Syria signs $14bn infrastructure deals, will revamp Damascus airport

Syria has signed a sequence of investment offers with worldwide corporations, overlaying 12 major strategic initiatives in infrastructure, transportation and real estate valued at a whole of $14bn, the latest lifeline aimed at reviving its war-ravaged financial system.

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 company to set up 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 authorities 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 had been deployed to quell the battle. The bloodshed worsened, and Israel carried out strikes on Syrian troops and also bombed the center of the capital Damascus, under the pretext of defending the Druze.

Other major developments on the investment entrance destined for Damascus embrace the $2bn Damascus Towers project signed with the Italian-based company UBAKO, a $500m deal for the Baramkeh Towers project and another $60m settlement for Baramkeh Mall.

Since the overthrow of longtime ruler Bashar al-Assad in December in a lightning insurgent offensive, Syria’s new authorities have labored to entice investment for the reconstruction of infrastructure destroyed in the nation’s devastating, almost 14-year-long civil conflict.

The initiatives “will extend across Syria and represent a qualitative shift in infrastructure and economic life”, al-Hilali said on Wednesday, including that the agreements had been “a turning point” for Syria’s future.

Al-Sharaa and United States particular envoy for Syria Tom Barrack had been both current at the signing ceremony, Syria’s official SANA news company 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 prices at more than $400bn. Several offers have already been announced.

Last month, Saudi Arabia signed major investment and partnership offers 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 power deal with a consortium of Qatari, Turkish and US corporations as it seeks to revive its crippled energy sector.

The US and European Union have not too long ago lifted sanctions on Syria in the wake of al-Assad’s ouster, opening the nation to additional investment and commerce offers.