The billionaire Emirati entrepreneur Khalaf Al Habtoor is heading to Syria to explore new investment opportunities as the country opens up its economy following the lifting of US and EU sanctions.
The founding chairman of the Dubai-based conglomerate Al Habtoor Group will lead a delegation of senior executives from the company to the war-ravaged Arab nation in the coming days, Al Habtoor Group said in a statement on Monday.
“Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,” Mr Al Habtoor said.
The Syrian economy has been devastated by the civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of last year.
The estimated cost of reconstruction of the country, including critical road infrastructure, ports, aviation facilities and housing, will be somewhere between $250 billion and $500 billion, according to experts. In a recent interview with Wam, Mohammad Al Shaar, Syria’s Minister of Economy and Industry, estimated the total cost of reconstruction at $1 trillion.
“As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies,” Mr Al Habtoor said on Monday.
Video: Investment and aid pour into Syria six months after the end of Assad rule
The move come as Gulf countries as well as Turkey announce new investments in Syria after US President Donald Trump announced the removal of sanctions on the country last month during his Gulf visit.
Dubai-based DP World is among the regional companies that have taken the lead in Syrian investments, with an $800 million deal to develop the port of Tartus. A consortium of companies from Turkey, Qatar and the US have also committed to invest $7 billion in Syria's energy sector to build new power plants to help the country overcome power shortage.
Saudi Arabia and Qatar also paid $15.5 million to the World Bank to clear Syria’s arrears and pave the way for Washington lender's support for Damascus. The UNDP is also planning to support Syria with $1.3 billion in funding over three years to rebuild its infrastructure and back digital start-ups.
Set up by Mr Al Habtoor in 1970, Al Habtoor Group is active in multiple sectors, including hospitality, automotive, real estate, education, insurance and publishing, in the UAE and in international markets such as London, Vienna, Budapest, Beirut and the US. Earlier this year, Mr Al Habtoor said he would cancel all planned investments in Lebanon due to lack of security and stability in the country.
