Latest news with #UCC Holding
Arabian Business
07-08-2025
- Business
- Arabian Business
Syria signs $4bn deal with Qatar-backed consortium to rebuild Damascus Airport as regional aviation hub with 90,000 jobs
The Syrian government has signed a $4bn memorandum of understanding with an international consortium led by Qatar's UCC Holding to redevelop Damascus International Airport into one of the region's most advanced aviation hubs. The agreement, signed under the patronage of President Ahmad Al Sharaa and with the support of the Qatari government, represents one of the largest foreign investments in Syria in decades and a cornerstone of the country's post-conflict reconstruction and economic recovery strategy. The international consortium includes UCC Concessions Investments (Qatar), Assets Investments USA (USA), and Turkish giants Cengiz İnşaat, Kalyon İnşaat, and TAV Tepe Akfen. Qatar-backed consortium to develop Damascus Airport in Syria The deal was signed in Damascus in the presence of senior Syrian officials, diplomats, and US Special Envoy Tom Barrack. The project will be delivered in five Build–Operate–Transfer (BOT) phases, aiming to increase the airport's capacity to: 6m passengers in the first year 16m by the second phase 31m annually at full completion The upgraded airport will feature 32 modern gates, advanced air navigation systems, and a world-class duty-free zone with luxury retail and dining. It will adhere to ICAO and IATA standards, positioning it among the most advanced aviation facilities in the Middle East. The project will include: Up to 50km of new access roads $250m financing to acquire 10 Airbus A320 aircraft for Syrian Airlines Creation of more than 90,000 direct and indirect jobs A massive boost to trade, tourism, and local supply chains Mohammad Moataz Al-Khayyat, Chairman of UCC Holding, said the project showcases the strength of international cooperation. He said: 'This project embodies the outcome of a strategic partnership bringing together a select group of leading international companies with a unified goal: rebuilding one of Syria's most vital facilities in a way that reflects its future ambitions'. Mr. Ramez Al-Khayyat, UCC President and Group CEO, added: 'This project is not just about redeveloping Damascus International Airport; it is a strategic bridge carrying Syria toward a future of recovery and prosperity. 'We are investing in a sustainable development vision that enhances trade and tourism, connects Syria to the world at the highest standards, and stimulates economic growth and investment across all sectors. 'Leveraging Syria's strategic location and our extensive local and regional partnerships, Damascus International Airport will become a model for advanced, smart transportation projects in the region.' The consortium's track record includes some of the world's most significant aviation projects, such as: Hamad International Airport (Qatar) Istanbul New Airport (Turkey) – the world's largest Prince Mohammad bin Abdulaziz International Airport (Saudi Arabia) Tripoli Airport (Libya) Cairo International Airport Terminal 3 (Egypt) Sani Şener, Chairman of TAV, highlighted the economic significance: 'We view this project as a strategic investment opportunity that goes beyond infrastructure development. It is a gateway to revitalising the Syrian economy and reintegrating it into regional and global trade and investment flows. 'We bring to this investment our accumulated expertise in developing and operating major transportation projects to deliver a world-class airport that enhances the efficiency of the aviation sector, boosts the attractiveness of the Syrian market to global capital, and paves the way for a new era of growth and stability.'
Yahoo
07-08-2025
- Business
- Yahoo
Syria's $4B Bet: Airbus Jets, a Rebuilt Airport, and a Shot at a Comeback
Syria could be staging a comeback in aviationand the numbers are starting to turn heads. The government has signed a preliminary agreement to secure $250 million in financing for up to 10 Airbus (EADSF) A320 jets for Syrian Airlines. The deal, led by a consortium including Turkish airport operator TAV and New York-based Assets Investments USA, forms part of a much larger $4 billion package aimed at rebuilding and expanding Damascus International Airport. According to a statement from Qatar-based UCC Holding, the goal is to revitalize the country's main gateway after more than a decade of conflict and sanctions. Warning! GuruFocus has detected 4 Warning Sign with EADSF. If completed, this project would mark one of Syria's most significant economic moves since international carriers like Emirates and Turkish Airlines began resuming flights into Damascus. The airport, long in disrepair, is in urgent need of upgradesboth in infrastructure and equipment. Beyond aviation, this initiative follows a broader pattern: Syria has been quietly inking multi-billion dollar deals with regional players like Saudi Arabia and the UAE, targeting sectors from hospitality to power. Analysts see this as part of interim President Ahmed Al-Sharaa's strategy to attract foreign capital and shift the narrative from recovery to revival. Still, plenty of uncertainty remains. Syrian Airlines currently operates a 12-plane fleet, but most aircraft are parked, and both the flag carrier and Cham Wings have faced years of Western sanctions. With Airbus jets involving U.S. and EU-made parts, regulatory hurdles could be a sticking point. But if the financing and approvals line up, this could be a pivotal stepnot just for Syria's infrastructure, but for investors tracking early signs of re-emergence in a long-isolated market. This article first appeared on GuruFocus. Sign in to access your portfolio
Bloomberg
07-08-2025
- Business
- Bloomberg
Syria Set to Buy Airbus Jets, Expand Airport in $4 Billion Deal
Syria plans to rebuild its aviation industry with new Airbus SE aircraft and the reconstruction of its main airport as the country reopens after years of civil war. The government signed an initial deal that includes $250 million in financing to purchase as many as 10 Airbus A320 narrowbody aircraft for Syrian Airlines, the country's national carrier, with a consortium of companies from the US, Qatar and Turkey, according to a statement by Qatar-based UCC Holding.
Zawya
07-08-2025
- Business
- Zawya
Qatar backs Syria's economic revival with strategic projects as a US $4bln foreign-investment deal is signed
Damascus, Syria: With the support of Qatar and Under the patronage of His Excellency President Ahmad Al-Sharaa, President of the Syrian Arab Republic, the Syrian government has signed a strategic Memorandum of Understanding with a consortium of five international companies led by UCC Holding to develop and expand Damascus International Airport, with a foreign investment valued at over USD 4 billion. The project represents a cornerstone of the nation's reconstruction efforts, aimed at enhancing global connectivity and contributing to the growth of the economy, trade, and tourism. It is considered a pivotal milestone in a series of major development projects being implemented in vital sectors such as energy, reconstruction, and infrastructure. 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). The signing ceremony took place in Damascus in the presence of Mr. Tom Barrack, the U.S. Special Envoy to Syria, representatives of the Qatari Embassy in Syria, senior official delegations, and a number of diplomats. The agreement was signed by Mr. Omar Al-Husari, Chairman of the General Authority of Civil Aviation – representing the Government of the Syrian Arab Republic – along with Mr. Mohammad Moataz Al-Khayyat, Chairman of UCC Holding; Mr. Sani Şener, Chairman of TAV; Mr. Anthony Salter, CEO of Assets Investments USA; Mr. Murat Ergonul, Board Member of Cengiz İnşaat; and Mr. Mustafa Kocar, CEO of Kalyon İnşaat. 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 airport will be built to the highest international standards approved by the International Civil Aviation Organization (ICAO) and the International Air Transport Association (IATA), featuring up to 32 gates equipped with modern passenger boarding bridges, a fully integrated air navigation service system, and a world-class duty-free area housing a wide selection of international restaurants, upscale cafés, and leading fashion brands—making it one of the most modern and advanced airports in the region. The project also includes the development of the main access road to the airport, stretching up to 50 km, in addition to USD 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. Mr. Mohammad Moutaz Al-Khayyat, Chairman of UCC Holding, stated: 'This project embodies the outcome of a strategic partnership bringing together a select group of leading international companies with a unified goal: rebuilding one of Syria's most vital facilities in a way that reflects its future ambitions. At UCC Holding, we believe that the success of projects of this magnitude requires the integration of global expertise with a deep understanding of local market needs—a principle we aim to apply in every stage of implementation. We also wish to express our profound appreciation to His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, may God protect him, for his unwavering support and guidance in enabling the Qatari private sector to contribute to building a new Syria and to undertake strategic projects that bolster the Syrian economy.' Mr. Ramez Al-Khayyat, President and Group CEO of UCC Holding, said: 'This project is not just about redeveloping Damascus International Airport; it is a strategic bridge carrying Syria toward a future of recovery and prosperity. We are investing in a sustainable development vision that enhances trade and tourism, connects Syria to the world at the highest standards, and stimulates economic growth and investment across all sectors. Leveraging Syria's strategic location and our extensive local and regional partnerships, Damascus International Airport will become a model for advanced, smart transportation projects in the region.' Mr. Sani Şener, Chairman of TAV, commented: 'We view this project as a strategic investment opportunity that goes beyond infrastructure development. It is a gateway to revitalizing the Syrian economy and reintegrating it into regional and global trade and investment flows. We bring to this investment our accumulated expertise in developing and operating major transportation projects to deliver a world-class airport that enhances the efficiency of the aviation sector, boosts the attractiveness of the Syrian market to global capital, and paves the way for a new era of growth and stability.' It is noteworthy that UCC Holding has previously worked on the development and execution of several landmark airports, including Hamad International Airport in Qatar, Rwanda International Airport, and Tripoli Airport in Libya, and now adds the redevelopment and operation of Damascus International Airport to its portfolio of major strategic projects in the region. The U.S. and Turkish consortium partners also have extensive experience in developing and operating major airports worldwide, having contributed to landmark projects such as Istanbul New Airport the largest airport project in the world today delivered through the İGA consortium led by Kalyon and Cengiz, as well as Ordu–Giresun Airport and Rize–Artvin Airport in Turkey, Istanbul Atatürk Airport, Ankara Esenboğa Airport, Gazipaşa–Alanya Airport, Prince Mohammad bin Abdulaziz International Airport in Medina, King Khalid International Airport – Terminal 5 in Riyadh, Tbilisi International Airport and Batumi International Airport in Georgia, Enfidha–Hammamet Airport in Tunisia, Skopje and Ohrid Airports in North Macedonia, and the Terminal 3 expansion at Cairo International Airport in Egypt. 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.A Media Inquiries: Aladdin Idilbi Marketing & Communications Director, UCC Holding
Yahoo
07-08-2025
- Business
- Yahoo
Syria signs $14bn infrastructure deals, will revamp Damascus airport
Syria has signed a series of investment deals with international companies, covering 12 major strategic projects in infrastructure, transportation and real estate valued at a total of $14bn, the latest lifeline aimed at reviving its war-ravaged economy. The plans included a $4bn investment project for Damascus airport signed with Qatar's UCC Holding and a $2bn deal with the United Arab Emirates national investment corporation to establish a metro in the Syrian capital, Talal al-Hilali, head of the Syrian Investment Authority, said during the ceremony at the presidential palace in Damascus on Wednesday. It's a welcome development for President Ahmed al-Sharaa's new government as it has been grappling with the heavy fallout from sectarian violence that broke out on July 13 in the southern province of Suwayda between Bedouin and Druze fighters. Government troops were deployed to quell the conflict. The bloodshed worsened, and Israel carried out strikes on Syrian troops and also bombed the heart of the capital Damascus, under the pretext of protecting the Druze. Other major developments on the investment front destined for Damascus include the $2bn Damascus Towers project signed with the Italian-based company UBAKO, a $500m deal for the Baramkeh Towers project and another $60m agreement for Baramkeh Mall. Since the overthrow of longtime ruler Bashar al-Assad in December in a lightning rebel offensive, Syria's new authorities have worked to attract investment for the reconstruction of infrastructure destroyed in the country's devastating, nearly 14-year-long civil war. The projects 'will extend across Syria and represent a qualitative shift in infrastructure and economic life', al-Hilali said on Wednesday, adding that the agreements were 'a turning point' for Syria's future. Al-Sharaa and United States special envoy for Syria Tom Barrack were both present at the signing ceremony, Syria's official SANA news agency reported on Wednesday. Barrack congratulated Syrian authorities on 'another great accomplishment', saying they will witness the rise of a 'new hub' in 'trade and prosperity'. The United Nations has put Syria's post-war reconstruction costs at more than $400bn. Several deals have already been announced. Last month, Saudi Arabia signed major investment and partnership deals with Syria, valued at $6.4bn. Also in July, Syria signed an $800m deal with UAE-based company DP World to develop the port of Tartous, state media reported. In May, Syria signed a $7bn energy deal with a consortium of Qatari, Turkish and US companies as it seeks to revive its crippled power sector. The US and European Union have recently lifted sanctions on Syria in the wake of al-Assad's ouster, opening the nation to further investment and trade deals. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
