Syria: $1 billion deal to build integrated tourist city
An agreement to build an integrated tourist city project in al Sabboura area, Damascus countryside, with a cost of $1 billion was signed on Wednesday between the Syrian Ministry of Tourism and the UAE-based Al-Futtaim Group.
According to SANA, the project includes building an integrated tourist city on an area of a million square meters.
In a statement to reporters, Syria's Minister of Tourism, Saadallah Agha Qalaa, indicated that such project reflects the "big confidence," which the investors have in mind on tourist investment in Syria and the extent of transparency the procedures enjoy as far as investment in tourism is concerned.
Also Wednesday, Syrian businessmen signed a contract for the establishment of al-Sham Holding Company which will invest in mega projects in Syria. It was established with a capital of $ 350 million.
Al-Sham Company will focus its investment activities in six strategic sectors - tourism, real estate, industry, transportation, banks, energy and health.
The Holding Company is studying now nearly 16 projects with a total cost of $1.3 billion, including Tarek Bin Ziad project in Aleppo with a total value of $ 137 million, which will include hotels, trade market and different centers for offices and conferences.
Al-Sham also is studying the developing of al-Hijaz railway station with a total investment cost of $119 million in addition to leveling 20 hectares in Ya'four, West Damascus, to build villas and buildings with a cost of $250 million as well as five stars hotel and furnished apartments in Mezzah district in Damascus.
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