The Al Habtoor Group, a prominent Dubai-based conglomerate, is set to dispatch a business delegation to Syria. This strategic move aims to explore new investment and partnership opportunities across various sectors, including automotive, education, hospitality, publishing, and real estate. The initiative follows the recent lifting of most economic sanctions on Syria by the United States and the European Union, signaling a potential economic resurgence for the war-torn nation.
Al Habtoor Group Eyes Syrian Investment
Khalaf Ahmad Al Habtoor, the founding chairman of Al Habtoor Group, announced his intention to lead a delegation to Syria in the coming days. The company, known for its diverse portfolio encompassing luxury hotels, shopping malls, construction, engineering, and sports, sees significant potential in Syria’s future. Al Habtoor emphasized the country’s rich culture, history, and capable populace, expressing eagerness to contribute to its revival through projects that generate employment.
Sanctions Lifted, Opportunities Emerge
The decision by Al Habtoor Group to invest in Syria comes on the heels of the lifting of most economic sanctions by Western powers. These sanctions, in place since 1979 and intensified in 2011 during the civil war, were removed after a change in government in December, which saw the overthrow of Bashar al-Assad. The new interim President, Ahmed al-Sharaa, has pledged to uphold human rights and facilitate economic recovery by reintegrating Syria into the global financial system.
Key Takeaways
- Al Habtoor Group, a major UAE conglomerate, is sending a business delegation to Syria.
- The delegation will explore investment opportunities in sectors like automotive, education, hospitality, publishing, and real estate.
- This move follows the recent lifting of most economic sanctions on Syria by the US and EU.
- Other international companies have already begun investing in Syria, including a Qatari-Turkish consortium and the UAE’s DP World.
Growing International Interest
Al Habtoor Group is not the first to recognize the emerging opportunities in Syria. Since the lifting of sanctions, several international entities have initiated significant investments:
- A Qatari-Turkish consortium signed a $7 billion deal on May 29 to provide 5,000 megawatts of electricity to Syria.
- On May 16, the UAE’s DP World inked an $800 million deal to develop the Mediterranean port of Tartous.
More UAE investment is anticipated, with a senior political official indicating the UAE’s interest in engaging with Syria’s private sector rather than its government, a different approach compared to other regional powers like Qatar, Saudi Arabia, and Turkey.
