Syria Secures $110 Billion in International Deals for Infrastructure, Power

Syria, a country ravaged by years of conflict, is making significant strides towards economic recovery through a series of international economic cooperation agreements. These agreements, which involve substantial investments, are aimed at revitalizing the nation's infrastructure and power sectors, which have been severely damaged by the prolonged war.

One of the most notable agreements is a 40 billion dollar deal signed with a consortium of companies from Qatar, Turkey, and the United States. This agreement focuses on the renovation and modernization of Damascus International Airport, a critical infrastructure project that is expected to boost the country's aviation capabilities and facilitate international trade and tourism. The project is part of a broader initiative to rebuild Syria's infrastructure, which has been decimated by years of conflict.

The airport renovation project will be carried out in three phases. The first phase aims to increase passenger capacity to 600 million within the first year. The second phase will expand this capacity to 1600 million, and the final phase will achieve an annual passenger capacity of 3100 million. The project will adhere to international standards set by the International Civil Aviation Organization (ICAO) and the International Air Transport Association (IATA), featuring up to 32 modern boarding gates equipped with jet bridges, an integrated air navigation service system, and a world-class duty-free zone with international food and beverage and retail brands. Additionally, the project includes the renovation of a 50-kilometer access road to the airport and the allocation of 2.5 billion dollars to purchase 10 Airbus A320 aircraft for the national airline, aiming to revitalize the country's aviation industry.

In addition to the airport project, Syria has also secured other significant investments in the energy sector. These investments are crucial for addressing the country's chronic power shortages, which have been a major obstacle to economic recovery. The new power projects are expected to enhance the reliability and efficiency of Syria's electricity grid, providing a stable power supply to homes and businesses across the country.

In May, the Syrian government signed a 70 billion dollar memorandum of understanding with an international consortium led by UCC Holding. This agreement aims to jointly develop and operate power generation projects in the country. The projects include the construction of four combined-cycle gas turbine (CCGT) power plants in the provinces of Homs, Hama, Deir ez-Zor, and Hama, with a total installed capacity of approximately 4000 megawatts (MW). Additionally, a 1000 MW solar power plant will be built in the southern region of Wedian Alrabee. These projects will be implemented using the Build-Own-Operate (BOO) and Build-Operate-Transfer (BOT) models, along with corresponding power purchase agreements (PPAs). The construction period for the gas power plants is estimated to be three years, while the solar power plant is expected to be completed within two years.

The economic cooperation agreements are not only aimed at rebuilding Syria's infrastructure but also at fostering economic growth and job creation. The projects are expected to generate thousands of jobs, both directly and indirectly, as local workers are employed in construction and related services. This influx of employment opportunities is seen as a key factor in stabilizing the country and reducing the economic hardships faced by its citizens.

In addition to these agreements, Syria has also established a joint business committee with Turkey to promote economic cooperation and facilitate trade and investment. This new platform, operated by Turkey's Foreign Economic Relations Board, aims to strengthen cooperation between the public and private sectors, with a focus on rebuilding economic ties and supporting Syria's reconstruction efforts. The establishment of this committee comes at a time when economic cooperation between the two countries is deepening. Recently, the two countries signed a memorandum to open an international road direct transport route, eliminating the need for goods to be transferred at the border. This move is expected to simplify trade routes and integrate Syria into the regional logistics corridor to the Gulf countries through the Middle East corridor.

These economic cooperation agreements and the associated projects are expected to have a significant impact on Syria's economy, providing a much-needed boost to its infrastructure and power sectors. The investments are also expected to create new opportunities for economic growth and job creation, helping to stabilize the country and improve the lives of its citizens. As Syria continues to rebuild and recover from the devastation of war, these international cooperation agreements are seen as a critical step towards a brighter and more prosperous future.