers ($2 billion), Baramkeh Towers ($500 million), and Baramkeh Mall ($60 million).

US Special Envoy to Syria Thomas Barrack, who was present at the ceremony, said that Syria has been a centre of trade among the countries of the region for thousands of years, and that the Syrian land is known for producing great people throughout its history. He expressed his country’s desire to strengthen Damascus as a centre of trade and prosperity.

Touching Citizens’ Lives

Speaking to reporters later, Ayman Hamwiyah, advisor to the Higher Authority for Economic Development in Syria, affirmed that the focus has been on projects that touch the lives of citizens, and that coordination is underway with all ministries and governorates to complete investment studies to launch reconstruction.

He pointed out that the Syrian government seeks to create a safe and neutral investment and economic environment and transition to a free economy, which is being worked on through the newly issued laws.

Hamwiya said that the governorates play a pivotal role in these projects, given the legal issues related to ownership. Therefore, they are the ones who arrange this matter through consultation and coordination with neighbourhood councils and owners to reach a consensus formula.

Hamwiya also said that these investments meet the aspirations of the Syrian people by providing job opportunities and opening the way for Syrian and foreign investors to enter the Syrian market.

UAE Companies in Syria

The Abu Dhabi-based developer and investor the National Investment Corporation was among the companies which took part in the ceremony. The corporation has signed $2 billion agreement with Syria’s Transportation Ministry to develop a new metro system in Damascus.

DP World has entered into a 30-year concession agreement with Syria’s General Authority for Land and Sea Ports (GALSP) to develop and operate Tartous Port in Syria in July by investing $800 million over the next 30 years to boost the port’s infrastructure in a bid to facilitate trade across Europe, the Middle East, and North Africa.

Last month, Saudi Arabia has also announced that it will invest $6.4 billion to take part in the reconstruction of infrastructure in the country.