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 $14 billion. This significant investment aims to revive the war-ravaged economy and marks a turning point for Syria’s future. The deals were signed during a ceremony at the presidential palace in Damascus, attended by President Ahmed al-Sharaa and United States special envoy for Syria Tom Barrack.
The investment projects include a $4 billion deal with Qatar’s UCC Holding to revamp Damascus airport and a $2 billion agreement with the United Arab Emirates national investment corporation to establish a metro system in the Syrian capital. Additionally, there is a $2 billion Damascus Towers project signed with Italy-based company UBAKO, a $500 million deal for the Baramkeh Towers project, and a $60 million agreement for Baramkeh Mall.
Talal al-Hilali, head of the Syrian Investment Authority, emphasized that these projects “will extend across Syria and represent a qualitative shift in infrastructure and economic life.” He further added that the agreements signify “a turning point” for Syria’s future. Barrack congratulated Syrian authorities on “another great accomplishment,” stating that they will witness the rise of a “new hub” in “trade and prosperity.”
The investment deals come after the United States and European Union lifted sanctions on Syria following the ouster of longtime ruler Bashar al-Assad in December. This move has opened the nation to further investment and trade deals. In July, Syria signed major investment and partnership deals with Saudi Arabia valued at $6.4 billion and an $800 million deal with UAE-based company DP World to develop the port of Tartous.
The United Nations has estimated Syria’s post-war reconstruction costs at over $400 billion. The new government, led by President al-Sharaa, has been working to attract investment for the reconstruction of infrastructure destroyed in the nearly 14-year-long civil war. Despite grappling with the heavy fallout from sectarian violence that broke out in July, these investment deals are a welcome development for Syria’s fledgling government.