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The
deals are the largest so far since foreign companies and
countries started an investment push into the war-torn country
after Western sanctions were eased following the fall of the
54-year rule of the Assad family.
The head of Syria’s Investment Authority, Talal al-Halili, was
quoted by state-run news agency SANA as saying that the
expansion of Damascus’ International Airport will cost $4
billion and will be done by the Qatar-based UCC Holding. SANA
said that the airport will be able to serve up to 31 million
travelers a year, after the expansion.
SANA added that the agreement for the new subway system in the
capital is worth $2 billion, and the network is expected to be
used by 750,000 people a day. The deal for the subway was signed
by Syria’s Transportation Ministry and the United Arab Emirates’
National Investment Corporation, SANA said.
Other projects include the $2 billion construction of 60
residential towers with 20,000 housing units outside of the
capital.
“Syria is open for investments and determined to build a bright
future,” al-Hilali said during the ceremony, which was attended
by President Ahmad al-Sharaa.
In late July, Syria and Saudi Arabia announced 47 investment
agreements, valued at more than $6 billion to mark a significant
step in rebuilding Syria’s war-battered economy.
In May, Syria signed an agreement with a consortium of Qatari,
Turkish and U.S. companies for the development of a $7 billion
5,000-megawatt energy project to revitalize much of Syria’s
war-battered electricity grid.
“The future of a prosperous and peaceful Syria is in the hands
of Syria and its regional partners,” said the U.S. special envoy
to Syria, Tom Barrack, who attended Wednesday’s signing in
Damascus.
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