Latest news with #TalalAlHilali
The National
5 days ago
- Business
- The National
Syria to expand main airport and build subway in $14 billion deal with foreign partners
The new Syrian government has announced the country's largest foreign investment deal in years, with a massive $14 billion to modernise infrastructure. The funding will go towards modernising Damascus airport and the revival of a long abandoned plan to construct a metro system in the capital, among other projects. "We are announcing a group of 12 major strategic projects for a total of $14 billion," Talal Al Hilali, the head of the Syrian Investment Authority, said at the ceremony at the presidential palace on Wednesday. The plans include a $4 billion investment project for Damascus airport with Qatar's UCC Holding, a deal worth more than $2 billion for a mall and two towers developments, signed with the Italy-based construction firm Ubako, and a $2 billion investment for a Damascus metro system. The metro deal follows talks between a delegation from the UAE's National Investment Corporation, Syrian Minister of Transport Yarub Badr and Damascus Governor Maher Marwan earlier this week. The projects "will extend across Syria and represent a qualitative shift in infrastructure and economic life", Mr Al Hilali said. President Ahmad Al Shara and US special envoy for Syria Tom Barrack were present at the signing ceremony. Mr Barrack congratulated Syrian authorities on "another great accomplishment", saying they will witness the rise of a "new hub" in "trade and prosperity". Foreign investment in Syria was enabled by US President Donald Trump's decision to lift sanctions imposed during Mr Al Assad's rule. The EU followed suit soon afterwards. "The future of a prosperous and peaceful Syria is in the hands of Syria and its regional partners, like Qatar's UCC and Turkey's Cengiz and Kalyon groups who were awarded the Build-Operate-Transfer for the new Damascus International Airport," Mr Barrack said in a post on social media. "The path to recovery must begin with the fits and starts of building a foundation of security and stability, then followed by government systems and ultimately enterprise and prosperity." The UN has estimated that Syria's postwar reconstruction will cost more than $400 billion. Several agreements have already been announced. Last month, Saudi Arabia signed major investment and partnership deals with Syria, valued at $6.4 billion. Also in July, Syria signed an $800 million deal with UAE-based company DP World to develop the port of Tartus, state media reported. In May, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies as it seeks to revive its crippled power sector. Mr Al Hilali said the signing ceremony on Wednesday was "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', Syrian state news agency Sana reported. promote trade ties.
Al Arabiya
5 days ago
- Business
- Al Arabiya
Syria announces plans for new Damascus airport, subway system
The head of Syria's investment authority, Talal al-Hilali, announced 12 projects worth $14 billion on Wednesday, including $4 billion for a new airport and $2 billion for a metro system for the capital, Damascus.
