Despite the challenging economic conditions and what some perceive as “obstructive” government measures in certain aspects of investment, many local investors have boldly ventured forth, injecting billions of Syrian pounds into the veins of the Syrian economy. This has successfully addressed some of the local market needs through the implementation of several projects.
According to data obtained by Athr Press from the Syrian Investment Commission, we can highlight the ten largest projects initiated and executed under the investment law since its issuance in May 2021. These projects individually cost more than five billion pounds, and the cumulative expense of the top ten projects over the last two years exceeds 345.7 billion SYP.
Leading the list is the project to generate electricity using renewable energies in the industrial city of Hassia, with a staggering cost of approximately 150 billion SYP. This project secured an investment license in August 2021. The second position goes to a project in the industrial city of Adra, focusing on the production of healthy diapers for children and the elderly, paper tissues, and related products, with a cost exceeding 53.6 billion SYP. The third most expensive project is the manufacture of mono, triple, and marka granulated phosphate fertilizers in the industrial city of Adra, amounting to about 32 billion SYP. Following closely is the fourth-ranked project for the production of solvents and raw materials for pesticides in rural Damascus, costing more than 31 billion SYP.
In fifth place is a project establishing a laboratory to test renewable energy equipment in rural Damascus, estimated to cost over 20.3 billion SYP. The sixth position is held by a project for the manufacture of cold-mixed asphalt in the industrial city of Adra, with an estimated cost of about 20 billion SYP. The seventh spot goes to a project for the production of oils, ghee, and vegetable butter in the Hama governorate, at a cost of about 15.7 billion SYP.
The eighth project is another initiative for the production of electrical energy through renewable sources in the industrial city of Hassia, with a cost of 9.6 billion SYP. Following closely in the ninth position is a project to produce and spin acrylic yarn and mixed yarn in the Lattakia governorate, with an estimated cost of 8 billion SYP. Finally, the tenth project involves the production of plastic fabric, specifically for manufacturing packaging bags made of polyethylene and propylene in Aleppo governorate, with a cost exceeding 5.5 billion SYP, according to data from the Syrian Investment Commission.
If we consider investment projects with a minimum estimated cost of about 1.5 billion SYP, the number of projects implemented since the issuance of Law 18 to date increases to 17, with a total cost surpassing 368 billion SYP. These projects span various sectors, including industry, such as a project for veterinary medicines, medical alcohol, medical consumables, conservatories, and food appetizers. Additionally, there is an agricultural project for raising poultry birds and producing meat.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.