Syria signed on Wednesday 12 investment deals worth $14 billion with international companies in a ceremony at the People’s Palace in Damascus, which was attended by President Ahmed al-Sharaa. The deals include infrastructure, transportation and real estate projects aimed at reviving the nation’s economy.
“Our meeting today is not just an official occasion. It is a clear declaration that Syria is open to investment, determined to build a prosperous future and ready to work side by side with our trusted partners to write a new chapter of progress and development,” said Talal al-Hilali, director general of the Syrian Investment Authority.
“Today, we announce a group of 12 major strategic projects, with a total value of $14 billion. These projects will make a qualitative shift in infrastructure and economic life in Syria,” he added.
Major real estate or infrastructure investments announced
Al-Hilali clarified that the projects include a $4 billion deal to develop and expand Damascus International Airport, signed with Qatar’s UCC holding. The deals also include a $2 billion investment to establish a metro in the Syrian capital with the UAE’s national investment corporation.
Other major agreements include a $2 billion deal for the Damascus Towers project signed with Italy-based UBAKO. Al-Hilali added that Syria also signed a deal for the Baramkeh Towers project worth $500 million and the Baramkeh Mall, with an investment of $60 million.
Al-Hilali explained that these projects are not merely real estate or infrastructure investments, but rather engines for job creation and bridges of trust between Syria and global investors.
Damascus International Airport expansion
A consortium of five international companies led by UCC Holding will develop and expand Damascus International Airport, with a foreign investment valued at over $4 billion. This investment is one of the largest in Syria’s infrastructure in decades, reflecting the country’s drive to restore its regional and international standing.
The project will be implemented by an international consortium led by Qatar’s UCC Holding through its investment arm, UCC Concessions Investments LLC, and also includes Assets Investments USA LLC (USA), Cengiz İnşaat (Turkey), Kalyon İnşaat (Turkey) and TAV Tepe Akfen (Turkey).
This investment aims to redevelop Damascus International Airport into an integrated regional hub capable of handling 31 million passengers annually upon completion of all phases, with world-class public facilities.
The project will be executed under a Build–Operate–Transfer (BOT) model in five successive phases: increasing capacity to 6 million passengers in the first year, 16 million upon completion of the second phase, and ultimately reaching 31 million passengers annually at full capacity.
The project also includes the development of the main access road to the airport, stretching up to 50 km, in addition to $250 million in financing to purchase up to 10 Airbus A320 aircraft for Syrian Airlines, aimed at enhancing the fleet and increasing the competitiveness of the national carrier.
The project is expected to create more than 90,000 direct and indirect jobs, strengthen the local economy across multiple sectors, and enable Syria to return as an active player in the regional and international aviation network, becoming a leading strategic hub in the region.
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Damascus Metro project to include a 16.5-kilometer green line
Ahead of the deals’ announcement, Syria’s Transport Minister Yarub Badr and Damascus Governor Maher Marwan held talks on Monday with a delegation from a UAE-based investment company on the long-awaited Damascus Metro project, Syria’s state-run news agency reported.
The meeting, held in Damascus, focused on the technical, financial and executive aspects of the project and brought together Syrian officials and representatives of the UAE National Company for Investment in Projects led by chairman Hamad Hassan Al-Hamadi.
The two sides reviewed plans for preparing a draft memorandum of understanding (MoU) laying the groundwork for construction and investment in the capital’s metro system. Badr emphasized that the Damascus Metro is a “strategic step toward upgrading the capital’s transport infrastructure,” SANA reported.
The metro’s significance lies in reducing traffic congestion, cutting environmental pollution and serving large segments of the population in the overcrowded capital, which has long struggled with limited public transportation options.
The two sides also reviewed the proposed green line of the Damascus Metro, which would span 16.5 kilometers (10.2 miles) and connect the city of Al-Maadamiya to Al-Qaboun.
In July, Syria signed 47 investment agreements with Saudi Arabia valued at $6.4 billion as it seeks to rebuild after a 14-year civil war.
