Lattakia (707)

Kulczyk Oil has announced that it has awarded BGP, a subsidiary of China National Petroleum Company, a contract to conduct a 375 square kilometre 3D seismic survey in the south-eastern section of Block 9.
The Port of Lattakia has acquired four new gantry cranes from the Chinese Dalian Company at a cost of USD 26.5 million.
The number of branches and offices run by the private banking sector increased to 166 as at the middle of December.
Syria and Italy signed on December 17 a new framework agreement that will see Italy provide EUR 80 million in grants and soft loans during the period 2008-2010.

Jazeera Airways, a Kuwaiti lost cost airliner, has announced that it was postponing the launch of its Kuwait-Lattakia route that was originally scheduled to open on December 15. It did not announce a new date for the launch of the service.


Six companies have received a license to provide radio taxi services in four Syrian cities.

Kulczyk Oil has announced that its Syrian subsidiary, Loon Lattakia Ltd, was transferring a 20 percent working interest in Block 9 to Triton Singapore.

Tartous International Container Terminal has announced that a new shipping firm was shifting its operations to the Port of Tartous from Lattakiaز

Pioneers Syria has announced that it will manage the upcoming capital increase of Bank of Jordan-Syria (BOJS).
Jazeera Airways has announced that it was expanding its services to Syria by adding a new destination, Lattakia.
Lattakia International Container Terminal, a joint-venture between Souria Holding, CMA-CGM and Terminal Link, has taken over the management of the containers terminal of the Port of Lattakia on October 1.
Turkish investments in Syria stand currently at some USD 200 million, according to Aydin Acikel, Turkish counsellor in Syria.


The implementation instructions for Law 15/2008 governing investment in the real estate sector were approved on October 7, 2009 more than a year after the Law was formally enacted.


TICT has said that the number of shipping firms using its services was continuing to grow.


Operation and investment of Lattakia container terminal


The Board of Directors of Cham Holding, one of Syria’s largest holding firms, met last week with Prime Minister Naji Otri to provide an update on the projects developed by the company.

The number of pupils who are enrolled in Syrian schools and kindergartens this year stands at 5.3 million, or one fourth of the country’s total population.
Syria has been facing severe power cuts since mid-July as output is failing to cope with growing demand, raising an outcry from the public.
IFA Financial Services will manage the initial public offering of Engineers Holding Company (EHC), a holding firm, the brokerage firm has announced.

Germany’s Development Bank, KfW, is providing new finance to FMFI, Syria's first microfinance bank to help it strengthen its capital base and lending facilities.

Syria’s two largest ports, Lattakia and Tartous, saw their activities grow in the first half of this year.

Holding company

Bank of Jordan-Syria is doubling its capital to SYP 3 billion through a rights issue.
Laodicea Tourism & Services Company is inviting local, Arab and Turkish firms to participate in a pre-qualification bid for the execution and supervision of a tourist complex in Lattakia.
Kulczyk Oil Ventures has announced its seismic acquisition programme for the 10,000 square kilometres Block 9, located in the northwest of the country.

SYRIAMAR, or the Syrian General Establishment of Maritime Transport, will acquire two new vessels for its fleet at a cost of USD 42.5 million.


Three new low cost airlines are planning to add Syrian airports to their scheduled destinations.


Two train routes between Iraq and Syria will enter into operation within weeks to help strengthen economic and business ties between the two countries.


Rotana Hotels has been awarded the contract to operate the five-star hotel under construction by Bena Properties, Cham Holding’s real estate development arm, on the Mazzeh Motorway.


The OPEC Fund for International Development (OFID) has provided Syria a loan of USD 30 million to part-finance the construction of the Raqqa-Deir-ez-Zor-Hassakeh motorway.


The Ministry of Tourism is offering 65 new sites for investment during the 5th Tourism Investment Market Forum taking place between 28 and 30 of April.


Investment and contracting


Syrian Pearl Airways will launch its operations early next month, after it receives two BAE 146-300 aircrafts leased from Orion Air, a Spanish charter carrier, according to AbdulRahman Al-Attar, chairman of the company.


The Afamia Rotana Resort, the latest five-star hotel in Syria will open its doors next months after years of delay.


Management of Shopping Malls


Mirab, an Iranian engineering firm, has begun works on water sewage projects in the coastal region for a total contracts value of SYP 3 billion (USD 64 million).


Revenues of Al-Ahliah Transport Company, one of the largest transport firms in Syria, increased by 40 percent last year.


The Ministry of Finance will disburse this year some SYP 937 million from the Government’s Central Budget to pay the salary of workers in 14 loss-making state-owned firms.


The Port of Lattakia and a consortium led by CMA-CGM formally signed on February 1 the contract for the management of the containers terminal of the port.

Activity at the Port of Tartous rose last year according to preliminary figures from the Ministry of Transport.

Dedeman Hotels expects to increase the occupancy rates of the three new hotels it is managing in Syria, according to its country manager, Birol Kaymas.

The Ministry of Tourism is giving new incentives to encourage investment in more remote areas of the country as well as in the largest projects it is offering to investors, according to Ghiath Al-Farrah, head of Touristic projects at the Ministry.

Activity at the Port of Lattakia posted a slight increase in 2008, according to its director general, Suleiman Baloush.


Works on the SYP 15 billion Abraj Souria Towers should start next September, according to Shadi Karam, CEO of Souria Holding.


Bank Al-Sharq SA has elected its board of directors and appointed a general manager to run its operations in Syria.


Hamisho Economic Group will begin production in its new car assembly plant in the last quarter of 2009, according to Imad Hamisho, Chairman of the Group.


Loon Lattakia Limited is expected to start drilling on Block IX in late 2009 or early 2010, according to a statement from its mother company, Loon Energy.


Dedeman Hotels and Resorts International will manage three 5-star hotels in Syria, including Le Meridien Hotel in Damascus.

The Syria Government has decided to close down several state-owned industrial firms and offer the land they use for the development of tourist projects.

A delegation of Syrian entrepreneurs is visiting the Netherlands for B2B encounters with Dutch businessmen.