Syria signs $14 billion in investment deals, including $4 billion airport expansion

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DAMASCUS, Syria (AP) — Syria signed agreements worth $14 billion with regional and international companies on Wednesday for 12 investment projects, including modernizing the international airport in Damascus and a new subway system, state media reported.

The deals are the largest so far since foreign companies and countries started an investment push into the war-torn country after Western sanctions were eased following the fall of the 54-year rule of the Assad family.

The head of Syria’s Investment Authority, Talal al-Halili, was quoted by state-run news agency SANA as saying that the expansion of Damascus’ International Airport will cost $4 billion and will be done by the Qatar-based UCC Holding. SANA said that the airport will be able to serve up to 31 million travelers a year, after the expansion.

SANA added that the agreement for the new subway system in the capital is worth $2 billion, and the network is expected to be used by 750,000 people a day. The deal for the subway was signed by Syria’s Transportation Ministry and the United Arab Emirates’ National Investment Corporation, SANA said.

Other projects include the $2 billion construction of 60 residential towers with 20,000 housing units outside of the capital.

“Syria is open for investments and determined to build a bright future,” al-Hilali said during the ceremony, which was attended by President Ahmad al-Sharaa.

In late July, Syria and Saudi Arabia announced 47 investment agreements, valued at more than $6 billion to mark a significant step in rebuilding Syria’s war-battered economy.

In May, Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for the development of a $7 billion 5,000-megawatt energy project to revitalize much of Syria’s war-battered electricity grid.

“The future of a prosperous and peaceful Syria is in the hands of Syria and its regional partners,” said the U.S. special envoy to Syria, Tom Barrack, who attended Wednesday’s signing in Damascus.