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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Syria’s permanent representative to the United Nations, Ibrahim Olabi, said Israel has occupied the Syrian Golan Heights for almost sixty years, and that the UN General Assembly this month once again reaffirmed Syria’s sovereignty over the region.
Syria has introduced new banknotes, eliminating zeros and portraits in a move to strengthen national identity and restore confidence in the economy.
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India has approved a major arms deal with Israel valued at approximately $8.7 billion, highlighting the deepening defence partnership between the two countries.
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