meed-logo

line1 line2 line3
SIGN IN / REGISTER

Syria charts post-war reconstruction course

14 August 2025

 

On 7 August, Syria signed a $4bn memorandum of understanding (MoU) to develop and expand Damascus International airport with a consortium comprising Qatari, Turkish and US-based companies.

The MoU was the latest of several foreign investment agreements signed in recent months, following the toppling of the Bashar Al-Assad government in December.

Since then, Syria’s new president, Ahmed Al-Sharaa, has overseen a political transition and made groundbreaking progress in reaching agreements, most critical of which was the rollback of EU and US sanctions.

For decades, the sanctions have kept Syria severely isolated from the global financial system and crippled its economy, while today, they are a critical hindrance to the reconstruction efforts needed after more than a decade of conflict.

The pivotal moment came in May when US President Donald Trump announced his intention to lift all US sanctions on Syria.

This decision came after consultations with Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud and Turkish President Recep Tayyip Erdogan, and in conjunction with a pre-arranged visit by Al-Sharaa to Saudi Arabia to meet with Trump in Riyadh.

A few weeks later, the EU also announced the lifting of its economic sanctions on Syria. The move removed a major obstacle to the ability of the government in Damascus to restart the Syrian economy and access the international financial aid and support necessary to begin rebuilding the country and its infrastructure.

Shortly afterwards, Syria completed its first international bank transfer in 14 years using the Swift network, marking a significant milestone in the economic rehabilitation of the country following its emergence from civil war and sanctions.

This direct commercial transaction was conducted from a Syrian bank to an Italian bank on 15 June, as confirmed by Syria’s Central Bank governor, Abdelkader Husriyeh.

The US formally lifted most of its sanctions on Syria in July through an executive order signed by Trump. The move largely dismantled a system in place since 2004 and formalised the pledge made by the US president in May.

Foreign investment agreements

Wider international relations hold the key to the Syrian economy’s prospects. In particular, Gulf countries are a potential source of investment that Al-Sharaa is keen to exploit, and Qatar, Saudi Arabia and the UAE have been making the running.

In July, Saudi Arabia signed over 47 investment agreements, worth more than SR24bn ($6.4bn), as part of its commitment to rebuilding Syria. The agreements cover sectors including real estate, infrastructure, finance, communications and information technology, energy, industry, tourism, trade and investment, and healthcare, among others.

About $3bn of the total investment has been earmarked to be spent on rebuilding Syrian infrastructure that was badly damaged in the war. As part of the deal, Saudi Arabia will also construct three new cement factories in the country.

Another $1bn will be invested by Saudi Arabia-based telecommunications companies to upgrade Syria’s telecom sector.

Other sectors, including agriculture and finance, are also expected to benefit from these agreements.

The investment agreements with Saudi Arabia follow Syria’s signing of a $7bn energy deal with a consortium of Qatari, Turkish and US-based companies to help revive its electricity sector.

In May, Syria’s Energy Ministry signed a $7bn MoU with a consortium led by Qatar’s UCC Holding to develop 5GW of power generation capacity – doubling the country’s output – by constructing new gas and solar power plants.

The agreement covers the development of four combined-cycle gas turbine power plants in Traifawi, Homs and Zayzoun, Deir-Azzour and Mehardeh in Hama, with an installed capacity of 4GW, and a 1GW solar power plant in Wedian Al-Rabee in the southern region of Syria.

The projects will be implemented under build-own-operate and build-operate-transfer models alongside power-purchase agreements. Following final agreements and financial close, completion is expected within three years for the gas plants and two years for the solar plant.

A UCC Holding-led group also signed a $4bn MoU to develop and expand Damascus International airport.

The consortium comprises UCC Holding as the primary developer; three Turkish partners, Cengiz, Kalyon and TAV; and the US-based Assets Investments USA.

The project will be implemented under a build-operate-transfer model and covers the expansion of the Damascus International airport in five phases.

The expansion will ultimately increase the airport's capacity to handle 31 million passengers annually.

The agreement also includes the construction of a 50-kilometre road leading to the airport and $250m in financing to purchase up to 10 Airbus A320 aeroplanes for Syrian Airlines.

UAE ports operator DP World also signed an agreement in July with Syria’s General Authority for Land & Sea Ports to develop a port in the city of Tartous.

The estimated $800m deal will allow DP World to develop, manage and operate a multipurpose terminal in Tartous. The concession period is 30 years. The deal also includes cooperation in establishing industrial and free trade zones. 

The recent signing of agreements by Syria to attract foreign investments marks a pivotal step towards economic revitalisation, signalling a potential shift in the nation's post-conflict recovery and a renewed commitment to fostering international partnerships for sustainable development.

https://image.digitalinsightresearch.in/uploads/NewsArticle/14469581/main.gif
Yasir Iqbal

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Diriyah tenders conference and exhibition centre

    4 November 2025

     

    Saudi Arabia’s gigaproject developer Diriyah Company has issued a tender inviting contractors to bid for the construction of a conference and exhibition centre in the second phase of the Diriyah project.

    MEED understands that the main contract tender was issued in October.

    Technical bids are due on 9 November, while commercial bids must be submitted by 17 December.

    The project covers an area of 29,000 square metres in Diriyah’s Northern Community.

    The Diriyah masterplan envisages the city as a cultural and lifestyle tourism destination. Located northwest of Riyadh’s city centre, it will cover 14 square kilometres and combine 300 years of history, culture and heritage with hospitality facilities.

    This year, the company has awarded several main construction contracts worth over SR18bn ($5bn).

    Just days after Webuild announced that it had won the $600m contract for package three of the Diriyah Square project, Beijing-headquartered China Harbour Engineering Company won a SR5.7bn ($1.5bn) contract to build the Arena Block assets in the Boulevard Southwest section of the second phase of the Diriyah Gate development (DG2).

    In April, Diriyah awarded an estimated SR4bn ($1.1bn) contract for a utilities relocation package for the King Saud University project located in DG2. The contract was awarded to a joint venture of Beijing-headquartered China Railway Construction Corporation and China Railway Construction Group Central Plain Construction Company.

    Earlier in the same month, a SR5.1bn ($1.3bn) construction deal was awarded to a joint venture of local firm El-Seif Engineering & Contracting, Beijing-headquartered China State Construction Engineering Corporation and Qatari firm Midmac Contracting to build the Royal Diriyah Opera House.

    Also in April, a consortium of Saudi Arabia-based contractors Almajal Alarabi and Man Construction won an estimated SR915m ($244m) contract to build King Salman Grand Mosque in Diriyah.

    Once complete, Diriyah will have the capacity to accommodate 100,000 residents and visitors.

    READ THE NOVEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Mena players up the ante in global LNG production race; Investment takes UAE non-oil economy from strength to strength; Project finance activity draws international lenders back to market

    Distributed to senior decision-makers in the region and around the world, the November 2025 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15013053/main.jpg
    Yasir Iqbal
  • Bahrain unveils $17bn of new projects at Gateway Gulf

    3 November 2025

    Register for MEED’s 14-day trial access 

    Bahrain announced $17bn of new projects at the Gateway Gulf investment forum on 2 November.

    The investment pipeline matches the $17bn in foreign direct investment (FDI) the kingdom has successfully attracted since the first Gateway Gulf forum in 2018. The 2025 event includes 61 announcements and 33 signing ceremonies.

    In his keynote address, Sheikh Salman Bin Khalifa Al-Khalifa, the finance and national economy minister, said the GCC is no longer just a capital hub and is emerging as a centre of creativity, sustainability and technological excellence.

    In particular, he emphasised the role of artificial intelligence (AI) as Bahrain positions its economy for the future. “More profoundly, and perhaps even more transformational than the industrial revolution, we have entered the age of intelligence,” he said.

    He highlighted the shift of AI “from the margins to the core, shaping how factories operate, how banks serve their customers, how ports and logistics networks move goods around the world”.

    The new wave of investment projects aligns with this focus. At Gateway Gulf, Beyon Solutions and Bahrain’s Information and eGovernment Authority (iGA) signed an agreement to launch Bahrain’s first AI-ready Sovereign HyperCloud, built with Oracle Alloy. Hosted entirely in Bahrain, the platform provides secure, locally governed cloud and AI services for government and enterprises.

    Another announcement at Gateway Gulf on 2 November was the signing of a deal by steel producer Foulath Holding and Yellow Door Energy to develop a 123 MWp solar project under a power purchase agreement. It includes the world’s largest single-site rooftop plant at 50 MWp. The rooftop installation will feature 77,000 panels across a new 262,000-square-metre stockyard shed.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15004385/main.jpg
    Colin Foreman
  • L&T wins Tennet offshore contract after Petrofac termination

    3 November 2025

    India’s Larsen & Toubro (L&T) has been selected for the offshore electricity transmission contract that was previously awarded to UK-based Petrofac by Netherlands-based Tennet.

    Tennet’s termination of the contract with Petrofac led to the derailment of Petrofac’s planned restructuring and its subsequent collapse.

    At the time of the contract termination, Tennet said that Petrofac had not met contractual obligations.

    When it entered administration, Petrofac was actively working on projects in the UAE, Algeria, Kuwait and Bahrain.

    Its projects in the UAE were worth a total of $2.87bn and include an engineering, procurement and construction management contract awarded by Adnoc Gas in June.

    Now that L&T has been awarded the high-voltage direct-current (HVDC) offshore wind programme contract with Tennet, it will deliver HVDC converter stations in partnership with Hitachi Energy.

    This project is designed to facilitate the integration of extensive renewable energy sources into the European power grid, especially in the German and Dutch regions of the North Sea.

    READ THE NOVEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Mena players up the ante in global LNG production race; Investment takes UAE non-oil economy from strength to strength; Project finance activity draws international lenders back to market

    Distributed to senior decision-makers in the region and around the world, the November 2025 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15002009/main.jpg
    Wil Crisp
  • Dubai extends bid deadlines for key drainage projects

    31 October 2025

    Dubai Municipality has extended the bid submission deadlines for two key drainage projects under the $8bn Tasreef programme to develop, rehabilitate and expand Dubai’s stormwater drainage network.

    The first project, listed as TF-05-C1, involves a stormwater drainage system in Jebel Ali and the surrounding areas.

    The new deadline is 10 November, a source close to the project told MEED.

    The project covers approximately 27 kilometres of stormwater network and will serve major transport routes, including Sheikh Zayed Road and Al-Jamayel Road.

    The bid submission date for the tender, was initially 2 October before being extended to 30 October.

    The second project, listed under TF-11-C1,  is for the development of a stormwater pond, evacuation line and pumping station.

    The project includes a comprehensive stormwater drainage system, featuring a tunnel ranging from three to four metres in diameter along Dubai–Al Ain Road and the D54.

    The new deadline is 4 November.

    The bid submission date for the tender, was initially 25 September.

    The schemes are being procured by the municipality’s Sewerage and Recycled Water Projects Department as part of the Tasreef programme.

    In October, Dubai Municipality awarded contracts for two other major projects under the initiative.

    Local firm DeTech Contracting won the main contract for the construction of a stormwater drainage system on Sheikh Mohammed Bin Zayed Road and Al-Yalayis Road in Dubai.

    The municipality alos awarded a contract to Greece/Lebanon-based Archirodon for the construction of the Resilient Future Flow Outfall project. 

    The $25m project involves the construction of a 4-kilometre subsea pipeline with a 2-metre diameter and a discharge capacity of 9 cubic metres a second.

    The Tasreef masterplan that will serve key areas across the emirate, including Nad Al-Hamar, the vicinity of Dubai International airport, Garhoud, Rashidiya, Al-Quoz, Zabeel, Al-Wasl, Jumeirah and Al-Badaa. The initiative aims to expand Dubai’s rainwater drainage capacity by 700% by 2033.

    DeTech Consulting previously won the $136m contract to upgrade the West Deira stormwater system.

    This project was the first of the five planned Tasreef projects to enter construction, earlier this year.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14993856/main.jpg
    Mark Dowdall
  • Gas demand reshapes priorities

    31 October 2025

    Commentary
    Colin Foreman
    Editor

    Read the November issue of MEED Business Review

    Gas has increasingly been regarded as a crucial transition fuel over the past decade as governments race to cut carbon emissions and meet climate pledges – including the Paris Agreement’s aim to keep warming well below 2°C and pursue efforts to limit it to 1.5°C.

    Those commitments have driven the demand for liquefied natural gas (LNG) globally and this has reshaped investment priorities across the region, with Qatar, Oman and the UAE eyeing future export growth.

    QatarEnergy’s North Field expansion is the largest investment. The estimated $40bn programme will push Qatar’s LNG output towards 142 million tonnes a year by the end of this decade, almost doubling its present position and consolidating its role as a market anchor.

    Abu Dhabi is also committed to expanding its capacity. Its downstream strategies include a major greenfield LNG terminal at Ruwais, due to enter service in 2028 with two 4.8 million t/y trains adding 9.6 million t/y to the UAE’s export capability.

    These programmes are keeping contractors busy. Over the past five years, more than $44bn of LNG-related contracts have been awarded in the region – which is more than eight times the $5.3bn recorded in the previous five year period.

    At the same time, there are ample opportunities for contractors as other countries in the region build import infrastructure. Projects are already under way in Kuwait, Iraq, Jordan, Egypt, Algeria and Morocco – and more are expected.

    With base load concerns remaining for many countries when it comes to completely switching to renewables, gas is expected to be a fuel of choice for the decades to come. The investments made in production capacity mean the region will play a pivotal role in delivering the world’s energy needs.

    READ THE NOVEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

    Mena players up the ante in global LNG production race; Investment takes UAE non-oil economy from strength to strength; Project finance activity draws international lenders back to market

    Distributed to senior decision-makers in the region and around the world, the November 2025 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14992876/main.gif
    Colin Foreman