UAE’s Al Habtoor Group to send business delegation to Syria: What to know
Al Habtoor Group's announcement comes after the United States and European Union lifted most economic sanctions on Syria last month.
Dubai-based conglomerate Al Habtoor Group is planning to invest in Syria as business opportunities open up with the lifting of economic sanctions on the wartorn country.
Khalaf Ahmad Al Habtoor, the company’s founding chairman, said in a statement Monday that he will visit Syria in the coming days to explore investment and partnerships. The businessman will lead a delegation of senior executives from his company to explore opportunities in automotives, education, hospitality, publishing and real estate sectors.
“Syria is a country rich in culture, history and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,” Habtoor said, in the statement released by his company.
The privately held group has a portfolio spanning luxury hotels and shopping malls, as well as investments in sectors including construction, engineering, hospitality and sports.
Why it matters: The UAE company’s announcement comes after the United States and European Union lifted most economic sanctions on Syria last month.
Western sanctions have been lifted on Syria after a change in government in December, which saw the overthrow of longtime dictator President Bashar al-Assad. Assad fled to Moscow amid a lightning offensive led by Hayat Tahrir al-Sham, formerly the branch of al-Qaeda in Syria. Despite his Islamist past as the former leader of HTS, Syria’s new interim President Ahmed al-Sharaa has promised to respect human rights and help the country’s economy recover by reintegrating it back into the global finance system.
Although Syria has been sanctioned since 1979, the United States, the European Union, Turkey and the Arab League sanctioned the Assad regime in 2011 at the beginning of the civil war, over allegations of human rights abuses, such as using chemical weapons on civilians. The civil war lasted more than 13 years, with death toll estimates as high as 620,000.
Al-Monitor has contacted Al Habtoor Group for further information.
Know more: Since the lifting of the sanctions, several companies have invested in Syria, including a Qatari-Turkish consortium signing a $7 billion deal on May 29 to provide Syria 5,000 megawatts of electricity, more than half of the country’s demand for the energy type.
On May 16, Syria inked a $800 million deal with the UAE’s DP World to develop the Mediterranean port of Tartous.
More UAE investment is expected in Syria. A senior political official told Al-Monitor that the UAE is keen to engage with Syria's private sector, but not its government, unlike other regional powers like Qatar, Saudi Arabia and Turkey.
