UAE tycoon to unveil multibillion-dollar projects in Syria

Dubai’s Al Habtoor conglomerate plans to pump billions of dollars into new projects in Syria to support economic recovery in the conflict-battered Arab nation.

Its chairman Khalaf Al Habtoor said the group had launched plans to open five car showrooms in Damascus and other parts of the country besides auto service stations in various parts of Syria.

In a video published on Facebook, the Emirati billionaire said he wants to support investors from the UAE, Saudi Arabia and elsewhere looking to set up projects in Syria.

“We are working to establish car showrooms in Damascus… we will then establish showrooms in other parts of Syria besides plans for auto service stations,” he said.

“I am also pleased to announce that we have plans to invest billions of dollars in very large projects… the first project will be set up in Damascus while similar large projects will be based in other parts of the country… we are coordinating with the Syrian government to launch these,” he added.

Al Habtour did not elaborate, apart from saying the group would shortly announce the projects and the investments involved.

Last month Al Habtoor Group said it would pursue legal action against the Lebanese government, the latest episode in a long-running saga between the conglomerate and the bankrupt republic, where the group is one of the largest foreign investors.

Further reading:

• $6.4bn of Saudi investment raises hopes for Syria’s recovery
• Saudi companies to back Syria’s oil exploration drive
• Al Habtoor steers away from recession-hit Europe

Syria has attracted massive investments and financial aid from Gulf oil producers as it struggles to rebuild its economy.

On Monday, Saudi investment minister Khalid Al-Falih said the kingdom had committed SAR7.5 billion ($2 billion) to developing two airports in Aleppo.

The Elaf Fund, an investment arm launched to support projects in Syria, will help finance the plans with participation from Saudi private investors, Falih added.