Latest news with #UCCHolding
Miami Herald
a day ago
- Business
- Miami Herald
Giant Construction Projects Boom as U.S. Lifts Syria Sanctions
Syria has signed a $7 billion deal with a consortium of U.S., Qatari, and Turkish energy firms to build new power plants, part of a broader push to revive its energy infrastructure, after President Donald Trump recently announced lifting sanctions on the war-ravaged country. The projects are a sign of Syria's re-emergence after years of conflict and international isolation and of the investment it can potentially attract for infrastructure construction. They also show the way that U.S., Gulf and Turkish administrations and companies seek to take a lead in a country formerly aligned with Iran. Aiming to breathe life into a war-weary Syria and to assist new President Ahmed al-Sharaa, Trump's surprise announcement in Riyadh on lifting sanctions marked a pivotal moment in his Middle East visit-one with significant implications for U.S.-Arab relations. U.S. Special Envoy for Syria Tom Barrack, announced the deal a day after arriving in the country, marking the first official U.S. visit to Syria in 12 years. "Only a week after President Trump's announcement to lift sanctions, we have already unlocked billions of dollars of international investment for Syria," Barrack posted to his X account. Syria signed the memory of understanding with a consortium led by the Qatari-based UCC Holding. The deal includes four gas power plants in Homs, Hama, and Deir-Azzour with a total capacity of 4,000 MW, plus a 1,000 MW solar plant in southern Syria. The breakthrough in U.S.-Syria relations follows the ouster of the Iranian-backed Assad regime. However, there remains skepticism about Syria's stability and continuing violence. Further concerns of renewed ISIS threats persist. ISIS claimed responsibility for its first two attacks in Syria under the new government on Thursday-one hitting seven soldiers in Sweida and another targeting the U.S.-backed Free Syrian Army according to The Associated Press. U.S. Ambassador to the Republic of Türkiye and Special Envoy for Syria Tom Barrack wrote on X: "Thanks to @POTUS, Syria is OPEN FOR BUSINESS, and thanks to Qatar and Türkiye, the old boundaries and borders are collapsing. Commerce not chaos!" Syria's Energy Minister Mohammed Al Bashir, ass quoted by the company's press release: "This agreement marks a crucial step in Syria's infrastructure recovery plan. It will strengthen our national grid, expand access to electricity, and help meet growing demand through partnerships that combine international expertise with local priorities." Construction will start after final agreements, with gas plants completed in three years and the solar plant in under two years, UCC Holding said. Syria can expect to attract significantly more infrastructure investment if the security situation allows. Related Articles Why MBS Is Keeping the Pressure on Iran | OpinionThe Sanctions Era Is Quietly Ending. The West Isn't Ready | OpinionDonald Trump's Middle East Tour: Five Things We LearnedIsrael Issues Warnings to Syria and Turkey as Trump Praises Their Leaders 2025 NEWSWEEK DIGITAL LLC.
Qatar Living
a day ago
- Business
- Qatar Living
Syria signs $7bn power deal with Qatar's UCC Holding
The Syrian government, under the patronage of its president Ahmed Al Sharaa, signed a strategic Memorandum of Understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects, with a foreign investment valued at approximately $7bn. The initiative aligns with the national agenda to rebuild Syria's core infrastructure, enhance energy security, and support economic development. It reflects the President's clear direction toward establishing a development model based on self-reliance, regional cooperation, and long-term sustainability. The signing ceremony took place in Damascus, in the presence of US Special Envoy for Syria Tom Barrack, Chargé d'Affaires of Qatar's Embassy in Damascus Khalifa Abdullah Al Mahmoud Al Sharif and Turkish Ambassador to Syria Burhan Koroglu. The agreement was signed by UCC Holding Chairman Mohamed Moutaz Al Khyyat, Cengiz Energy Chairman Mehmet Cengiz, Kalyon Energy Chairman Orhan Cemal Kalyoncu and Power International USA's CEO Mazen Al Sbeti. A number of other top officials from the different companies also attended the signing ceremony. The consortium, led by UCC Holding's subsidiary UCC Concessions Investment, includes Power International USA LLC, Kalyon GES Enerji Yatırımları AS, and Cengiz Enerji San. ve Tic. AS. This strategic alliance reflects the vision and leadership of HH The Amir Sheikh Tamim bin Hamad Al Thani in supporting Syria's economic recovery and contributing to the reconstruction of a renewed Syrian state through impactful initiatives aimed at energizing the national economy and advancing the country's path toward power self-sufficiency. The agreement will cover the development of four combined-cycle gas turbine (CCGT) power plants in Traifawi (Homs), Zayzoun (Hama), Deir-Azzour, and Mehardeh (Hama), with an approximate installed generation capacity of 4,000 MW, using American and European technologies, and a 1,000 MW solar power plant in Wedian Alrabee, located in the southern region of Syria. These projects will be implemented under the Build-Own-Operate (BOO) and Build-Operate-Transfer (BOT) models, with corresponding power purchase agreements. Construction is expected to begin following final agreements and financial close, with completion targeted within three years for the gas plants and less than two years for the solar plant. 'This agreement represents a landmark step in Syria's path to reconstruction and energy security. As President Trump said, we're working with our partners for a prosperous and stable Syria at peace with itself and its neighbours. This partnership is a key step towards that goal, along with the President's lifting of US sanctions against Syria,' said Tom Barrack. 'This consortium, led by Qatar, will promote stability, infrastructure development, and economic recovery and deliver tangible results for the Syrian people. As President Trump has said, and Secretary Rubio is implementing, our goal is to enable commerce, not chaos,' he added. Syrian Energy Minister Mohammed Al Bashir said: 'This agreement marks a crucial step in Syria's infrastructure recovery plan. It'll strengthen our national grid, expand access to electricity, and help meet growing demand through partnerships that combine international expertise with local priorities.' UCC Holding's President and Group CEO Ramez Al Khayyat said: 'This MoU reflects our vision for sustainable and impactful infrastructure development in the region. We're proud to lead this initiative through our concession arm, in collaboration with our consortium partners. These projects represent a model of effective public-private partnership, integrating both conventional and renewable power solutions to support Syria's energy transition and long-term economic resilience. Upon completion, the projects are expected to supply over 50% of Syria's national electricity needs, representing a transformative leap toward energy security, economic revival, and infrastructure resilience. --- Make sure to check out our social media to keep track of the latest content. Instagram - @qatarliving X - @qatarliving Facebook - Qatar Living YouTube - qatarlivingofficial
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
Syria signs $7 billion power deal with Qatar's UCC Holding-led consortium
Damascus Under the patronage of His Excellency Ahmed Al-Sharaa, President of the Syrian Arab Republic, the Syrian government has signed a strategic Memorandum of Understanding with a consortium of international companies led by UCC Holding to develop major power generation projects, with a foreign investment valued at approximately $7 billion. This initiative aligns with the national agenda to rebuild Syria's core infrastructure, enhance energy security, and support economic development. It reflects the President's clear direction toward establishing a development model based on self-reliance, regional cooperation, and long-term sustainability. The signing ceremony took place in Damascus, in the presence of Mr. Tom Barrack, U. S. Special Envoy for Syria; His Excellency Khalifa Abdullah Al Mahmoud Al Sharif, Chargé d'Affaires at the Qatari Embassy in Damascus; and His Excellency Burhan Koroglu, Turkish Ambassador to Syria. The agreement was signed by Mr. Mohamed Moutaz Al-Khyyat, Chairman of UCC Holding; Mr. Mehmet Cengiz, Chairman of Cengiz Energy; Mr. Orhan Cemal Kalyoncu, Chairman of Kalyon Energy; and Mr. Mazen Al-Sbeti, CEO of Power International USA. The signing was also attended by a number of managers and representatives from the companies, including Mr. Ramez Al-Khyyat, President & CEO of UCC Holding; Mr. Mohamed Al-Khyyat, Board Member of UCC Concessions Investments; Mr. Ahmet Cengiz, Vice Chairman of Cengiz Energy; and Mr. Lutfi Elvan, CEO of Kalyon Energy." The consortium is led by UCC Holding, through its subsidiary UCC Concessions Investment, a Qatari company specializing in energy concessions and Construction. The consortium includes: • Power International USA LLC– American company specializing in strategic energy investments • Kalyon GES Enerji Yatırımları A.Ş. – Turkish renewable energy investor and developer • Cengiz Enerji San. ve Tic. A.Ş. – Turkish energy development and operation company This strategic alliance reflects the vision and leadership of His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, in supporting Syria's economic recovery and contributing to the reconstruction of a renewed Syrian state through impactful initiatives aimed at energizing the national economy and advancing the country's path toward power self-sufficiency. The agreement covers the development of four combined-cycle gas turbine (CCGT) power plants in Traifawi (Homs), Zayzoun (Hama), Deir-Azzour, and Mehardeh (Hama), with an approximate installed generation capacity of 4,000 MW, using American and European technologies, and a 1,000 MW solar power plant in Wedian Alrabee, located in the southern region of Syria. These projects will be implemented under Build-Own-Operate (BOO) and Build-Operate-Transfer (BOT) models with the corresponding power purchase agreements. Construction is expected to begin following final agreements and financial close, with completion targeted within 3 years for the gas plants and less than 2 years for the solar plant. Mr. Tom Barrack, USSpecial Envoy for Syria, said: "This agreement represents a landmark step in Syria's path to reconstruction and energy security. As President Trump said, we are working with our partners for a prosperous and stable Syria at peace with itself and its neighbours. This partnership is a key step towards that goal, along with the President's lifting of U.S. sanctions against Syria. This consortium, led by Qatar, will promote stability, infrastructure development, and economic recovery and deliver tangible results for the Syrian people. As President Trump has said, and Secretary Rubio is implementing, our goal is to enable 'commerce, not chaos.' His Excellency Mohammed Al Bashir, Minister of Energy of the Syrian Arab Republic, said: "This agreement marks a crucial step in Syria's infrastructure recovery plan. It will strengthen our national grid, expand access to electricity, and help meet growing demand through partnerships that combine international expertise with local priorities." MrRamez Al Khayyat, President and Group CEO of UCC Holding, said: 'This MoU reflects our vision for sustainable and impactful infrastructure development in the region. We are proud to lead this initiative through our concession arm, in collaboration with our consortium partners. These projects represent a model of effective public-private partnership, integrating both conventional and renewable power solutions to support Syria's energy transition and long-term economic resilience. Cemal Kalyoncu, the Chairman of Kalyon Holding, stated: "As Türkiye's largest investor in renewable energy, we are proud to contribute to the development and improvement of the infrastructure of our neighboring country, Syria, through this project." MrMehmet Cengiz, Chairman of Cengiz Holding, said: "As leading private energy companies in Türkiye, we bring a quarter-century of experience in building and operating power facilities across multiple regions. We are confident this partnership will deliver reliable and efficient power solutions for Syria." Upon completion, the projects are expected to supply over 50% of Syria's national electricity needs, representing a transformative leap toward energy security, economic revival, and infrastructure resilience. This initiative goes beyond grid stability, aiming to deliver widespread social and economic impact through: • End power shortages by increasing generation capacity to meet the growing demand of households, industries, and businesses. • Drive economic growth by providing reliable energy to critical sectors such as industry, agriculture, healthcare, and education. • Create thousands of jobs in construction, engineering, and long-term operations, contributing to workforce development. • Improve daily life through enhanced public services, education systems, and overall quality of life. • Enable regional integration by opening channels for future cross-border energy trade. • Support the transition to renewables by laying the foundation for large-scale solar and clean energy projects. Together, these developments mark a pivotal contribution to Syria's rebuilding journey and long-term prosperity.
LBCI
2 days ago
- Business
- LBCI
Syria signs $7 billion power deal with Qatar's UCC Holding-led consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria. "This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. Once completed, the projects are expected to provide over 50% of Syria's electricity needs.
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
Syria signs $7 bn power deal with Qatar's UCC Holding-led consortium
Tribune News Network Damascus Syria has signed a memorandum of understanding (MoU) with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at $7 billion. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria. This initiative aligns with the agenda to rebuild Syria's core infrastructure, enhance energy security, and support economic development. The consortium is led by UCC Holding, through its subsidiary UCC Concessions Investment, a Qatari company specializing in energy concessions and Construction. The consortium includes: • Power International USA LLC– American company specializing in strategic energy investments • Kalyon GES Enerji Yatırımları AS – Turkish renewable energy investor and developer • Cengiz Enerji San. ve Tic. AS – Turkish energy development and operation company This strategic alliance reflects the vision and leadership of His Highness Amir of the State of Qatar Sheikh Tamim bin Hamad Al Thani in supporting Syria's economic recovery and contributing to the reconstruction of a renewed Syrian state through impactful initiatives aimed at energizing the national economy and advancing the country's path toward power self-sufficiency. The agreement covers the development of four combined-cycle gas turbine (CCGT) power plants in Traifawi (Homs), Zayzoun (Hama), Deir-Azzour, and Mehardeh (Hama), with an approximate installed generation capacity of 4,000 MW, using American and European technologies, and a 1,000 MW solar power plant in Wedian Alrabee, located in the southern region of Syria. page 2
