In an event held at the People’s Palace in Damascus and attended by President Ahmad al-Sharaa, Syria signed $14bn worth of investment deals for infrastructure, transportation, and real estate projects with Qatar and the UAE. It includes a $4bn MoU with a consortium headed by Qatar’s UCC Holding to redevelop and expand Damascus International Airport and a $2bn deal to build a subway system in Damascus signed with the UAE’s National Investment Corporation.
International firms and regional players have been lining up to support and invest in Syria’s redevelopment following the fall of the Assad regime in December. Most recently, Syria struck a deal with Azeri state firm Socar for up to 177mn cfd of gas via Turkey starting in early August (MEES, 1 August). Saudi Arabia was also quick to join in, signing an MoU to deepen investments in Syria’s energy sector on top of nearly $6.4bn in deals announced following the 24 July Syrian-Saudi Investment Forum held in Damascus. (CONTINUED - 164 WORDS)