Official: Syria Eyeing Iranians’ Investment in Real Estate Projects

Syrian Deputy Minister of Public Works and Housing Mazen al-Laham said on Tuesday that his country is open to Iranian companies which are interested in investing in real estate and developing residential areas.

Speaking in Iran-Syria trade conference today, al-Laham elaborated on investment opportunities in Syria, saying making investment will be possible in the context of the residential development organization which is affiliated with Public Works and Housing Ministry.

He added that the Development and Real Estate Investment Organization is working with about 200,000 projects in various provinces like Aleppo.

Al-Laham noted that the Syrian Government will authorize setting up joint construction companies in Syria, adding that active firms will also be licensed.

He said that the Syrian government cedes these projects and issues licenses.

Al-Laham said that foreign companies have been permitted to get involved in construction projects, adding that these companies should have permission from their own countries first.

They should have at least a five-year record of activities in construction projects and present financial guarantee papers.

He said that Syrian companies active in energy, water and electricity fields are also ready to cooperate with Iranian partners.

Syria has been involved in a war against terrorism since 2011 when the sporadic uprisings in the country were used by extremist groups backed by some states in the region and the West. Most of the occupied territories in Syria have been retaken by government forces and the stability has been restored to the country.

Early in September, more than 60 companies and firms from Iran showcased their capabilities, products and potentials at the 61st edition of Damascus International Fair in Syria, bidding for contracts on reconstruction projects in the war-torn country.

Director General of Syria’s General Organization for International Exhibitions and Fairs Ghassan Al-Fakiani said on September 07 that more than 60 companies from Iran were participating in the 61st Damascus International Fair.

He added that initial talks and necessary coordination had been made with the Iranian companies for signing contracts in the near future.