Yesterday, August 6, a high-level investment memorandum of understanding (MoU) was signed with several international companies at the People’s Palace in Damascus. Among the dignitaries in attendance were Syrian President Ahmad al-Sharaa and US Special Envoy to Syria Thomas Barrack.
A New Phase of Strategic Partnerships and Economic Development
Head of the Syrian Investment Authority Talal al-Hilali, emphasized that Syria begun a new stage of reconstruction and economic development through major projects representing a qualitative leap in infrastructure and economic life.
Hilali expressed Syria’s welcome to global economic leaders, prominent investment figures, and a group of investors and leaders who have expressed their confidence in the future of Syria and its resilient people.
He announced 12 major projects worth 14 billion dollars across infrastructure and economic development. Key projects include Damascus International Airport at four billion dollars, with both the Damascus Metro and Damascus Towers projects at 2 billion dollars each.
Special Envoy Barrack commented that Damascus, with its millennia-long history as a trade and transportation hub, occupies a strategic location between Qatar and Turkey. He also noted Syria’s historical contributions of significant leadership within thee region.
Impacting the Lives of Everyday Syrians
Dr. Ayman Hamwi, advisor to the Higher Commission for Economic Development in Syria, confirmed that there is a focus on projects that directly impact the lives of citizens–noting that the Syrian government aims to create a safe investment and economic environment.
He pointed out that investments in many governorates play a pivotal role in these projects. In Tartus, an agreement was signed for a marina that includes a residential complex for small boats and yachts, in addition to a large residential complex featuring high-rise towers and a fully serviced resort.
Homs signed an investment memorandum for the implementation of the “Boulevard of Victory” project, which aims to secure housing units for citizens and reduce rental prices. The Governor of Aleppo, Azzam al-Ghareeb, announced the launch of the Haydariyah organization project, seeking to provide housing for families returning home from displacement camps.
In Latakia, a MoU was signed for a massive tourism project named “Marina Shams,” which is expected to yield significant economic returns for the province. As for the Rural Damascus, the project for the Damascus Towers City was launched, which includes 60 residential towers and will provide more than 200,000 job opportunities.
Hamwi affirmed that the Syrian government seeks to create a safe and neutral investment and economic environment and transition to a free economy. This is being worked on through new laws that have been issued, noting that these investments meet the aspirations of the Syrian people by providing job opportunities and opening the door for both Syrian and foreign investors to enter the Syrian market.
