Damascus, Syria — Syria held a signing ceremony on Wednesday for agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects, state media reported.
Since the overthrow of longtime ruler Bashar al-Assad in December, Syria’s new authorities have worked to attract investment for the reconstruction of infrastructure destroyed in the country’s devastating civil war.
“We are announcing a group of 12 major strategic projects for a total of $14 billion,” the head of the Syrian Investment Authority, Talal al-Hilali, said at the ceremony at the presidential palace.
The plans include a $4 billion investment project for Damascus airport and $2 billion in investment for a Damascus metro, as well as more than $2 billion for a mall and two towers developments, he said.
The projects “will extend across Syria and represent a qualitative shift in infrastructure and economic life”, Hilali said.
Interim President Ahmed al-Sharaa and US special envoy for Syria Tom Barrack were both present at the signing ceremony, the official SANA news agency said.
Barrack congratulated Syrian authorities on “another great accomplishment”, saying they will witness the rise of a “new hub” in “trade and prosperity”.
The United Nations has put post-war reconstruction costs at more than $400 billion.
Several deals have already been announced.
Last month, Saudi Arabia signed major investment and partnership deals with Syria, valued at $6.4 billion.
Also in July, Syria signed an $800 million deal with UAE-based company DP World to develop the port of Tartus, state media reported.
In May, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies as it seeks to revive its crippled power sector.
