ISTANBUL

Syria signed investment memoranda worth $14 billion on Wednesday with several foreign companies, covering 12 major strategic projects, state news agency SANA reported

A signing ceremony was held at the People’s Palace in Damascus in the presence of President Ahmad al‑Sharaa.

Talal al‑Hilali, director of the Syrian Investment Authority, said the agreements include a $4 billion deal with Qatar’s UCC Holding to develop the Damascus International Airport, a $2 billion Damascus metro deal with the United Arab Emirates national investment corporation, and a $2 billion deal for the Damascus Towers with Italy-based UBAKO.

He said Syria also inked a $500 million deal for the Baramkeh Towers project, and a $60 million agreement for the Baramkeh Mall.

US Special Envoy to Syria Thomas Barrack described Syria as a land that produces great leaders during the ceremony, noting that Damascus has served as a hub for trade and transportation for thousands of years, according to SANA.

“The future of a prosperous and peaceful Syria is in the hands of Syria and its regional partners, like Qatar’s UCC and Türkiye’s Cengiz and Kalyon groups who were awarded the Build-Operate-Transfer for the new Damascus International Airport,”  Barrack later wrote on X.

“With @POTUS’ lifting of sanctions, I was happy to attend the signing ceremony in Damascus today,” he went on.

The US envoy stressed that “the path to recovery must begin with the fits and starts of building a foundation of security and stability, then followed by government systems and ultimately enterprise and prosperity.”

Bashar al-Assad, Syria’s leader for nearly 25 years, fled to Russia in December, ending the Baath Party regime, which had been in power since 1963.​​​​​​​

A new transitional administration led by Sharaa was formed in January.