Syrian President Ahmed al-Sharaa presented investment opportunities in Syria, especially in real estate and tourism, during separate meetings with international and Arab businesspeople on Monday, May 4. They were Turkish businessman Fettah Tamince, Emirati businessman Mohammed Ibrahim al-Shaibani, and Egyptian businessman Hassan Allam.
Tamince, Owner of The Land of Legends
According to the official Syrian news agency, SANA, a meeting between al-Sharaa and Turkish businessman Fettah Tamince addressed prospects for investment in Syria, especially in the tourism and hotel sector, and opportunities to establish projects that benefit from the advanced expertise held by the founder of Rixos Hotels.
They also discussed the state of investment projects in Syria and plans aimed at expanding the business environment and providing investment incentives in the tourism, energy, real estate development, and infrastructure rehabilitation sectors, according to SANA.
Tamince is one of Turkey’s most prominent businesspeople and the owner of the global Rixos hotel chain, which has more than 30 hotels around the world. The most notable is The Land of Legends in Antalya, Turkey, one of the largest entertainment resorts in Europe.
Al-Shaibani, Manager of Government Investments
In a separate meeting, President al-Sharaa met Emirati businessman Mohammed Ibrahim al-Shaibani to discuss available opportunities for Emirati businesspeople and companies to contribute to reconstruction projects and the real estate development, tourism, and financial services sectors in Syria.
According to SANA, the meeting addressed the facilities Syria provides to investors in a way that strengthens the business environment and opens the door to strategic partnerships.
Al-Shaibani is chairman of the board of the UAE government-owned Meydan City Corporation, affiliated with the Investment Corporation of Dubai, in addition to other government-linked investment activities in the UAE.
Hassan Allam, A Leading Name in Real Estate Development
Al-Sharaa also held a meeting with Egyptian businessman Hassan Allam, during which they discussed opportunities for cooperation and building partnerships in the sectors of real estate development, construction, and infrastructure rehabilitation.
They also discussed, according to SANA, the state of Syria’s business environment and government steps aimed at enhancing the appeal of the Syrian market for “quality” investments that contribute to supporting recovery and development.
Allam is considered one of Egypt’s prominent businesspeople. He is chairman of Hassan Allam Holding, an Egyptian company working in engineering and construction, investment, and development, and owns several companies in different countries.
More Meetings and Contracts
Over the past period, al-Sharaa has held several separate meetings with prominent businesspeople from various countries to discuss the state of investment in Syria.
The government has also signed several investment projects, some related to the hotel and tourism sector, such as The Beaumont Damascus project with Izdihar Holding, with an investment value ranging between $250 million and $300 million.
In remarks to journalists after the launch ceremony of The Beaumont Damascus project on April 7, Syrian Minister of Tourism Mazen al-Salhani announced the start of a new phase of investment projects, noting that the coming period would witness the launch of major projects in Damascus and various Syrian governorates.
Al-Salhani confirmed that the ministry had begun harvesting the results of efforts made over the past year, which were carried out in close coordination with the Investment Authority and a specialized team to study projects and assess the seriousness of investors.
Damascus Governorate, in cooperation with the Ministry of Tourism, also launched the “Journey to Qasioun” project on April 21, about a year after work began at the site, without clear information about the nature of the project or the implementing party.
In contrast, Syria has witnessed the signing of agreements worth billions, but some agreements have faced accusations of being fictitious, while other projects have remained confined to paper and memorandums of understanding, without any signs of implementation on the ground.