Lattakia (727)

Lattakia’s city council has given its preliminary approval for a new USD 60 million tourist resort that will involve the building of a 6.5 km aerial tramway, also known as telepherique, between the coastal area of Badroussia, 45-km north of Latta...
3 million passengers used Syrian airports in 2005, according to preliminary figures from the Directorate General of Civil Aviation published in al-Thawra.
State-owned textile firms, grouped under the General organisation of Textile Industries (GOTI) posted consolidated profits of around SYP 500 million (USD 9.5 million) in 2005, according to Jamal al-Omar, director-general.

The General Establishment for Cereals Processing and Trade (Hoboob) is investing SYP 2.4 billion (USD 45 million) in the building of 21 new silos throughout the country.

The volume of goods that are handled by Syria’s two main container ports continued to increase at a significant pace.
Syria's Transport Ministry signed a contract with the Chinese Zijan Timis Company whereby 600 buses will be imported to the country.

A French group that manufactures and distributes cigarettes inaugurated a factory in Lattakia last month.

According to Syrian tourism minister, Saadallah Agha al-Qalaa Syria has around 21 projects with Gulf companies that are being or start to be developed.
Qatar-based Phoenicia for Tourism and Trade signed a USD 194 million deal to invest in a tourism project in Lattakia on the Syrian coast.
The port of Tartous is expected to handle 11.7 million tons for the whole of 2005, from 9.8 million tons last year, according to the Minister of Transport Makram Obeid. In the first nine months of this year total volume handled had already reached 9.7 ...
BEMO Saudi Fransi (BSF) Bank announced that it intends to raise its capital by SYP 250 million (USD 4.71 million) to SYP 1.75 billion (USD 33 million) in a public offering.
The total lengths of motorways in Syria should double to a total of 2,300 kms at the end of the coming 5-year plan from 1,100 kms at the moment, according to Makram Obeid Minister of Transport.

The Syrian Government has removed Pepsi-Cola from the blacklist of firms dealing with Israel set by the Damascus-based Bureau for the Boycott of Israel, which is affiliated with the Arab League.

The International Bank for Trade and Finance (IBTF) has opened its first branch in Aleppo and the second in the country.
According to the annual report of the Investment Bureau, the Investment Higher Council licensed a total of 759 investment applications for a total paper value of SYP 203.6 billion (around USD 3.85 billion).
The EU is providing a EUR 18 million loan to Syria under the MEDA programme to ensure better management of the country’s big cities - including developing city properties, attracting private investment, creating jobs and boosting services such as...
Accor, the French international hotel group, has announced that it was opening its first property in Syria, Sofitel Lattakia in the summer of 2006.
BEMO and BSO are extending their network in the country. The two banks opened last month a new branch in Lattakia, the country’s fourth largest city.

The first Syrian Tourism Investment Market set out a range of incentives for foreign investors to spend money developing tourism in the country. The Syria Report highlights the key issues at stake.

A few weeks before the Tourism Investment Market, The Syria Report has met with Hazem Sebai, Director of Business Development of Le Meridien Damascus to talk on the performance and projects of one of the leading five-star hotels of the Syrian capital.
The Syrian Railways Corporation (SRC) has ordered 10 new train sets from Korea’s ROTEM, according to Abdel Monem al-Bam its director-general.

The Military Housing establishment, the largest, and state-owned, civil contractor in Syria is starting works on a new dam on the Nahr al-Kabir al Shemali river in the north-east of Lattakia.

Total credits of the Real estate Bank stood at SYP 16.8 billion in 2004, according to Mulham Dibo, its director-general.

The state-owned General Company for Engineering and Consulting (GCEC) has awarded Malaysia's SMHB Sdn Bhd the contract to design and review waste water treatment plants in the cities of Damascus, Homs, Lattakia and Aleppo with a total treatment capacity for a population of two million.

Lattakia Port Company (LPC) handled 5.5m tonnes of goods last year, an increase of 688,000 tonnes from 2003, and made revenues of SYP 1.653 billion, Minister of Transport Makram Obeid has announced.

Syria’s income from tourism is estimated to have reached USD 1.85 billion in 2004, an annual 31% rise from 2003 (USD 1.414 billion), according to the Ministry of Tourism.

Bank of Syria and Overseas’ (BSO) total deposits stand at SYP 4 billion (USD 76.92 million), according to George Sayegh, general manager of the Bank, who was talking to al-Thawra.
The Ministry of Tourism is organizing an international conference next April to attract more investments in the Syrian tourism sector.

The company has elected a new Board of Directors. The Amrit resort that was supposed to be among the largest tourist complexes on the eastern Mediterranean has not been built, 16 years after its launch.


Ministry of Industry continues to seek the involvement of the private sector while avoiding privatization.

The launch of SHERN is part of the development of the Syrian higher education sector that is now also encompassing state universities.
Altadis (formerly SEITA), the French cigarettes manufacturer, has signed a memorandum of understanding with the General Organization of Tobacco to produce Gauloises Blondes cigarettes, its leading brand, in Syria.
The project is an investment from the Saudi Binladin group and symbolizes the rising interest of Gulf investors in the Syrian tourism industry.
The transport sector continues to witness significant investments. Air traffic is set to increase with new airports and growing capacity.
The network he chairs has been strongly active in Syria since the signing of a cooperation agreement with the Syrian Government in 2001.
The national air carrier has been allowed to offer its services in joint-venture with private sector companies.
The new low cost airline is adding a new destination in Syria to its schedule.
The state-owned Syrian company for the storage & distribution of petroleum products (MAHRUKAT) is building a new plant for the production of cooking gas bottles, according to al-Baath.
A new NGO, MAWRED has launched Syria's first business incubator dedicated to Syrian business women.
Makram Obeid, Minister of Transport, announced that expansion works would be carried out on Mazzeh Airport, Damascus' other, and smaller, airport, starting next year, acording to Teshreen.

The priority given to the education sector is reflected by the opening of the first private universities in Syria's history. However, very high tuition fees remain an obstacle.

The economic feasibility study for the building of a new cotton yarn and textile manufacturing plant in Tartous is expected to be completed before the end of November.
The Foreign Service of the US Department of Agriculture (FAS-USDA) has released its annual report on Syria's cotton sector.
Besides the on-going negotiations to reform the public industrial sector, other state-owned companies are trying to reform their managerial methods in order to adapt to their increasingly market-oriented business environment.
One of the most significant direct consequences of the landmark Law N°10, passed in 1991 to provide a more friendly environment to private sector investment, was the complete overhaul of the national transport sector.

Financing is one of the major hurdles Syrian entrepreneurs face in developing and expanding their businesses. The lack of a sound, modern and efficient banking sector is clearly to blame for that.

Besides its political message, the reported simultaneous destruction by the US and British air forces of the Iraqi-Syrian oil pipeline, of parts of a railway link between the two countries as well as of the Syrian Trade Centre in Baghdad is more than a...
Over 13 millions tons have been handled by Syria's two ports of Tartous and Lattakia in 2002, a record level.

The draft law amending Syria's investment framework has been published by Al-Baath, one of the three national state-owned dailies.


Adnan Suleiman, the Director-General of Syria's free zones organization (GOFZ), announced new expanding figures for the activity of the countries six free trade areas (FTA).