Syria hopes to attract artists and filmmakers under a $1.5 billion deal with Qatari investors to build a creative quarter known as Damascus Gate.
The deal between Syria's new rulers and Qatari company Al Maha International is the latest in a series of foreign investments since US President Donald Trump lifted sanctions last month. The aim is to establish a "production city" for the media, film and tourism industries.
The plan is "in line with the strategic state policies to attract unique development projects”, Information Minister Hamza Al Mustafa said during a signing ceremony at the People’s Palace in Damascus. President Ahmad Al Shara, who is pushing for foreign investment to help repair Syria's economy after 14 years of civil war, was among the guests.
Mr Al Mustafa said the project, whose full title is City of Damascus Gate, will cover about two million square metres across the Damascus and Damascus Countryside governorates. It will feature outdoor studios designed to replicate the “historical architecture of Arab and Islamic cities”, as well as indoor studios equipped with “the latest broadcasting and production technologies”.
The project aims to become a global production site, including for Syrian and Arab TV channels. It is tipped to create more than 4,000 direct jobs and 9,000 seasonal positions.
Sanctions relief
The lifting of US sanctions on Syria, once a global pariah, is drawing interest from international investors eager to gain a foothold in its economy. Following the US move, the EU also sought to start lifting economic sanctions.
Despite uncertainty over how long it will take for all sanctions to be lifted, with some restrictions waived for only six months, major companies have already stepped in. Announcements include a $7 billion energy deal led by Qatar’s UCC Holding and a $6.5 billion aid pledge from international donors.
Al Maha chairman Mohammed Al Anzi urged “everyone in the Gulf and other countries to take part in this initiative and invest in Syria, where there are real opportunities and generous facilities that can be utilised”. He said he expects the project to be fully completed within five to seven years.
US President Donald Trump announced the lifting of sanctions during his Gulf tour last month, a day before a historic meeting with Mr Al Shara in Riyadh. Mr Trump said he wanted to give the new authorities in Damascus a “chance at greatness”.
Outbreaks of sectarian violence have called into question the new regime's efforts to stabilise Syria. More than two dozen people were killed in a Damascus church bombing this month, the capital's worst such attack in years.
