Damascus, Sept. 11 (SANA) Syria’s Baniyas Refinery is undergoing its most extensive overhaul to date, with work aimed at raising processing capacity from around 80,000 to 130,000 barrels per day and improving the reliability of domestic fuel supplies, the Syrian Petroleum Company said.

The Syrian sovereign wealth fund signed a major investment agreement with the UAE's Arada Group to develop an integrated city west of Damascus, with a total value estimated at approximately $7 billion. This marks one of the most prominent development and urban partnerships in the region.

The project spans a total area of ​​four million square meters in a strategic location near the Mezzeh district on a high plateau. The new city is only about 10 minutes from the center of Damascus and approximately 25 minutes from Damascus International Airport, giving it a significant competitive advantage in connecting modern residential living with vibrant commercial and tourist activity.

The city is designed to offer a comprehensive model for modern, sustainable living. At its heart lies a vast public park covering 700,000 square meters, providing a natural and environmental haven for residents and visitors. The project's master plan includes approximately 11,000 diverse residential units, ranging from spacious apartments and luxury villas to townhouses, in addition to branded residential units.

The city is not limited to residential areas; it also includes a comprehensive hospitality sector with 500 hotel rooms and 1,000 attached hotel apartments, along with service infrastructure that includes state-of-the-art educational facilities designed to accommodate approximately 5,000 students, and a modern, fully equipped 300-bed hospital to provide the highest levels of healthcare for residents.

This project represents a qualitative leap in the Syrian real estate and urban development sector, and it is planned to contribute to creating thousands of job opportunities and stimulating economic and investment activity in the country in the coming years.

The "Victory Boulevard" project presents itself as one of the biggest reconstruction bets in Homs: thousands of units, a huge public park, underground parking, hotels, offices, shops, and ultra-modern architectural design. But behind the model images and the high demand for subscriptions lie more difficult questions: Who is the legally registered developer? What is its actual track record in executing projects of this scale? Who is the main contractor? How will the labor, equipment, and infrastructure be secured? And was the project designed primarily to solve the housing crisis or to maximize investment and resale value?

1. A Massive Project by All Measures

According to the latest official information at the time of the project's launch on August 21, 2026, Victory Boulevard includes approximately 2,500 residential, commercial, administrative, and hotel units, about 500,000 square meters of above-ground buildings, in addition to nearly 250,000 square meters of underground parking with a capacity of approximately 5,000 cars, and a public park of approximately 350,000 square meters. The project is divided into three phases with announced timeframes of 3, 5, and 7 years.

However, this description differs from the initial proposal in August 2025, when the Homs Governorate spoke of a project providing approximately 4,500 housing units and aiming to improve services and living conditions and meet the needs of the population. The shift from "4,500 housing units" to "2,500 residential, commercial, administrative, and hotel units" does not necessarily imply a contradiction; it may be the result of redesign and a different definition of the units. Nevertheless, it reveals that the project has evolved from a broad housing initiative into a mixed-use urban investment product.

2. The first investigative question: Who exactly is "Al-Omran"?

Herein lies the real ambiguity. The official Homs Governorate announcement of August 7, 2025, referred to the company as "Al-Omran Real Estate Development and Investment Company." The company's website published the memorandum of understanding under the same name, while the same website used the name "Al-Omran Holding Company" in the foundation stone announcement. At the project's official launch in August 2026, the Syrian Arab News Agency (SANA) presented Rifai Hamada as the Chairman of the Board of Directors of Al-Omran Holding Company, the project's developer.

The difference in trade name is not in itself evidence of a violation, as Al-Omran Holding Company could be the parent company and Al-Omran for Real Estate Development and Investment a subsidiary or operating name. However, in a project involving the collection of substantial sums from the public, it is essential that the contracting entity be clearly identified.

The official and public materials reviewed for this investigation did not clearly reveal the following: the developer's commercial registration number, country of registration, declared capital, shareholder structure, or a complete published copy of the final development contract. Furthermore, open-source research into publicly announced investment companies in Syria in 2025 found no clear and extensive public record of Al-Omran for Real Estate Development and Investment under its current name prior to the project.

3. Confusion with "Al-Omran Kuwaiti": A Question Mark, Not a Minor Detail

Some media coverage described "Al-Omran" as a Kuwaiti company established in 2006 and owned by Rifai Hamada. However, research in open sources reveals the existence of several Arab companies bearing the name "Al-Omran" or similar names, making the attribution of any previous record to the current Syrian company a matter requiring legal documentation, not merely a similarity in name.

Therefore, it is insufficient to simply state that the company is "Kuwaiti" or has a long history; what is required in a project of this scale is the publication of the full legal name, registration number, registration authority, names of shareholders, and paid-up capital. The absence of this information from the project's public profile is one of the most significant points of ambiguity that must be resolved.

4. Rifai Hamada is not unknown... but that doesn't solve the developer's record problem

Conversely, there is no similar problem in proving the existence of Rifai Hamada and his engineering companies. The official Spanish commercial register confirms the establishment of HESCO European Group SL in 2021 with a capital of €40,000, listing Rifai Hammada Abbara as the sole owner and director. Other Spanish records show engineering and real estate companies associated with it, and HESCO's own records confirm international engineering and consulting activity.

This is a clear strength: behind the project is someone with a documented commercial and engineering presence, not just untraceable names. However, experience in design, consulting, and planning management does not automatically equate to the experience of a "main developer" who manages financing, off-plan sales, dozens of contractors, procurement, infrastructure, serving thousands of clients, and then final handover.

5. Who is the main contractor? A question with no clear public answer.

As of the date of this investigation, the official materials reviewed do not mention the name of a main contractor responsible for executing the towers and infrastructure of the project. The role of "Al Omran" as developer/implementer and HESCO's role in urban planning and design are clearly stated, but the name of the entity that will manage thousands of workers, equipment, concrete pouring, facades, and electromechanical systems is not clearly mentioned in the public announcements.

Contracts may be under signing or not yet announced, which is possible at the beginning of a project. However, for the subscriber, the contractor's name is not a minor detail; it is one of the most important indicators of the project's ability to move from the sales and design phase to actual implementation.

6. Escrow Account: A Reassuring Concept Requiring Documentation

Details of the subscription indicate that buyers' payments are deposited into an escrow bank account and are only transferred to the company according to progress milestones. If this system is documented by a clear escrow contract with a specific bank, it is one of the strongest elements of buyer protection and one of the best indicators of sound financing practices.

However, true protection does not rely solely on the term "escrow account." The name of the bank, the legal owner of the account, the conditions for releasing funds, who verifies the percentage of completion, what happens if the project stops, and whether the subscriber has the right to recover their funds and in what order, must all be known. Until these details are published, the escrow account remains more of a potential advantage than a legally valid guarantee.

7. The first challenge: Where is the skilled labor?

Construction of four 12-story towersIn the initial phase, and later in dozens of blocks, hundreds of workers and technicians are needed simultaneously: ironworkers, formwork carpenters, concrete workers, electricians, mechanics, air conditioning technicians, elevator installers, facade installers, insulation specialists, safety personnel, laboratory technicians, quality control specialists, and project management specialists. In a Syrian market that has lost a significant portion of its skilled workforce to emigration, while the remaining labor force is already occupied by private reconstruction and rehabilitation projects, labor shortages could become the first real bottleneck.

The problem could be solved by offering higher salaries, bringing in workers from other governorates, repatriating Syrian expertise from abroad, or contracting with regional companies and contractors. However, each solution increases costs and adds complexity. Most importantly, money can attract existing skilled workers, but it cannot create thousands of technicians in a matter of months.

8. The second challenge: Modern equipment not available locally. A project of this scale requires tower cranes, high-capacity concrete pumps, formwork and modern casting systems, excavation equipment, underground parking facilities, surveying equipment, and laboratories. The Syrian market currently lacks a specialized rental network comparable to those in the Gulf or Türkiye.

This challenge can be solved through importation, which is less risky than a lack of expertise. However, importation involves purchasing, shipping, customs clearance, installation, certification, operation, maintenance, and spare parts—meaning the project requires a well-regulated international supply chain. A delay in a crane, formwork system, or spare parts could impact the entire tower's program.

9. The Third Challenge: Who Will Finance the Infrastructure?

The most difficult dilemma may lie outside the towers themselves. Thousands of units, a hotel, offices, shops, and five thousand parking spaces require water, sewage, electricity, telecommunications, roads, stormwater drainage, and fire suppression systems. The initial project memorandum assigned the company the responsibility for implementing the infrastructure and building projects, while the governorate would provide logistical support, data, and administrative oversight. However, the details regarding external connection points and cost-sharing still need greater clarity.

If the surrounding city's networks lack the capacity, modernizing the networks within the project is insufficient. The central question is: Who will pay for the substations, sewage expansion, roads, and main connection points, and when will these works be completed for the towers?

10. The Fourth Challenge: Management Before Concrete

Initial indicators of the IPO – according to testimonies circulating among attendees – included overcrowding, chaos, and a lack of answers to some questions. The company's website remains very basic compared to the scale of the project. These observations do not necessarily indicate future failure, but they are significant because the problem is not simply "customer service."

A company managing a project of this size needs a CRM system, a unit allocation system, contract and installment management, international procurement, timeline planning, cost monitoring, claims management, contractor management, progress reports, quality and safety measures, and the ability to serve thousands of buyers for years. The chaos in the first public test does not condemn the company, but it underscores the importance of building a professional management system that is just as crucial as constructing towers.

11. Why Wasn't the Project More Like Al Rehab in Cairo?

Al Rehab City in New Cairo offers a different model. Developed by Talaat Moustafa Group, the project was built in phases, with the majority of its built-up area dedicated to residential use. It features mid-rise residential complexes with schools, markets, medical centers, a clubhouse, green spaces, and daily services. Al-Rahab wasn't cheap social housing, but it demonstrated how an integrated project could expand gradually without making every square meter overly complex and expensive.

For a city like Homs, a simpler model might have been envisioned: 5-8 story buildings, standardized layouts, less complex parking, ample green spaces, schools, markets, services, and a greater number of family apartments. This model might not look as impressive on model, but it could be faster, cheaper, easier to maintain, and a more direct way to address the housing shortage.

12. So why was the luxury model chosen?

The most obvious answer lies in the project's economics. The smallest units currently available start—according to the circulated subscription details—at around $72,000, with an initial reservation and the remaining 30% due within three months. This means that the buyers themselves constitute a significant source of construction financing.

To convince an expatriate or investor to pay tens of thousands of dollars upfront, a developer needs a product unlike a typical apartment in Homs: a modern design, parking and storage, a huge garden, services, facades, offices, hotels, and retail. These components serve more than just aesthetics; Rather, it increases the selling price and creates an "investment story" that allows for a higher price and stronger marketing.

13. Did the company prioritize its own interests? What can actually be proven? The company's internal intentions cannot be proven from the outside, and there is no document stating that management decided "profit before the citizen." Therefore, this cannot be presented as a definitive accusation. However, the project's choices can be compared with its stated social objective.

If the primary goal is to provide the largest possible number of good housing units at the lowest cost, the expected economical design would be mid-rise buildings, repetitive designs, less expensive parking, a higher occupancy rate, and directing the largest share of investment into the units themselves. In contrast, Al Nasr Boulevard allocates approximately 250,000 square meters for underground parking, combines residential units with hotels, offices, retail, and services, and adopts a high-cost architectural and service-oriented approach.

These are very rational decisions for a private developer seeking to increase the project's value, attract capital, and achieve strong pre-sales. However, they also provide practical evidence that the project's design and financial priority is the "success of the investment product" rather than "producing the largest number of housing units at the lowest price." This is the limit that is allowed. Evidence: Not proof of personal intent, but rather proof of a clear economic direction in the project design.

14. Questions the company and the governorate must answer before paying 30%:

• What is the full legal name of the company that will sign the sales contracts with the subscribers? What is its commercial registration number, country of registration, and capital?

• Who are the actual shareholders in the developer company? What is their legal relationship?What is the precise relationship between Al-Omran Holding, Al-Omran Real Estate Development and Investment, and HESCO?

• Who is the main contractor for the first four towers? What are their previous projects and their human and material capabilities within Syria?

• What is the name of the bank managing the escrow account? What are the conditions for releasing subscribers' funds?

• Who approves the completion percentages that allow the transfer of funds from the escrow account to the developer?

• Who is responsible for financing and implementing the water, sewage, electricity, and road networks outside the project boundaries?

• What is the detailed timeline for the first phase? How many workers, cranes, and pieces of equipment will be operating simultaneously?

• What is the compensation mechanism in case of significant delays or work stoppages? Are there any performance guarantees or warranties from the contractors?

15. What will eliminate the ambiguity?

The project doesn't need an additional public relations campaign as much as it needs a simple and clear transparency package: publishing the developer's legal record, ownership structure, name of the main contractor, the escrow account agreement or its legal summary, the timeline, infrastructure responsibilities, and independent periodic progress reports.

If this data is published and the actual cranes, equipment, and workforce begin to appear within a clear program, the current uncertainty will quickly transform into confidence. However, if the essential information remains fragmented while sales and collections increase, marketing success will outpace the growth of institutional trust, which is not a healthy equation for a multi-year project.

In conclusion: A promising project, but the real test has yet to begin. Al Nasr Boulevard is not a project that can be dismissed simply because it is luxurious, and there is no evidence to dismiss it as a mere illusion. It is backed by Rifai Hamada, a proven engineering track record, and HESCO has a clear engineering presence. The project has received official support and strong market demand. These are significant factors in its favor.

However, the aspect that remains unproven is the ability of the "real estate developer," as an administrative and financial entity, to transform the design into a functioning city: a clear legal name and ownership structure, a main contractor, labor, equipment, infrastructure, management of thousands of contracts, and a commitment to a long-term timeline. Therefore, the biggest current problem is not a lack of buyers, but rather a lack of information that allows buyers to assess the risks of implementation themselves.

From a public interest perspective, the design and financial data indicate that the current version was primarily designed as a high-value investment product, financeable through sales, rather than an affordable housing project aimed at producing the largest possible number of inexpensive units. This is an understandable choice for a private company, but it places a greater responsibility on the state: to ensure that reconstruction not only consists of attractive and profitable projects, but also includes housing needed by citizens who cannot afford apartments costing tens or hundreds of thousands of dollars.

Zaman al-Wasl

Major contracts awarded in the vital energy sector raise pressing questions about transparency standards and the integrity of financial procedures.

In this context, the contract—currently being signed—between the Syrian Petroleum Company and a newly established Gulf Arab company with a relatively small capital investment relative to the project, and which has a branch in Syria, stands out as a glaring example of decisions that burden the public treasury with enormous financial obligations without clear competitive justification. The contract is valued at $184.8 million and is currently being finalized.

The crucial questions: Where is the public tender?

The sheer size of the contract raises fundamental questions about the contracting mechanisms employed:

• Lack of competition: How can a contract of this magnitude be awarded through a negotiated agreement? Why wasn't it put out to public tender, which would ensure genuine competition and reveal a fair price for the project, thus protecting public funds?

• Missing evaluation mechanisms: Which entity evaluated the technical and financial bids? Where is the scoring system for the bidding companies, their track record, field experience, and price comparisons?

Advance Payment: Millions of Dollars Without Sufficient Guarantees?

The clause concerning financial payments raises serious concerns regarding the protection of company funds:

• The 15% Payment: The contract grants the contractor an advance payment of 15%, amounting to approximately $27,720,000, payable within just fifteen days of the invoice date.

• Accountability: Who approved this enormous advance payment? What are the actual bank guarantees backing this liquidity? And who guarantees its full repayment in the event of project failure or significant delays?

• The “Early Payment Discount” Precedent: A Formal Gain for the Contractor

The contract includes an unusual clause in sound contractual practices: a so-called “early payment discount” of only 0.05% (half a percent).

• The Paradox of Numbers: The Syrian Petroleum Company is demanding an expedited payment of tens of millions of dollars in exchange for a paltry discount of no more than $92,400, even when calculated on the entire contract value.

• The Suspicion of Detailing: This clause raises serious questions: Who drafted this unusual condition, and in whose interest was it tailored in such a way that burdens the treasury for the benefit of the other party?

The Fixed Price: A Backdoor to Increases

The contract text describes its value as fixed and unchanged, yet it then opens the door wide to demands for financial increases if certain costs rise by more than 15%.

• The Unfair Equation: This clause directly challenges the Syrian Petroleum Company: Is the price truly fixed as the contract text claims, or is the principle of fixed prices applied exclusively to the Syrian Petroleum Company's obligations, while increases remain available and permissible for the contractor at the first sign of price fluctuations?

Damascus, Aug. 7 (SANA) The “Four Seas” initiative is emerging as a major pathway for to restore its regional economic role by leveraging its geographic position to connect the Gulf, Iraq and Central Asia with Türkiye and Europe through the Mediterranean, while opening opportunities in trade, energy, infrastructure and investment.

The initiative extends beyond trade and energy to encompass an integrated network of railways, roads, ports, electricity and communications, potentially making it a key component of Syria’s reconstruction efforts and a platform for attracting investment.

Geography as an economic asset

President Ahmad al-Sharaa said on April 24, during a meeting of the European Union and regional partners in Nicosia that the “Four Seas” initiative and the “Nine Corridors” could position Syria as an alternative and secure artery linking Central Asia and the Gulf with the heart of Europe.

At the Antalya Diplomatic Forum on April 17, President al-Sharaa said Syria had become a focus of international attention, particularly regarding the security of supply chains between East and West and energy supplies, stressing that investment represents a key entry point for reconstruction.

Energy opens the route to the Mediterranean

The initiative’s practical dimension is particularly evident in the energy sector, with Syria and Iraq moving to rehabilitate the Kirkuk-Baniyas oil pipeline.

On July 18, the Syrian Petroleum Company and Basra Oil Company signed a memorandum of understanding to rehabilitate the Haditha-Baniyas pipeline, while another memorandum with a consortium comprising Chevron, UCC Holding and TI Capital covers technical and financial studies for the project, with a targeted capacity of around 2 million barrels of crude oil per day.

Energy Minister Mohammad al-Bashir described the agreement in a post on X as a “strategic step” toward restoring one of the region’s key oil transport routes, saying it would strengthen Syria’s position as a regional energy corridor connecting the region’s resources with the Mediterranean.

The project has also received U.S. support, with the U.S. Department of State describing the rehabilitation of the Kirkuk-Baniyas pipeline as a strategic infrastructure priority. It said reopening the pipeline would restore a vital corridor connecting Iraqi oil with Mediterranean markets and beyond, while international cooperation on the project could contribute to security and stability by supporting economic prosperity.

The development follows the arrival of Iraqi fuel oil convoys in Syria on April 1 through the al-Tanf crossing toward Baniyas Refinery. The shipments were subsequently reloaded and transported by sea to international markets, reactivating a practical route that could eventually develop into a permanent regional energy network.

Rail connectivity as the backbone

While oil and gas are key components of the initiative, rail connectivity could provide the infrastructure needed to transform individual projects into an integrated economic corridor.

On June 13, Syria’s Chargé d’Affaires in Washington, Mohammad Qanatiri, said the “Four Seas” initiative is based on strengthening connectivity among countries through energy, electricity, railway and communications networks, restoring Syria’s role as a regional link.

The railway component gained further momentum on Aug. 6, when Foreign Minister and Expatriates Asaad Hassan al-Shaibani said during a joint press conference with Turkish Foreign Minister Hakan Fidan in Ankara that work is underway to accelerate the activation of the Four Seas Committee and complete a railway connectivity project involving Syria, Türkiye, Saudi Arabia and Jordan.

Al-Shaibani stressed that Syria’s geography and history make it the shortest and most economically viable link in global trade routes, saying the project would strengthen the country’s role as a geographic and economic bridge connecting Gulf markets with Turkish and European routes.

Fidan, for his part, expressed Türkiye’s support for regional connectivity projects involving Syria, Saudi Arabia and Jordan, as well as efforts to increase border crossings and develop transportation and infrastructure, supporting reconstruction and expanding trade.

From trade corridor to investment platform

Restoring transportation and energy networks would not only reactivate existing infrastructure but also create new investment opportunities in ports, logistics, industry, energy and services linked to transit traffic.

During a discussion hosted by the New Lines Institute in Washington on June 12, U.S. researchers described the initiative as a strategic opportunity to strengthen economic cooperation and support Syria’s reconstruction.

Myles B. Caggins, a former official spokesperson for the international coalition’s Joint Task Force, pointed to growing interest among U.S. and international companies in investing in Syria, particularly in energy and infrastructure, saying such investment could 

Syrian ports have recorded a sharp increase in maritime traffic since the country’s liberation at the end of 2024, with vessel calls and cargo volumes rising significantly during the first half of 2026 as authorities press ahead with infrastructure upgrades and equipment modernization aimed at strengthening the ports’ role as regional trade gateways.

According to data recently released by the Syrian General Authority for Borders and Customs, the ports of Latakia and Tartous received a combined 945 vessels during the first six months of the year, handling nearly 8 million metric tons of cargo, highlighting the recovery of maritime activity along Syria’s Mediterranean coast.

Tartous records the highest vessel traffic

The Port of Tartous accounted for the largest share of maritime traffic among Syria’s ports, receiving 551 vessels since the beginning of the year, including 472 general cargo ships, 33 container vessels and 46 maintenance vessels.

Total cargo handled at the port reached nearly 5 million metric tons, including 3.9 million metric tons of imports and 1.1 million metric tons of exports, underscoring the port’s renewed role as Syria’s main maritime gateway for domestic trade and regional transit.

The authority said the increase in activity coincided with ongoing infrastructure modernization, including upgrades to cranes and operational equipment aimed at speeding up cargo loading and unloading, reducing vessel turnaround times and expanding the port’s handling capacity.

Continued growth at the Port of Latakia

At the Port of Latakia, official data showed continued growth in vessel traffic and cargo handling. The port received 394 vessels, including 182 general cargo ships, 186 container vessels, 23 maintenance vessels and three passenger ships.

Cargo handled totaled approximately 2.86 million metric tons, including 1.5 million metric tons of general cargo and 1.365 million metric tons of cargo carried in containers, while around 171,000 containers were processed during the period.

According to the authority, the increase was accompanied by simplified customs procedures, measures to facilitate imports and exports, expanded transit operations, and the introduction of modern equipment that improved operational efficiency and accelerated cargo-handling operations.

Baniyas strengthens its role in energy trade

The Port of Baniyas continues to serve as Syria’s primary terminal for oil and gas imports for the domestic market, while also facilitating fuel exports to international markets.

According to the General Authority for Borders and Customs and the Ministry of Energy, activity at the port has increased since April following the arrival of Iraqi fuel oil shipments delivered by road tankers. On the first day of operations, 299 tanker trucks entered the port, where their cargoes were transferred to storage tanks before being loaded onto seagoing tankers for export.

The daily arrival of Iraqi fuel tankers forms part of efforts to diversify Iraq’s oil export routes amid disruptions to shipping through the Strait of Hormuz, officials said.

Separately, Syria and Iraq signed a memorandum of understanding with international companies in late July to reactivate the Kirkuk-Baniyas oil pipeline. Once operational, the pipeline is expected to resume Iraqi oil exports through Syria’s Mediterranean coast, strengthening the country’s role as a regional energy transit corridor.

Port development plans

The General Authority for Borders and Customs said it continues to implement programs to modernize Syria’s ports, including infrastructure upgrades, improved equipment readiness, and enhanced logistics and customs services aimed at expanding port capacity and supporting maritime trade.

 The increase in maritime activity comes as Syria seeks to revive its transport and logistics sectors and restore the role of its Mediterranean ports as key hubs for regional and international trade after years of declining shipping activity caused by the war, sanctions and damage to infrastructure.

SANA

Damascus, Aug. 6 (SANA) Syria and Türkiye signed a framework cooperation agreement in the fields of higher education and scientific research following talks on Wednesday between Minister of Higher Education and Scientific Research Marwan al-Halabi and Turkish Council of Higher Education (YÖK) President Erol Özvar, attended by a delegation from the ministry.

 

In a post published on his official Facebook page, al-Halabi said the agreement reflects the two countries’ commitment to strengthening their academic partnership and advancing scientific research cooperation in a way that serves their mutual interests and supports the development of higher education systems in both countries.

 

The minister expressed Syria‘s and the ministry’s appreciation for Türkiye‘s role, under the leadership of President Recep Tayyip Erdoğan, in supporting the higher education sector during the years of the Syrian revolution, particularly through the establishment of branches of Turkish universities in northern Syria. He said the initiative enabled tens of thousands of Syrian students to continue their university education under difficult circumstances and helped preserve the continuity of their academic studies.

 

The discussions covered a range of issues of mutual interest, including strengthening cooperation between Syrian and Turkish universities, exchanging academic expertise, developing scientific research, enhancing quality assurance and accreditation, and expanding scientific partnerships between Syrian and Turkish higher education institutions.

 

At the end of July, al-Halabi announced that the ministry would conduct an official visit to Türkiye on Aug. 5 to continue coordination regarding Turkish universities operating in northern Syria.

Damascus, Aug. 4 (SANA) The United Fur Company factory opened on Tuesday in Adra Industrial City as the first facility in Syria specializing in the production of synthetic fur, under a Syrian-Chinese partnership.

The inauguration was attended by Deputy Minister of Economy and Industry Basel Abdul Hanan and Damascus Countryside Governor Amer al-Sheikh.

Syria's first synthetic fur factory opens in Damascus

The factory has an annual production capacity of approximately 10 million meters and features integrated production lines equipped with the latest global technologies.

Expansion plans include the local manufacturing of yarns and fabrics, strengthening reliance on domestic production and reducing the need to import raw materials.

Adra Industrial City, located in the Damascus countryside, is one of Syria’s key industrial zones. The opening of the factory marks a significant step in developing Syria’s textile and manufacturing sectors, expanding domestic production capacity and reducing import dependency.

The investment reflects growing economic cooperation between Syria and China, with Beijing positioning itself as a key partner in Syria’s industrial recovery by supporting projects that introduce advanced technology and strengthen local production capabilities.

Syrian Airlines is expanding its international route network with new and resumed direct services to Moscow, Amsterdam and Madinah in Saudi Arabia, as Syria’s aviation sector continues to recover after years of disruption.

The national carrier said it will begin operating scheduled direct flights between Damascus and Moscow on Aug. 16, strengthening air connectivity between Syria and Russia and expanding travel options from Damascus International Airport.

The Moscow route follows the airline’s return to the European market with direct flights between Damascus and Amsterdam, which began on July 2. The service marks Syrian Airlines‘ first destination in Europe after years of suspended operations.

Anwar Aqqad, chief executive of the Syrian Aviation Holding Company, described the Amsterdam route as a milestone in restoring the carrier’s presence in Europe. He said the launch followed year-long technical, legal and diplomatic efforts and forms part of a broader strategy to expand the airline’s international network and strengthen air links with overseas destinations.

The airline has also announced the resumption of direct flights between Damascus and Madinah, Saudi Arabia, starting Aug. 11, with weekly service every Tuesday. Tickets are available through the airline’s website and mobile application, with online payment options.

The expansion comes as Syria seeks to rebuild its civil aviation sector and restore international connectivity. Syrian aviation authorities said 20,315 aircraft transited the country’s airspace in July 2026, reflecting increased use of Syria’s air corridor.

SANA

Damascus, July 19 (SANA) Syria and Iraq have taken a major step toward reviving the historic Kirkuk–Baniyas oil corridor, signing agreements that could restore one of the Middle East’s oldest energy export routes and return Syria to a strategic role in regional oil transit.

The initiative centers on rehabilitating the Haditha–Baniyas pipeline, which is historically linked to the original Kirkuk–Baniyas pipeline. The project also includes technical and financial studies by an international consortium led by Chevron, alongside UCC Holding and TI Capital, underscoring growing international interest in Syria’s energy infrastructure.

Here is what to know about the project and why it matters.

One of the Middle East’s oldest oil export routes

The Kirkuk–Baniyas pipeline entered service in 1952, carrying crude oil from Iraq’s Kirkuk oil fields across Syrian territory to the Mediterranean port of Baniyas.

The route provided Iraq with a western export outlet to international markets while establishing Syria as a key transit country linking Iraqi oil production with the Mediterranean.

According to a United Nations report on economic developments in the Middle East, the pipeline stretched approximately 895 kilometers and had an annual transport capacity of 13.5 million tons of crude oil.

Construction cost about $115 million, while 23 storage facilities with a combined capacity of 575,000 tons were built alongside the line. The Baniyas oil terminal was also equipped to receive the same annual volume of crude.

Why did the pipeline stop operating?

The pipeline experienced several interruptions over the decades because of regional political disputes and security developments.

It ultimately fell completely out of service after sustaining extensive damage during the 2003 Iraq War, ending more than half a century of operations.

Its closure forced Iraq to rely more heavily on alternative export routes, while Syria lost one of its most valuable strategic infrastructure assets and an important source of transit-related revenue.

What is the new project?

Rather than simply restoring the original pipeline, Syria and Iraq have agreed to rehabilitate the Haditha–Baniyas pipeline, which historically formed part of the wider Kirkuk–Baniyas energy corridor.

The project is being developed through two memoranda of understanding signed in Washington.

The first, between the Syrian Petroleum Company and Basra Oil Company, covers rehabilitation of the pipeline itself.

The second was signed with an international consortium comprising Chevron, UCC Holding and TI Capital to conduct technical and financial studies and prepare the project’s implementation framework.

According to Syria’s Ministry of Energy and the U.S. Department of State, the completed project is expected to have an initial transport capacity of about 2 million barrels of crude oil per day.

Why does it matter?

Energy analysts say the project has significance that extends well beyond transporting crude oil.

For Iraq, restoring a Mediterranean export route would diversify oil export options and reduce reliance on Gulf shipping routes.

For Syria, the project could restore its historical role as a regional energy transit state, generating revenue from pipeline transit, storage, port operations, refining and logistics.

The initiative could also encourage broader investment in energy infrastructure, including storage facilities, ports and transportation networks connected to the pipeline.

What could Syria gain?

Economic researcher Abdul Azim al-Maghrabi said the project could generate income through multiple channels, including transit fees, storage services, exports, port operations and refining.

He said the final financial returns would depend on commercial agreements governing revenue-sharing and operating arrangements.

Al-Maghrabi also noted that the planned capacity of 2 million barrels per day is substantially greater than the historical throughput of the original pipeline, suggesting that extensive reconstruction and modernization of the supporting infrastructure will be required.

Could it improve Syria’s energy security?

Al-Maghrabi said one potential benefit would be supplying part of Iraq’s crude oil to the Baniyas refinery, should future agreements between the two countries provide for such allocations.

That could reduce Syria’s need to import certain petroleum products while improving the stability of domestic fuel supplies.

More reliable energy supplies could in turn support industrial production, agriculture and transportation, while creating direct and indirect employment during both construction and operation.

Why is Chevron’s involvement significant?

The participation of Chevron and other international companies is one of the project’s most closely watched developments.

Rather than serving only as engineering consultants, their involvement signals renewed international commercial interest in Syria’s energy sector following years of isolation.

According to al-Maghrabi, the project’s long-term value lies not only in transit revenues but also in its potential to stimulate refining, logistics, construction, shipping and other industries linked to Syria’s broader reconstruction.

What happens next?

Energy Minister Mohammad al-Bashir described the agreements as a strategic step toward restoring one of the region’s most important energy corridors and strengthening Syria’s position as a gateway linking Iraqi energy resources with the Mediterranean.

The U.S. Department of State also welcomed the initiative, describing rehabilitation of the pipeline as a strategic infrastructure priority for both countries and the wider region.

The project’s ultimate scale, timeline and economic impact will depend on the completion of technical and financial studies, financing arrangements and final implementation agreements.

If realized, the rehabilitation of the Haditha–Baniyas pipeline would mark the first major revival of the historic Kirkuk–Baniyas oil corridor in more than two decades, potentially reshaping energy cooperation between Syria and Iraq and restoring one of the Middle East’s longest-standing oil export routes.

In the current Syrian context, real estate development appears to be the most effective way to address informal settlements and rehabilitate the vast areas damaged by the bombing of the former regime's forces, in addition to being a key tool for urban development.

While traditional contracting methods are no longer sufficient to address these issues, the need to establish a framework for real estate development became urgent. Although the legislature responded quickly after liberation with Decree No. (114) of 2025, implementation gaps persist. This is not only due to the complex interplay of property, land, and housing rights (HLP) and the long-standing real estate problem in Syria, but also to the challenges posed by the novelty of the real estate development experience and the absence of a stable and robust procedural and contractual methodology that provides stability and legal security for both parties.

The investor and real estate developer are not primarily seeking advantages and exemptions, but rather clarity and stability in legal procedures, and ensuring their projects are not hindered by bureaucracy and weak administrative responses to their requirements.

Therefore, given the scarcity of real estate development projects in Syria and the accompanying fundamental changes to its legal framework, this paper aims to shed light on the methodological framework for these processes. The ultimate goal is to ensure legal stability, protect public funds, safeguard citizens' constitutional rights to property and housing, and uphold the principles of transparency and equal opportunity in administrative contracts.

First: The Concept of Real Estate Development

According to Investment Law No. (18) of 2021 and its amendments (Law No. 2 of 2023 and Decree No. 114 of 2025), the legislator defined a "real estate developer and investor" as: a natural or legal person, Syrian or non-Syrian, licensed to conduct real estate development and investment activities in the Syrian Arab Republic in accordance with the provisions of this law.

In practice, the developer is the entity that acquires land, conducts feasibility studies, obtains licenses, secures financing, appoints contractors for implementation, and bears the risks of profit and loss. The developer also provides ready-made plots to the administrative unit and markets and sells the real estate product to the end user. Therefore, it can be said that real estate development and investment goes beyond the concept of construction to become the creation of a place to generate investment profit.

Second: The Legal and Institutional Framework

Following the repeal of the Real Estate Development Law and the Real Estate Development Authority, the real estate development sector in Syria is now governed by Investment Law No. (18) of 2021 and its amendments, and the executive regulations issued by Decree No. (1) of 2025. (It should be noted that, to date, the sector lacks a regulation governing the practice of the real estate development profession.)

The institutional and legal frameworks are distributed as follows:

1. The supreme authority is represented by the Supreme Council for Economic Development, which is the sole entity authorized to issue decisions establishing real estate development zones and determining their incentives. 2. The executive authority is the Syrian Investment Authority, through its Investor Services Center and its branches in the governorates, in addition to the responsible entities (administrative units) designated by the establishment decree. 3. Establishment and Licensing: The establishment of joint-stock companies, limited liability companies, single-person companies, branches of Arab and foreign companies, and special purpose vehicles (SPVs) is permitted. The minimum capital for development companies and branches of foreign companies is determined by a decision of the Supreme Council for Economic Development based on a proposal from the board of directors, and the funds are deposited in Syrian banks. It is prohibited for any person or Any entity negotiating or practicing the profession without first obtaining a real estate developer license from the Syrian Investment Authority is prohibited.

Third: The Legal Methodology for Designating a New Development Zone

The purpose of designating real estate development zones is to establish cities and residential suburbs, address informal housing, create areas for economic activities and investment events, and establish specialized service areas.

- Spatial Determinant and Strategic Alternative to Expropriation: The area must be outside restricted and protected zones (military, archaeological, etc.), and its property record must be free of any encumbrances preventing disposal.

According to the provisions of Resolution No. 1 of 2025 (particularly Articles 33 and 49), the process begins with a request submitted by the public entity to the Investment Authority, which studies it and designates the area. The Authority then submits the request to its Board of Directors, which presents its proposal to the Supreme Council for Economic Development for the issuance of a designation decision. This process achieves the regulatory and real estate objectives of consolidating and planning the area, replacing unfair expropriation mechanisms.

- Components of the Designation Proposal File: Legal requirements necessitate the preparation of a comprehensive file that includes: the name of the area, its location, Its area, administrative affiliation, topographic plan, and recent satellite images cross-referenced with previous images to establish the actual situation. The file also requires a statement of the external boundaries, a document from the relevant administrative unit regarding the zoning status, and real estate registration data proving the absence of any encumbrances. In addition, a report from a specialized technical committee is required, including (a survey and description of the records, a list of occupants, an inventory of properties, and a field survey to identify the actual occupants), a statement of regional planning data (infrastructure and facilities), the proposed planning program, a study of the necessary estimated investments, and a memorandum of technical and economic justifications for the proposed development, along with the designation of the responsible entity.

- Distribution of Executive Roles: The responsible entity (the administrative unit) forms a real estate and social survey committee with restricted powers to document the initial situation and regulate occupants, in addition to obtaining spatial approvals and preparing the planning program. Meanwhile, the Investment Authority (through its branches) is responsible for drafting the economic feasibility study, the initial evaluation of estimated investments, and the legal framing of the file for submission.

Fourth: Methodology Legal Procedures for Dealing with Newly Developed Areas (Negotiation and Contracting Phase)

To secure contracts in previously developed areas, the following legal obligations must be strictly adhered to:

1. A notation must be made on the property register, and procedures must be completed.A field survey will be conducted to establish the physical and legal status of the area. Technical, financial, and legal terms and conditions will be prepared. Negotiations outside of these documents, which determine the fair value of the management's share, are prohibited. Transparency and Equal Opportunity: The project will be announced for a minimum of 15 days to ensure complete transparency. 

Negotiations and contract awarding will strictly adhere to the principle of equal opportunity stipulated in the Investment Law; no bid will be considered except based on technical and financial criteria that serve the best interests of the project. Negotiations and contracts are prohibited except with entities holding a valid license and classification as real estate developers and investors. Any negotiation with unlicensed entities is considered null and void. The contract will be drafted by qualified legal and financial experts to ensure full compliance with applicable regulations. 

It must also include a binding clause prohibiting the developer from claiming any compensation or modifying the agreed-upon share percentage, regardless of any price fluctuations. Pre-allocation of state-owned property is prohibited. Ownership of residential and service plots is transferred to the developer gradually and in proportions that correspond exclusively to the actual physical completion rates, while ownership of public facilities (Category 1) is transferred free of charge to the administrative unit. Off-plan sales require the developer to open an escrow bank account into which subscribers' funds are deposited and which can only be disbursed based on progress reports, thus protecting citizens and preventing project delays.

Fifth: Recommendations

The paper concludes with the following recommendations:

1. Replace expropriation with the Urban Planning Law and activate the tools of the Investment Law. Develop local investment policies: Administrative units should prepare investment policies for the governorates that align with the state's general direction, through partnership with local communities. In a manner that does not violate values, customs, and traditions, and that protects the history and architectural character of cities. 

Ensuring equal opportunities by mandating prior announcement of any project and guaranteeing that contract awards are based solely on technical and financial criteria that serve the public interest. Regulating negotiations through formal, standardized minutes and subjecting them to continuous review by legal and financial experts to ensure full compliance with legislation. Subjecting draft contracts and terms of reference to prior review by the Central Financial Control Authority as a pre-approval requirement, thus safeguarding the work. Completing the legislative framework, including the regulations governing the real estate development profession and the procedures manual for the Investor Services Center (One-Stop Shop). Ensuring continuous project governance through specialized committees.

Judge Hussam Al-Shahna - Zaman Al-Wasl

Washington, July 18 (SANA) Syria has signed two memoranda of understanding with Iraq and an international consortium of companies to rehabilitate and revive the Kirkuk–Baniyas crude oil pipeline during meetings held in the United States.

The agreements mark a strategic step toward restoring one of the region’s most important oil transport links and strengthening cooperation in the energy sector.

Youssef Qablawi, chief executive of the Syrian Petroleum Company, signed the first memorandum on behalf of the Syrian government with Basim Abdul Karim Nasser, chief executive of the Basra Oil Company, representing the Iraqi side.

The agreement, which covers the rehabilitation of the Kirkuk-Baniyas pipeline, was signed in the presence of the Iraqi prime minister, the U.S. energy secretary, and several senior officials.

The move is aimed at supporting infrastructure development and opening new opportunities for investment and economic integration between Syria and Iraq.

Qablawi also signed a second memorandum with an international consortium comprising Chevron, UCC Holding, and TI Capital.

Under the agreement, the consortium will begin preparing technical and financial studies and establish an implementation framework for the project, including the rehabilitation of the pipeline and its associated facilities in accordance with the highest technical standards.

The studies are intended to pave the way for implementation while promoting international partnerships and high-value investment in Syria’s oil and gas sector.

The two memoranda are part of the Syrian Petroleum Company’s strategy to develop major infrastructure projects and strengthen Syria’s position as a regional energy transit hub, supporting energy security and economic development.

Energy Minister Mohammad al-Bashir said on X that the agreement with Iraq to rehabilitate the Kirkuk-Baniyas pipeline represented a strategic step toward restarting one of the region’s most important oil transport routes.

He said the project would reinforce Syria’s position as a regional energy corridor linking the region’s resources to the Mediterranean.

Al-Bashir added that the initiative would open new prospects for cooperation and investment and strengthen Syria’s role in the regional energy system.

The French-Syrian economic talks in Damascus transcended diplomatic frameworks, laying the groundwork for a practical roadmap aimed at reintegrating the Syrian economy into regional trade corridors, with a strong French focus on the energy, infrastructure, and financial services sectors.

Restructuring the Banking Sector as a Pillar of Financing

According to the French newspaper Les Echos, the French-Syrian Economic Forum placed the restructuring of the Syrian banking system at the forefront of its priorities.

The French side pledged to provide the necessary technical support to bring Syrian banking laws into line with international standards, a step intended to pave the way for the flow of international financing for procurement contracts and foreign direct investment, and to ensure the transparency of financial transactions.

Expanding Infrastructure and Energy

French companies have strengthened their presence in the reconstruction landscape through clear strategic moves. CMA CGM has decided to invest an additional €200 million in the port of Latakia to bolster its long-term concession agreement signed in May 2025.

In the infrastructure sector, Matière has launched a practical collaboration on the Idlib Bridge project, co-financed with the French Treasury through the Fasep fund with €750,000. This project is the cornerstone of a broader agreement encompassing 36 similar construction projects currently under consideration.

In the energy sector, Total Energy CEO Patrick Pouyanné announced the group's intention to enter the oil and gas exploration and solar energy development sectors in Syria.

The most crucial aspect of this is the feasibility study for rehabilitating the historic Kirkuk-Banias pipeline. This project aims to secure an alternative route for exporting Iraqi oil to the Mediterranean, providing a vital artery to circumvent the geopolitical risks surrounding the Strait of Hormuz.

Strategic Objectives and Mutual Interests

The current partnership's vision revolves around restoring Syria's role as a link in global trade corridors. The Syrian side has emphasized that this relationship is built on tangible economic interests that benefit both parties, separate from political disputes. The French financial package acts as a technical pressure tool aimed at regulating the Syrian market and reintegrating it into the international trade system, thus ensuring the long-term sustainability of these projects.

Zaman al-Wasl

On Tuesday, the Syrian Petroleum Company signed a formal contract with the American companies ConocoPhillips and Novaterra Energy to develop several gas fields in Syria and increase production from existing fields. The government described this move as "pivotal" for supporting the national energy system.

The signing of the contract comes seven months after the parties signed a memorandum of understanding in November 2025, which included intensive technical and legal meetings that resulted in drafting the final agreement and its implementation mechanisms.

What does the contract include?

According to information obtained by Zaman al-Wasl, the contract includes five main components:

1. Developing several gas fields in Syria, with a focus on improving the efficiency of the sector's infrastructure.

2. Increasing production from existing fields by applying the latest operational technologies.

3. Exploring opportunities to develop new gas resources to bolster national reserves.

4. Implementing the latest technical and operational standards, in accordance with international safety and security standards.

5. Transferring global expertise and technologies to the Syrian petroleum sector, contributing to the training of national personnel. Strategic Objectives

The Syrian Petroleum Company explained that the contract aims to achieve a range of national goals, most notably: raising the efficiency of the sector's infrastructure, enhancing the stability of the energy system, supporting the gas supply necessary for electricity generation, attracting specialized international investments and expertise, and contributing to accelerating economic recovery.

In this context, the CEO of the Syrian Petroleum Company, Youssef Qablawi, said that his country's government looks forward, through this cooperation, to "increasing production, improving operational efficiency, and supporting the energy system, which will positively impact the national economy and the needs of citizens."

Translating the Agreement into a Formal Contract

For his part, the Syrian Minister of Energy, Muhammad al-Bashir, wrote on the "X" platform: "After seven months since the agreement was signed, it has today been translated into a formal contract between the Syrian Petroleum Company and ConocoPhillips and Novaterra."

Al-Bashir added that the contract "strengthens the energy system and supports the supply of gas to power plants and vital sectors," emphasizing that "this achievement represents an important step in enhancing energy security and reflects the seriousness of the work and the move towards constructive partnerships that contribute to supporting the national economy and serving the citizens."

Return of International Confidence

Observers believe that signing the contract with two American companies of the size of ConocoPhillips – headquartered in Houston, Texas, and one of the world's largest independent oil and gas exploration and production companies, with total assets of $122 billion – reflects the return of international confidence in the Syrian economy and its ability to attract quality investments.

ConocoPhillips stated in an exclusive interview with CNBC Arabia that the agreement "comes to support the opportunity to develop an onshore gas project in Syria, thus establishing a general framework for developing and exploring a portfolio of gas assets."

It is worth noting that gas production in Syria declined significantly during the years of war, making the rehabilitation of the sector and attracting international expertise a top priority for the government in the recovery and reconstruction phase.

Damascus, June 30 (SANA) Representatives of Syria’s private sector and the European Commission discussed ways to expand economic cooperation and encourage investment during a virtual meeting on Monday that also included executives from several European companies.

The talks focused on the needs of Syrian businesses and the challenges facing the private sector, particularly in manufacturing, exports, imports and infrastructure. Participants also discussed support for small and medium-sized enterprises (SMEs), expanding Syrian companies’ participation in international trade fairs and facilitating business travel to Europe.

Alaa al-Ali, chairman of the Federation of Syrian Chambers of Commerce, said the federation has launched an accredited professional certification system for the first time to help align workforce skills with labor market needs.

He said the federation is seeking closer cooperation with European institutions in vocational training, knowledge transfer and capacity building.

The meeting was attended by Mouddar Khouja (AACC), Secretary-General of the Austro-Arab Chamber of Commerce, along with members of the federation’s board and heads of specialized committees. Representatives of the European Commission and European companies operating in the industrial, energy and logistics sectors also participated.

The federation said the meeting was part of its efforts to strengthen ties with international economic organizations, expand the presence of Syrian businesses in foreign markets, attract investment and support the country’s economic recovery.

In a move carrying significant political and economic implications, Syrian President Ahmed al-Sharaa received Egyptian businessman Naguib Sawiris at the People's Palace in Damascus. This meeting was not an isolated event but rather part of a series of Syrian initiatives aimed at reshaping the attractiveness of the local market. This visit comes approximately two months after al-Sharaa met with Egyptian businessman Hassan Allam to discuss opportunities for cooperation in real estate development, construction, and infrastructure rehabilitation.

Dimensions of the Meeting: Investment as a Tool for Reconstruction

Following the presidential meeting, Sawiris proceeded to the Ministry of Public Works and Housing, where he met with Minister Mustafa Abdul Razzaq. Discussions focused on exploring avenues for cooperation and investment in the housing and urban development sectors. During the meeting, Sawiris emphasized his interest in investing in Syria, highlighting his company's expertise in real estate development and his vision for contributing to the development of human resources and institutions, as well as implementing projects that serve various segments of society. For his part, the Minister outlined the Ministry's priorities in the housing sector, particularly addressing the housing shortage and completing stalled projects, stressing the importance of learning from successful investment experiences.

Beyond Sawiris's Visit

Observers believe that Damascus is seeking to restore confidence through these meetings. Attracting prominent figures like Sawiris and Allam reflects Syria's desire to break the investment stalemate and attract regional capital. The Syrian authorities have placed the housing and infrastructure sectors at the top of their priorities, not only as a solution to service crises but also as a cornerstone of the post-war era. This is in addition to the focus on developing human resources and institutions, as Sawiris indicated, suggesting that the required investments extend beyond mere construction to include the transfer of technical and administrative expertise to public institutions.

These moves are reshaping the landscape of public-private partnerships in Syria. The government is relying on Arab investors not only as financiers but also as partners in rebuilding institutions at a time when Damascus is searching for an economic solution to overcome current challenges. 

The Syrian real estate market is witnessing a growing trend in investment: off-plan sales. This model involves developers launching residential projects before actual construction, relying on installments paid by buyers (subscribers) to finance the building.

While this model is attractive to investors seeking to protect their capital from inflation and to developers avoiding bank loans, it raises fundamental questions about its economic viability and the risks it poses to national savings.

First: The Nightmare of Default... What if the Dream Ends?

This model often lacks genuine financial backing or bank guarantees. If the project experiences a sales slump or the developer is unable to manage cash flow, buyers find themselves facing disastrous scenarios:

• Loss of Liquidity: In an economy suffering from sharp exchange rate fluctuations, citizens' liquid assets become frozen assets in an unfinished concrete structure, rendering them unable to recover their value when needed.

• Legal Liability: Contracts often offer weak protection for the buyer. If the project is halted for political or economic reasons (such as a sudden surge in building material prices), the buyer finds themselves embroiled in a potentially lengthy litigation process that could last for years, while the real value of their investment erodes.

Second: Draining National Liquidity Instead of Attracting It

Remittances and hard currency are the primary drivers of any recovering economy. However, the current "off-plan sales" model operates in the opposite way:

1. Stifling Domestic Liquidity: This model does not generate new liquidity from abroad; rather, it "absorbs" remaining savings within the country, transforming them from circulating funds in productive or commercial sectors into stagnant "real estate."

2. Disrupting the Economic Cycle: Instead of investing these funds in industrial or agricultural projects that would provide the economy with hard currency and create permanent jobs, they are channeled into long-term real estate investments that may remain unoccupied or unfinished, thus becoming sterile "stores of value" that do not contribute to development.

Third: Real Estate as a Safe Haven… Is It a Trap?

Syrians resort to this type of investment as a “lesser evil” option to protect what remains of their savings from inflation. However, turning the entire society into “real estate investors” creates a real estate bubble unrelated to genuine growth in national income, where property prices are determined by speculation rather than the actual purchasing power of the population.

What is needed is not to prevent investment, but to transform it from “random speculation” into “institutional development” that protects the buyer and ensures that real estate is a tool for housing and growth, not a trap to absorb individuals’ savings and freeze them in unfinished buildings.

The Syrian Petroleum Company (SPC) signed an agreement on Tuesday with U.S. energy companies ConocoPhillips and Novaterra to develop several gas fields and increase production from existing sites, as part of efforts to strengthen the country’s energy sector and expand natural gas supplies for electricity generation and other key industries.

The agreement, signed at the Ministry of Energy headquarters in Damascus, marks a new phase in cooperation between the three parties following months of technical, legal and commercial discussions that built on a previously signed memorandum of understanding.

According to the Ministry of Energy, the project is designed to increase gas output from targeted fields, modernize operational infrastructure and improve efficiency in line with current industry standards. The initiative also forms part of broader efforts to attract international expertise and investment to support the rehabilitation and development of Syria’s energy infrastructure.

Youssef Qablawi, chief executive officer of the Syrian Petroleum Company, said the agreement represents an important step in the development of Syria’s gas sector and reflects growing confidence among international partners in investment opportunities within the country.

“We look forward to increasing production, improving operational efficiency and strengthening the energy system in a way that supports the national economy and helps meet the needs of citizens,” Qablawi said.

Ryan M. Lance, chairman and chief executive officer of ConocoPhillips, said the company had signed an agreement to support the development of onshore gas resources in Syria, creating a framework for restoring and expanding natural gas production.

Alex MacDonald, chief executive officer of Novaterra Energy, said the company looks forward to working with its partners and the Syrian government to advance the project.

The agreement comes as Syria seeks to increase domestic energy production and rehabilitate infrastructure affected by years of conflict, with natural gas playing a central role in supplying power plants and supporting industrial activity.

SANA

In exclusive statements to Zaman al-Wasl, the official stressed the need to correct the misinformation circulating, emphasizing that the Syrian state is the primary beneficiary of the contract. The production-sharing ratio was set at 70% for the Syrian Petroleum Company and 30% for HKN Energy.

Contract Details and Scope of Work

The official explained that the contract covers the rehabilitation and investment of five oil fields in the Rmeilan area for a period of 25 years. This partnership is part of a strategic plan aimed at developing the energy sector. HKN Energy will undertake the following:

* Rehabilitating existing wells to increase their production efficiency.

* Drilling new wells using advanced drilling rigs and technologies.

* Supplying modern equipment and devices for the drilling and production sector to ensure the sustainability of operations.

Government Oversight and Denial of Allegations

The source emphasized that all operations are conducted under a formal agreement and direct supervision by the Syrian government, categorically denying media reports claiming that the SDF (Syrian Democratic Forces) holds a percentage of the project. The source asserted that these reports are "incorrect and baseless."

The Reality of Al-Jazeera Company's Role

In a definitive clarification regarding speculation about other parties holding shares, the source indicated that the SDF-affiliated Al-Jazeera Company is contracted solely as a "contractor" for a period of three months, ending at the end of August. The source confirmed that the company is not a partner in the contract and that continued cooperation is contingent upon a comprehensive evaluation to be conducted later, after which either renewal or the selection of another contractor through a formal tender will be decided.

May God protect you... The truth in numbers

In his direct response to the media campaigns, the source concluded his statement by saying: “Some have launched an attack on the state, claiming that the American company will take 70 percent and the SDF 10 percent. But, may God protect you, the truth is that the state owns 70 percent, the American company 30 percent, and the SDF has no percentage share. Al-Jazeera Company will act as a contractor for three months, after which its work will be evaluated. It is not a strategic partner in the contract.”

Zaman al-Wasl

Damascus, June 15 (SANA) Syria and Jordan signed an updated air services agreement on Sunday aimed at expanding air connectivity, increasing competition among airlines and strengthening cooperation in the civil aviation sector.

The agreement was signed by Omar Hosari, head of Syria’s General Authority for Civil Aviation and Air Transport, and Dhaifallah Suleiman Farajat, Chairman of the Civil Aviation Regulatory Commission (CARC) during a visit to Damascus by Jordanian Deputy Prime Minister and Foreign Minister Ayman Safadi.

Hosari said the agreement updates a bilateral air transport accord signed in 1976 and reflects changes in the global aviation industry over the past five decades.

According to Hosari, the revised framework will allow more airlines to operate between Syria and Jordan and introduce regulated code-sharing arrangements, enabling carriers to expand route networks and offer passengers additional travel options.

The agreement also provides for enhanced technical and air navigation coordination between air traffic control centers in Damascus and Amman, with the aim of improving air traffic flow and operational efficiency.

Hosari said the deal reinforces both countries’ commitment to international aviation safety standards and the principles of the Chicago Convention on International Civil Aviation.

He added that the agreement is expected to support regional integration and facilitate passenger traffic while encouraging economic and tourism exchanges between Syria and Jordan.

The agreement was signed on the sidelines of Syrian-Jordanian talks on implementing decisions taken at the second session of the Syrian-Jordanian Higher Coordination Council and expanding bilateral cooperation.

The Syrian Sovereign Fund, represented by Mr. Basil Muhammad Ayoub, Director of the Food and Feed Industries Sector, signed a strategic and investment cooperation agreement with the Turkish Teriyaki Company, with the aim of operating the International Oils Manufacturing Plant in Hama Governorate, as part of an operational investment project valued at approximately 80 million US dollars.

The project aims to rehabilitate and operate the factory and develop its production capabilities, so that the value of the processed products is expected to exceed 500 million US dollars annually, making it one of the most prominent industrial projects in the food industry sector inside Syria.

The Syrian Sovereign Fund confirmed that this step comes within the framework of its efforts to support local investment and production, strengthen the food security system, and attract strategic partnerships that contribute to revitalizing the industrial sector and driving economic growth.

The project is expected to contribute to creating direct and indirect job opportunities, in addition to supporting production and supply chains, which will reflect positively on the national economy and enhance the path of recovery and development in Syria.

Syria saw nearly 12,000 flights cross its airspace in May after airlines rerouted flights in the region to avoid airspace affected by the ongoing conflict in the Middle East.

Statistics from the Syrian Civil Aviation Authority show that 11,801 flights crossed Syrian airspace, more than double the 4,267 recorded in February, the last month before the Iran-Iraq War disrupted air traffic in the region.

The number of overflights in May was about 375 percent higher than in the same month last year.

Based on the fixed fee of $499 per flight imposed by the new Syrian government, Reuters calculations indicate that air traffic last month generated up to $5.9 million in revenue from crossing Syrian airspace.

The Syrian Civil Aviation Authority declined to comment on the potential revenue and the new fees.

Airlines were forced to reassess the situation in Syria after the US and Israeli airstrikes against Iran began on February 28. The ceasefire led to the reopening of airspace in April, but flight tracking services from Flightradar24 and AirNav indicate that the majority of flights bound for Europe from Dubai and Doha, two of the world's busiest aviation hubs, have since been flying over central Syria instead of Iraq.

Flying over Syria reduces flight times and fuel costs, as airlines try to mitigate the impact of soaring global oil prices caused by the disruptions related to the Iran-Iraq War.

Reuters

Syria has taken its first steps toward integration into the global economy by launching a pilot program for electronic payments that complies with international standards. This move ends years of technological marginalization and opens up broad horizons for modern economic growth.

Minister of Communications and Information Technology, Abdul Salam Heikal, affirmed that this transformation places Syria on the map of the global digital economy. He explained that the new system will facilitate citizens' daily lives and create a transparent investment environment that attracts capital through the speed and security of transactions.

Cooperation with Visa and Mastercard systems opens doors for foreign trade, as the new infrastructure ensures adherence to the highest international security protocols. This step contributes to restoring confidence in the local financial system and facilitates the smooth flow of financial transfers from abroad.

The Ministry of Communications, in cooperation with the Central Bank, has developed legislation that protects users' rights and supports young innovators in the field of financial technology (FinTech). This regulatory framework aims to transform Syrian entrepreneurial ideas into productive economic projects that can compete in the regional and international markets.

Digital transformation will eliminate bureaucracy and administrative corruption by converting government services to a fully digital system. This system provides citizens with 24/7 payment services, eliminating paper-based queues and achieving significant time and effort savings.

Digitalization is the fastest path to recovery for the Syrian economy, allowing for a direct leap to advanced technological solutions without incurring the costs of traditional processes. The discipline inherent in these transactions is the cornerstone of building a sustainable knowledge-based economy that meets the aspirations of Syrians for a modern and advanced life.

The upcoming digital vision aims to make the "Syrian digital" effective and reliable within international systems. The launch of this initiative represents the foundation for building an innovation-driven economic future, ensuring Syria's return to its position as a vital commercial and technological hub in the region.

President Ahmad al-Sharaa discussed investment opportunities and reconstruction projects in Syria with Emirati businessman Mohammed Ibrahim Al Shaibani during a meeting in Damascus.

The talks focused on prospects for UAE companies to contribute to reconstruction efforts, particularly in real estate development, tourism and financial services.

The meeting, held at the People’s Palace, also addressed measures aimed at improving Syria’s business environment and encouraging strategic partnerships with foreign investors.

Al Shaibani is a senior economic figure in the Dubai government and has played a key role in sovereign investment and financial policy, contributing to the emirate’s position as a global business and financial hub.

He serves as Managing Director of the Investment Corporation of Dubai (ICD), the government’s main investment arm, and has held several senior roles, including Director General of the Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.

He also holds positions across key institutions, including Dubai Holding and Dubai Aerospace Enterprise (DAE).

Damascus, May 4 (SANA) President Ahmad al-Sharaa met on Monday with Egyptian businessman Hassan Allam at the People’s Palace in Damascus to discuss cooperation and partnerships in real estate development, construction, and infrastructure rehabilitation.

The meeting also focused on Syria’s business environment and government steps aimed at attracting investment to support recovery and development.

Allam is Chairman and Chief Executive Officer of Hassan Allam Holding, one of the region’s oldest engineering firms, founded in 1936. Under his leadership, the company has expanded operations to 10 countries across three continents and ranks among the top international contractors.

He is one of the region’s leading executives in engineering, construction, and infrastructure, and has led a strategic transformation of the group since 2009, strengthening its role in major regional and international projects.

Earlier Monday, President al-Sharaa met separately in Damascus with Emirati businessman Mohammed Ibrahim Al Shaibani and Turkish businessman Fettah Tamince to discuss investment opportunities and reconstruction projects in Syria.

The Syrian Petroleum Company said on Saturday that 70 tankers carrying Iraqi crude oil had reached the Rabia border crossing on the Iraqi side, in preparation to enter Syria via al-Yarubiyah crossing on their way to global markets.

Director of Corporate Communications Safwan Sheikh Ahmad said the shipments had been rerouted from al-Tanf crossing to al-Yarubiyah via the M4 highway toward Banyas, on the Mediterranean, aiming to shorten transit time and ensure faster delivery, without affecting existing contracts.

The General Company for Ports of Iraq announced on Friday the start of crude exports through the Rabia–al-Yarubiyah crossing, dispatching the first 70 tankers toward Syria in a step to activate the route as a strategic corridor for oil exports.

Earlier in April, the first Iraqi fuel convoys entered Syria through al-Tanf crossing toward the Banyas Oil Port in preparation for export to global markets, underscoring Syria’s role as a regional transit hub.

The Damascus Governorate, in cooperation with the Ministry of Tourism, launched the "Qasioun Journey" project to create 7,000 job opportunities and inaugurate tourism and service projects officially scheduled to begin at the end of summer 2026.

During an event at the Damascus Opera House, project officials announced that the development plan extends from the Al-Araba area to the Seven Stars Hotel.

The plan includes transforming Qasioun Street into a public pedestrian walkway, where cars will be prohibited except during specific hours, to ensure a safe environment for pedestrians and families.

Free Services and a Cultural Amphitheater

Developers confirmed that 70% of the services in the Qasioun area will be completely free. The infrastructure includes:

- Constructing an amphitheater specifically for Ministry of Culture events.

- Providing accessible pathways and facilities for people with disabilities.

- Establishing Civil Defense, medical emergency, and electrical infrastructure.

The "Qasioun Journey" project relies on local Syrian personnel under the supervision of the Damascus Governorate.

Local Employment and Investment

The project aims to support the local economy by providing thousands of sustainable jobs in small, medium, and large enterprises.

During the ceremony, which was attended by ambassadors and investors, the Governor of Damascus noted that local expertise is being utilized to develop recreational and cultural facilities that will make the mountain a destination open to all.

The project will alleviate traffic congestion in the area by transforming it into a pedestrian-friendly space, while providing comprehensive service alternatives for mountain visitors by next year.

Zaman al-Wasl

The Syrian Petroleum Company announced that it has received official confirmation from the American company Chevron to begin oil and gas exploration in Syrian territorial waters in the summer of 2026. This comes after the termination of contracts with Russian companies affiliated with the former regime due to their failure to fulfill their obligations.

Youssef Qablawi, the company's CEO, stated on his official social media accounts that the "understanding" phase with the American giant has concluded and the "implementation" phase has begun.

Qablawi confirmed that joint work with Chevron and its partner, Power International Holding, has identified the target offshore location for commencing technical operations.

This shift follows an official decision to terminate contracts with Russian companies, most notably the contract for "Offshore Block 1" off the coast of Tartus.

The Syrian side cited "breach of contractual obligations," as the Russian company Capital Limited had not conducted any drilling operations since signing its contract.

Reclaiming "Block 1" from Russian Companies: The canceled contract had previously granted the Russian company exclusive rights to an area of ​​2,250 square kilometers. Block 1 is now legally available to Chevron, which will begin eight months of technical studies before commencing operations.

New Technologies and Sovereign Investment

Chevron will transfer deepwater drilling technologies to Syria for the first time. This move represents a shift in the management of national resources, as the authorities have replaced the "dysfunctional contracts" of the former regime with performance-based partnerships.

The Syrian decision ended the era of concessions granted to Russia without any corresponding production, allowing the country to regain control of its energy sector, free from previous political considerations. Legal teams have now begun drafting the final contracts to ensure drilling begins on schedule.

The question remains whether the termination of the Block 1 contract will extend to Block 2, which was awarded to another Russian company.

London, April 13 (SANA) Oil prices exceeded $100 a barrel on Monday as tensions escalated in the Strait of Hormuz following the failure of negotiations between Iran and the United States, according to Reuters.

Brent crude futures rose by $7.11, or 7.47 percent, to $102.31 per barrel, reversing a 0.75 percent decline recorded at Friday’s settlement.

U.S. West Texas Intermediate (WTI) crude reached $104.43 per barrel, up $7.86, or 8.14 percent, after falling 1.33 percent in the previous session.

The price increase comes as markets reacted to developments in the strategic waterway, where concerns over maritime security have intensified.

On Sunday, the U.S. Central Command (CENTCOM) announced it would impose restrictions on maritime traffic entering or leaving Iranian ports starting Monday morning, following the failure of negotiations aimed at ending the conflict.