Syria signs $14 billion in new investment deals to rebuild economy

Syria on Wednesday finalised 12 major investment agreements totalling $14 billion, part of an ongoing effort to repair its economy and infrastructure after more than a decade of civil conflict.

The contracts were signed during a ceremony in Damascus, attended by interim President Ahmed al-Sharaa, and cover sectors such as transportation, infrastructure, and real estate.

Among the most high-profile deals is a $4 billion agreement with Qatar’s UCC Holding to construct a new international airport in Damascus. Additionally, the UAE's national investment corporation will fund a $2 billion subway system in the Syrian capital – a first for the country.

Another flagship project, the $2 billion Damascus Towers development, was signed with Italy-based firm UBAKO, focusing on luxury mixed-use towers expected to reshape the city skyline.

These new agreements follow a separate $6.4 billion deal inked with Saudi Arabia in July, which included housing and industrial projects. Syria’s Ministry of Economy said these partnerships are “part of a national strategy to attract foreign investment for post-war reconstruction.”

Syria’s civil conflict, which began in 2011, has devastated its economy, leaving more than 90% of the population living in poverty, according to the United Nations. More than 13 million people remain displaced or in need of humanitarian assistance.

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