Syria has given an initial approval to a group of Syrian, Kuwaiti and Saudi investors to launch projects valued at $ 15 billion in the region of Jabal al-Sheikh near Hermoun Mount to the south west of Damascus. Hermoun Mount is shared between Syria and Lebanon, but the most of the Syrian part is under Israeli occupation since 1967.
“The projects, which will be implemented during 15 years, will include hotels, trade, tourist, sport and skiing centers as well as medical, learning and entertainment departments,” Director of Investment Office in Syria Mostafa al-Kafri told SANA. “Year 2005 was the year of pressure on Syria regarding investment offers which will give fruits during the next few years,” Kafri added.
On a different note, the Syrian economic official said that the United Arab Emirates’ Group of Emaar is going ahead in its project called “The 8th Gate” near Damascus, adding that procedures are underway to receive the 200,000 sq. m. land dedicated for the project.
The Higher Council for Investment in Syria approved last September 70 projects amounting to 80 billions Syrian pounds ($1.6 billion).
