Ramez al-Khayyat, CEO of UrbaCon Holding (UCC), said the group entered Syria through two concession contracts, developing and operating Damascus International Airport, and implementing a 500 megawatt electricity generation project.
In an interview with CNN on Sunday, 25 January, al-Khayyat revealed that within two to three years the group plans to enter capital markets by listing two or three companies, in addition to floating part of UCC, through offerings that could be among the largest in the region.
Capacity up to 21 million passengers
On Damascus International Airport, al-Khayyat said implementation will be carried out in phases:
First phase: raising capacity from around 500,000 passengers to 6 million passengers.
Second phase: from 6 million to around 17 million passengers, through building a “new airport.”
Later phases would follow, reaching 21 million passengers depending on demand.
On the timeline, he said the first phase targets reaching 6 million passengers by the end of 2026, through renovating Terminals 1 and 2 and upgrading infrastructure, safety and security systems, and services.
He said some airlines cannot land or establish operational arrangements easily due to the airport’s current condition and equipment, adding that the priority is to raise readiness in line with international requirements.
He linked potential growth in airport demand to three main factors:
Syrians abroad: There are more than 10 million Syrians outside Syria, and even if they return once every two years, this would create significant additional traffic. Tourism: The new government is focusing on tourism, and Syria has more than 3,000 archaeological sites and other unexplored locations, with expectations of a major rise in tourism compared with pre-2011 levels. Reconstruction: Reconstruction is estimated at around $300 billion. Foreign companies are expected to come to Syria to open offices and work, and Syria’s geography could make it a hub connecting East and West.Syria’s General Authority of Civil Aviation and Air Transport signed the final concession agreements for the project to develop, expand, and operate Damascus International Airport with an international consortium led by UCC Holding, with the participation of Turkey’s Cengiz İnşaat and Kalyon İnşaat, and the US-based Assets Investments.
The investment value exceeded $4 billion, according to what the authority published on 24 November 2025.
The agreement aims to develop Damascus International Airport and turn it into a regional hub capable of handling 31 million passengers annually, in line with the highest global standards.
Supporting energy self-sufficiency
On the electricity project, al-Khayyat said Syria needs around 10,000 megawatts, while current generation is roughly 3,000 megawatts, meaning there is a large deficit. He said the 500 megawatt project would help reduce this gap and support energy self-sufficiency, contributing to economic growth and improving Syrians’ lives.
He explained that the government is working to rehabilitate existing plants and gradually raise production. If generation increases from 1,300 megawatts to 2,000, then 2,500, there is also talk of reaching 3,000 and possibly 5,000 before the partnership plants are completed.
He linked improvement that could support industry and economic growth to the completion of the partnership plants, noting government promises that these plants will be operational within three years.
Syria’s Ministry of Energy has handed over sites to establish power stations in several Syrian governorates as part of implementing the agreement signed with UCC Holding.
In a statement to Enab Baladi on 15 June 2025, Mohammad Fadliyah, director general of the Electricity Generation Establishment, said UCC Holding had been handed sites under the agreement to expand the electricity network.
The sites include Mhardeh (Hama Governorate, western-central Syria), al-Taym (Deir Ezzor Governorate, eastern Syria), Zayzoun (Idlib Governorate, northwestern Syria), and al-Tarifawi (Aleppo Governorate, northern Syria).
Electricity as the foundation of growth
Al-Khayyat said the timing was suitable for entering the Syrian market because the group was ready with its projects, and because the focus was on investments with a direct impact on Syrians’ daily lives, with benefits extending across different governorates.
In this context, the company placed the energy sector at the top of its priorities, al-Khayyat said, considering electricity the foundation on which any economic growth depends.
He added that these projects are based on partnerships between the public and private sectors, and that this type of project always involves risk that depends on an investor’s trust in the state.
He said the goal is investment, but the purpose is also to help Syria and Syrians in line with the Qatari government’s approach, noting that risks remain, but that “trust in Syria’s future” exists.
Additional investment plans inside Syria
Syria needs major investments, al-Khayyat said, adding that the group has already launched additional projects, including construction of what he described as the largest dairy and juice factory in Adra Industrial City (Rif Dimashq Governorate, northeast of Damascus), to cover part of local market needs in an initial phase.
He also spoke about plans to invest in the health sector by building a 300-bed hospital in Damascus, in addition to interest in industry, exports, job opportunities, and leveraging the expertise of Syrians inside the country and abroad.
Asked whether other companies within the group would be listed and about funding sources, he said that within the next two to three years the group will enter capital markets through two or three companies in different specialties.
After that, part of UCC would be floated, which he described as one of the region’s largest offerings.
Al-Khayyat said what distinguishes UCC from other contracting companies is that it relies on a vertically integrated model, through subsidiaries that carry out around 90% of the work. This, he said, helps deliver projects on time, at high quality standards, and reduces reliance on subcontractors.
He noted that the group has specialized subsidiaries for equipment and labor, electrical and mechanical works, aluminum, infrastructure, and marine works, as well as factories in Qatar linked to the construction sector.
Investment law provides protection
The head of the Syrian Investment Authority, Talal al-Hilali, previously told Enab Baladi that the investment law provides full protection for projects and investors’ funds, prevents any party from seizing projects, and allows foreign investors to own 100% of a project without a local partner.
He added that the law also allows bringing in foreign expertise amounting to up to 40% of a project’s workforce, helping launch projects, train Syrian staff, and raise technical standards.
UCC details Damascus airport and power projects, eyes IPO Enab Baladi.
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