The Syrian government signed 12 memoranda of understanding (MoUs) for projects valued at 14 billion USD with several international companies in the Syrian capital, Damascus, on Wednesday, August 6. The agreements covered various service sectors.
Among the most prominent projects are the rehabilitation of Damascus International Airport and the construction of a new airport with an investment of four billion dollars, the Damascus Metro at two billion dollars, a vital infrastructure and urban mobility project, Damascus Towers at two billion dollars, al-Baramkeh Towers at 500 million dollars, and al-Baramkeh Mall at 60 million dollars.
According to Enab Baladi’s correspondent in Damascus, the government signed the MoUs with Arab investors, most of whom are Qatari, for projects in Damascus, Aleppo, Homs, Hama, and Tartus.
During the signing ceremony, attended by Enab Baladi, Director General of the Syrian Investment Authority, Talal al-Hilali, stated that these projects are not merely real estate or infrastructure investments but engines for job creation and bridges of trust between Syria and global investors.
The signing ceremony was attended by the Transitional Syrian President, Ahmad al-Sharaa, government officials, governors, the US envoy to Syria, Thomas Barrack, as well as Arab and foreign investors.
Ayman Hamwiyeh, Advisor to the Higher Commission for Economic Development in Syria, stated in a press conference following the signing ceremony that the focus is on projects that directly affect citizens’ lives, pointing to coordination with all ministries and governorates to complete investment studies.
He added that there is a strong focus on residential projects, as they are among the most labor-intensive projects across Syria. Syria is currently facing a housing crisis due to the former Syrian regime’s bombardment of villages and cities, according to Hamwiyeh.
According to the advisor, the Syrian government aims to create a safe and neutral investment and economic environment and transition to a free-market economy through newly issued laws.
Hamwiyeh considered today’s investments as “meeting the aspirations of the Syrian people” by providing job opportunities and investment opportunities for both Syrian and foreign investors to enter the Syrian market.
Saudi Investment
The Syrian capital witnessed the signing of 47 agreements and MoUs with a total value nearing 24 billion Saudi riyals (approximately 6.4 billion USD), on the sidelines of the “Syrian-Saudi Investment Forum” held at the People’s Palace in Damascus on July 24.
Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih, stated that Saudi Arabia is preparing to establish significant investments in Syria across various sectors, particularly energy, real estate, industry, infrastructure, financial services, health, agriculture, telecommunications, information technology, contracting, and education, among others.
Several investment projects were announced during the forum, attended by Enab Baladi, most notably two new airports in Damascus and Aleppo, the conversion of al-Mezzeh Military Airport into a civilian one, and residential projects in several Syrian provinces.
All Syrian regions suffer from deteriorating infrastructure and widespread destruction of residential buildings as a result of the nearly 14-year-long war and the Syrian regime’s bombardment of homes.
Syria is witnessing growing investment openness across several sectors, most notably the real estate sector, with multiple regional countries—particularly Gulf states—initiating investments.
Syria Signs $14 Billion in Investment Deals Across Key Sectors Enab Baladi.
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