Syria Signs $14bn in Investment Deals to Kickstart Post-War Recovery

Syria has signed a series of major investment deals with international companies, marking what officials are calling a “turning point” in efforts to revive the country’s war-battered economy.

The agreements, announced on Wednesday at a ceremony at the presidential palace in Damascus, cover 12 strategic projects in infrastructure, transport, and real estate, with a combined value of $14bn.

Among the largest is a $4bn deal with Qatar’s UCC Holding to upgrade Damascus International Airport. Another $2bn agreement was signed with the UAE’s national investment corporation to build a metro system in the capital, according to Talal al-Hilali, head of the Syrian Investment Authority.

The investment boost comes at a crucial time for President Ahmed al-Sharaa’s new government, which has been dealing with the fallout from renewed sectarian violence. Fighting broke out last month in the southern province of Suwayda between Druze and Bedouin groups. Government forces were sent in to de-escalate the situation, but clashes escalated and prompted Israeli air strikes — including one that hit central Damascus.

Still, the investment push continues.

A number of other major developments in Damascus were unveiled, including the $2bn Damascus Towers project signed with Italian firm UBAKO, a $500m Baramkeh Towers deal, and a $60m agreement for the Baramkeh Mall.

Since the swift ousting of former President Bashar al-Assad in December, Syria’s transitional government has made it a priority to bring in foreign investment to begin reconstruction after nearly 14 years of civil war.

At Wednesday’s ceremony, U.S. special envoy to Syria Tom Barrack attended alongside President al-Sharaa. Syria’s state news agency SANA reported that Barrack congratulated the government on “another great accomplishment,” saying Syria is poised to become a “new hub” for “trade and prosperity.”

According to UN estimates, Syria’s post-war reconstruction needs top $400bn. These latest agreements join a growing list of new deals.

Last month, Saudi Arabia signed a $6.4bn investment and partnership package with Syria. Also in July, UAE-based DP World agreed to an $800m deal to develop the Tartous port.

And back in May, Syria signed a $7bn energy deal with a consortium involving Qatari, Turkish, and U.S. firms to support the restoration of the country’s power grid.

The recent lifting of U.S. and EU sanctions following Assad’s removal has opened the door for Syria to return to international markets, unlocking opportunities for new deals and partnerships.