The most recent lifeline to revive Syria’s war-torn economy has been signed a number of investment agreements with international companies, covering 12 major strategic projects in the fields of infrastructure, transportation, and real estate, valued at a total of $14 billion.
According to Talal al-Hilali, head of the Syrian Investment Authority, the plans include a $ 4 billion investment project signed with Qatar’s UCC Holding and a $ 2 billion deal with the United Arab Emirates national investment corporation to establish a metro in the Syrian capital.
The new government under President Ahmed al-Sharaa has been dealing with the severe fallout from sectarian violence that broke out on July 13 between Bedouin and Druze fighters in the southern province of Suwayda. To halt the conflict, government troops were dispatched. Israel launched strikes against Syrian forces and bombed Damascus’ capital on the pretext of protecting the Druze, worsening the bloodshed.
Other significant investment-related developments include the $ 2 billion Damascus Towers project signed with UBAKO, a $ 500 million deal for the Baramkeh Towers project, and a $ 60 million agreement for the Baramkeh Mall.
Syria’s new government has worked to attract investment for the reconstruction of infrastructure that was destroyed in the country’s devastating, nearly 14-year civil war since Bashar al-Assad’s overthrow in December in a lightning rebel offensive.
According to al-Hilali, the projects “will span Syria and represent a qualitative shift in infrastructure and economic life,” adding that the future of Syria will depend on the agreements.
At the signing ceremony, according to Syria’s official SANA news agency, Al-Sharaa and American Special Envoy Tom Barrack, both of whom were present.
Barrack praised the Syrian government for “another great accomplishment” and declared that “trade and prosperity will grow as a result.”
More than $400 billion has been estimated by the UN for Syria’s post-war reconstruction costs. There have already been numerous announcements for deals.
Saudi Arabia and Syria signed significant investment and partnership agreements worth $6. 4 billion last month.
According to state media reports, Syria also signed an $800 million contract with DP World, a company based in the UAE, to develop the port of Tartous in July.
As part of its efforts to revive its crippled power sector, Syria signed a $ 7 billion energy deal with a consortium of Qatari, Turkish, and US companies in May.
Source: Aljazeera
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