Damascus: Syria signed investment memoranda worth $14 billion on Wednesday with several foreign companies, covering 12 major strategic projects, state news agency SANA reported. A signing ceremony was held at the People's Palace in Damascus in the presence of President Ahmad al-Sharaa.

According to Anadolu Agency, Talal al-Hilali, director of the Syrian Investment Authority, said the agreements include a $4 billion deal with Qatar's UCC Holding to develop the Damascus International Airport, a $2 billion Damascus metro deal with the United Arab Emirates national investment corporation, and a $2 billion deal for the Damascus Towers with Italy-based UBAKO. Additionally, Syria inked a $500 million deal for the Baramkeh Towers project, and a $60 million agreement for the Baramkeh Mall.

US Special Envoy to Syria Thomas Barrack described Syria as a land that produces great leaders during the ceremony, noting that Damascus has served as a hub for trade and transportation for thousands of years, according to SANA. 'The future of a prosperous and peaceful Syria is in the hands of Syria and its regional partners, like Qatar's UCC and Trkiye's Cengiz and Kalyon groups who were awarded the Build-Operate-Transfer for the new Damascus International Airport,' Barrack later wrote on X. 'With @POTUS' lifting of sanctions, I was happy to attend the signing ceremony in Damascus today,' he added.

The US envoy stressed that 'the path to recovery must begin with the fits and starts of building a foundation of security and stability, then followed by government systems and ultimately enterprise and prosperity.' Bashar al-Assad, Syria's leader for nearly 25 years, fled to Russia in December, ending the Baath Party regime, which had been in power since 1963. A new transitional administration led by Sharaa was formed in January.