Syria signs an agreement in the field of energy with the coalition of international companies with $ 7 billion

On Thursday, Syria announced the signing of an agreement and a memorandum of understanding in the field of energy with a coalition of 4 international companies worth $ 7 billion, according to what Energy Minister Muhammad Al -Bashir announced, at a time when Syria is trying to restore its dilapidated infrastructure after years of conflict.

At the signing ceremony, which was attended by Syrian President Ahmed Al -Shara, the American envoy to Syria, Thomas Barak and representatives of two Qatari and American companies and two Turkish companies, Al -Bashir said, “Today we sign an agreement and a memorandum of understanding that is the first in its size, type and value in Syria, where the investment value reached 7 billion dollars with an alliance of international companies in the field of energy.”

Understanding notes were signed to enhance investment in the field of energy with a number of international companies, including the “UCC Global” group, “European”, “Power International”, “Genghis Energy” and “Calaon Energy”.

This agreement will allow – according to Al -Bashir – to “invest in the energy sector to generate 5 thousand megawatts.”

The agreement includes the development of 4 electricity generation stations with gas turbines operating in the complex cycle (CCGT) in the areas of Deir Al -Zour, Muharda, Zizon in the Hama countryside, and Trevawi in Homs countryside, with a total capacity of 4,000 megawatts, using American and European technologies, along with a 1,000 -megawatled solar power plant in the Spring and Spring South Syria.

Investment momentum after reducing US and European sanctions
Ramez Al -Khayat, CEO of Europe Holding, said that the memorandum is like a new stage of joint work for the reconstruction of Syria by achieving its self -sufficiency to ensure a sustainable renaissance, “adding that” the project will provide more than 50 thousand direct job opportunities and 250 thousand indirect job opportunities, which contributes to supporting the labor market in Syria.

Syria has begun to live an investment momentum, especially after eliminating US and European sanctions from its economy, which witnessed a sharp collapse as a result of the war that lasted about 14 years, and the United Nations estimates the total losses in GDP during the war at about 800 billion dollars.

Syria has received requests to establish about 500 companies in various sectors since the beginning of this year, according to the Minister of Economy and Industry, Mohamed Nidal Al -Shaar.

On the financial level, the advisor to the Syrian Minister of Economy Razi Mohiuddin last week revealed that Syria has officially returned to the global “Swift” system, which enables the country to implement bank transfers that are essential for the operation of financial markets. Syria is also planning to reopen the “Damascus Securities Market” on June 2, provided that the circulation is limited during the first stage 3 days per week, according to Finance Minister Mohamed Youser Burniyah, who explained that this step comes after “the country has taken the necessary measures to ensure the safety of compliance to confront money laundering operations.”

In terms of transportation, the General Authority for Maritime and Land Ports signed a memorandum of understanding worth 800 million dollars with the Dubai World Ports Company, according to which the UAE company will develop and operate a multi -purpose container station in Tartous Port, and the French company “CMA CGM” will take over, the third largest container shipping company across the sea in the world, developing and operating the port of Lattakia in Syria worth 230 million euros.

Gulf airlines also continues to fly towards the Syrian sky, resumed the air linking with Damascus after years of isolation, as the firms of “flynas” and “Adele Airlines” Saudi Arabia and the UAE “Fly Dubai” joined that Gulf trend. Flying also plans to operate direct flights between the Kingdom and Syria. Meanwhile, Saudi Adele Airlines may start to conduct flights to Syria in July, according to Reuters, while Flydubai announced the resumption of its flights to Damascus from the beginning of next month.

US President Donald Trump announced the lifting of the sanctions imposed on Syria during his visit to Riyadh in mid -May, and said, “It is in response to the request of Saudi Crown Prince Mohammed bin Salman.” A few days later, the European Union decided to lift economic sanctions on Syria, pledging to contribute to the future reconstruction efforts in line with developments.