Damascus: An international consortium including Turkey's Kalyon Holding, Cengiz Holding, and TAV Airports has signed a $4 billion agreement with the Syrian Civil Aviation Authority to expand Damascus International Airport, aiming to raise its annual passenger capacity to 31 million within eight years. The deal marks one of the largest infrastructure projects in Syria in years, despite the country's prolonged instability following more than a decade of civil war, ongoing Western sanctions, and the wider impacts of conflicts such as the Russian war on Ukraine.

According to Anadolu Agency, the consortium also includes UCC Holding from Qatar and Assets Investments from the US. The companies involved have carried out global-scale investments in energy, infrastructure, and transportation both in Turkey and abroad. This new airport deal follows a $7 billion strategic cooperation agreement signed last May between the Syrian Ministry of Energy and the same core consortium, which includes a 5,000 megawatt energy project expected to generate about 35 billion kilowatt-hours annually.

Kalyon Holding Chairman Murathan Kalyoncu stated that the new airport deal reflects the group's commitment to long-term regional development. Highlighting their successful completion of Istanbul Airport, Kalyoncu expressed confidence in their ability to contribute to Damascus's transformation into a regional air transportation hub, hoping the investments will support regional development and stability.

In addition to the airport project, Syria signed a series of investment memoranda worth $14 billion on Wednesday, covering 12 strategic projects with several foreign firms. Talal al-Hilali, director of the Syrian Investment Authority, announced agreements including a $4 billion deal with Qatar's UCC Holding for the Damascus Airport project, a $2 billion metro line construction in Damascus with the UAE's national investment corporation, and a $2 billion deal with Italy's UBAKO to develop Damascus Towers.