DAMASCUS, Syria — Syria signed agreements price $14 billion with regional and worldwide corporations on Wednesday for 12 funding initiatives, together with modernizing the worldwide airport in Damascus and a brand new subway system, state media reported.
The offers are the most important thus far since international corporations and nations began an funding push into the war-torn nation after Western sanctions were eased following the autumn of the 54-year rule of the Assad family.
The pinnacle of Syria’s Funding Authority, Talal al-Halili, was quoted by state-run information company SANA as saying that the growth of Damascus’ Worldwide Airport will price $4 billion and can be carried out by the Qatar-based UCC Holding. SANA mentioned that the airport will have the ability to serve as much as 31 million vacationers a 12 months, after the growth.
SANA added that the settlement for the brand new subway system within the capital is price $2 billion, and the community is predicted for use by 750,000 individuals a day. The deal for the subway was signed by Syria’s Transportation Ministry and the United Arab Emirates’ Nationwide Funding Company, SANA mentioned.
Different initiatives embrace the $2 billion development of 60 residential towers with 20,000 housing models outdoors of the capital.
“Syria is open for investments and decided to construct a vivid future,” al-Hilali mentioned through the ceremony, which was attended by President Ahmad al-Sharaa.
In late July, Syria and Saudi Arabia introduced 47 investment agreements, valued at greater than $6 billion to mark a big step in rebuilding Syria’s war-battered financial system.
In Might, Syria signed an settlement with a consortium of Qatari, Turkish and U.S. corporations for the event of a $7 billion 5,000-megawatt energy project to revitalize a lot of Syria’s war-battered electrical energy grid.
“The way forward for a affluent and peaceable Syria is within the palms of Syria and its regional companions,” mentioned the U.S. particular envoy to Syria, Tom Barrack, who attended Wednesday’s signing in Damascus.