Damascus, August 07 (QNA) - The Syrian government has signed a strategic memorandum of understanding with a coalition of five international companies, led by Qatar's UrbaCon Holding, to develop and expand Damascus International Airport with investments exceeding $4 billion.

The project is part of a package of strategic initiatives being implemented in Syria as part of Qatar’s support for Syria’s economic recovery and the establishment of a long-term partnership between the two countries. The project is expected to create over 90,000 direct and indirect jobs and contribute to strengthening the local economy across various sectors.

This initiative, to be carried out by an international consortium led by UrbaCon Holding through its investment arm, also includes US-based Assets Investments, Turkish firms Cengiz Insaat, Kalyon Construction, and TAV. It represents a pivotal step in a series of major development projects being implemented in key sectors in Syria such as energy, reconstruction, and infrastructure. It will be the largest infrastructure investment in Syria in decades and marks a shift toward restoring Syria’s regional and international status.

The memorandum of understanding was signed by Chairman of the Syrian Civil Aviation Authority Omar Al Husari, on behalf of the Syrian government, along with Chairman of UrbaCon Holding (Qatar) Mohamed Moataz Al Khayyat, Chairman of TAV (Turkiye) Sani Sener, CEO of Assets Investments (USA) Anthony Salter, board member of Cengiz Construction (Turkiye) Murat Ergonul, and Chairman of Kalyon Insaat (Turkiye) Murathan Kalyoncu. The signing was attended by US Special Envoy to Syria Tom Barrack, representatives from the Qatari Embassy in Syria, senior official delegations, and a number of diplomats.

The project aims to redevelop Damascus International Airport and transform it into a fully integrated regional hub capable of handling 31 million passengers annually upon the completion of all stages. The airport will feature world-class public facilities and will be executed under a Build-Operate-Transfer (BOT) model in five consecutive phases.

The initial phase will increase capacity to 6 million passengers in the first year, then to 16 million upon completion of phase two, ultimately reaching full capacity of 31 million passengers annually.

The airport will be constructed according to the highest international standards as set by the International Civil Aviation Organization (ICAO) and the International Air Transport Association (IATA). It will feature up to 32 gates, including modern boarding bridges, a comprehensive air navigation service system, and a sophisticated duty-free area offering a variety of global restaurants and upscale cafes, positioning it among the most advanced airports in the region.

The project also includes the development of the main access road, extending up to 50 kilometers, and a $250 million financing package for the purchase of up to 10 Airbus A320 aircraft for Syrian Airlines, aimed at strengthening the fleet and enhancing the competitiveness of the national carrier.

Chairman of UrbaCon Holding Mohammed Moataz Al Khayyat said that the project aligns with the State of Qatar’s commitment to support development in Syria and advance strategic projects that boost the Syrian economy. He emphasized that the initiative represents a strategic partnership between leading international firms to rebuild one of Syria’s most vital facilities, and that such large-scale projects require a blend of global expertise and deep understanding of local market needs.

For his part, CEO of UrbaCon Holding Ramez Al Khayyat described the project as a strategic bridge leading Syria toward recovery and prosperity. He stressed that the company is investing in a sustainable development future that will enhance trade and tourism flows, connect Syria with the world according to the highest standards, stimulate economic growth, and attract investment across sectors, particularly given Syria’s strategic location. This, he noted, will position Damascus International Airport as a model for advanced smart transport infrastructure in the region.

TAV Chairman Sani Sener meanwhile said that the project is a strategic investment opportunity that goes beyond infrastructure development to serve as a gateway for revitalizing the Syrian economy and reintegrating it into regional and global trade and investment, and a way to enhance the local market’s appeal to global capital.

UrbaCon Holding has previously worked on several prominent airport projects, including Hamad International Airport, Rwanda’s airport, Tripoli Airport, and other major projects around the world. (QNA)