The Syrian government, represented by General Authority of Civil Aviation, has signed a Memorandum of Understanding (MoU) with a consortium comprising Qatari, Turkish, and US companies to redevelop Damascus International Airport in a project valued at over $4 billion.
The consortium led by Qatar’s UCC Holding, through its investment arm UCC Concessions Investments, includes Assets Investments USA as well as Turkish construction giants Cengiz İnşaat, Kalyon İnşaat, and TAV Tepe Akfen, UCC Holding said in a press statement.
Five-phase redevelopment plan
The redevelopment will follow a Build–Operate–Transfer (BOT) model over five phases:
Phase 1: Expand capacity to 6 million passengers in the first year.
Phase 2: Increase capacity to 16 million passengers.
Final Phase: Reach a capacity of 31 million passengers annually.
The airport will be constructed in line with International Civil Aviation Organisation (ICAO) and International Air Transport Association (IATA) standards, and feature:
- Up to 32 gates with modern passenger boarding bridges
- Integrated air navigation service systems
- A world-class duty-free area with international dining and retail outlets
The project scope includes the redevelopment of a 50-kilometre access road to the airport. Additionally, the agreement earmarks $250 million in financing to purchase 10 Airbus A320 aircraft for Syrian Airlines as part of efforts to revitalise the national carrier.
Power sector development
In May 2025, the Syrian government and a UCC Holding-led international consortium had signed an MOU worth $7 billion to develop and operate power generation projects in the country. The consortium led by UCC Holding’s investment arm UCC Concessions Investments included Turkey’s Cengiz Energy and Kalyon Energy; and US-based Power International USA.
The agreement covered the development of four combined-cycle gas turbine (CCGT) power plants in Traifawi (Homs), Zayzoun (Hama), Deir-Azzour, and Mehardeh (Hama), with an approximate installed generation capacity of 4,000 megawatts (MW) and a 1,000 MW solar power plant in Wedian Alrabee, located in the southern region of Syria.
The projects, which will be implemented under Build-Own-Operate (BOO) and Build-Operate-Transfer (BOT) models with corresponding power purchase agreements (PPAs), has completion timelines of three years for the gas plants and less than two years for the solar plant once final agreements and financial close are achieved.
12 agreements worth $14 billion
The $4 billion Damascus Airport redevelopment pact is part of Syria 12 investment deals worth $14 billion with international companies inked by the Syrian government on Wednesday.
Other deals include a $2 billion agreement with a UAE company to establish a metro in the Syrian capital, a $2 billion deal for the Damascus Towers project with Italy-based UBAKO and agreements worth $500 million and $60 million for Baramkeh Towers and Baramkeh Mall respectively.
In July 2025, Syria and DP World inked an $800 million agreement to develop, manage and operate a multi-purpose terminal at Tartous for 30 years under Bot model and cooperate in establishing industrial and free trade zones.
In the same month, Saudi Arabia had announced $6.4 billion of investments in the country including $2.93 billion for real estate and infrastructure projects and about $1.07 billion for the telecommunications and information technology sector.
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Subscribe to our Projects’ PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
