Turkish firms, global group to invest $4 billion in Damascus airport
DAMASCUS
An international consortium including Türkiye’s Kalyon Holding, Cengiz Holding and TAV Construction has signed a $4 billion agreement with the Syrian Civil Aviation Authority to expand Damascus International Airport, aiming to raise its annual passenger capacity to 31 million within eight years.
The deal marks one of the largest infrastructure projects in Syria in years.
The consortium also includes UCC Holding from Qatar and Assets Investments from the U.S.
The new airport deal follows a $7 billion strategic cooperation agreement signed last May between the Syrian Ministry of Energy and the same core consortium, including Kalyon Holding, Cengiz Holding, UCC from Qatar and Power International from the U.S.
That agreement includes a 5,000 megawatt energy project expected to generate about 35 billion kilowatt-hours annually, supplying a major share of Syria’s electricity needs.
Alongside the airport investment, Syria held a signing ceremony on Wednesday for agreements worth more than $14 billion.
"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 $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 U.S. 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.
