Syria has recently witnessed a remarkable economic movement represented by the return of Arab and foreign investors and traders to the Syrian arena to open companies operating in various fields.
Athr follows successively the news of these companies, the most remarkable of which was the return of the Gulf people to the Syrian economic arena after a long absence. Recently, the Ministry of Internal Trade and Consumer Protection issued a decision to officially approve the establishment of Power Bitumen and Queen Najd, which are co-founded by two investors from the Gulf.
According to the sources of Athr, Power Bitumen will work in the field of constructing and undertaking roads, bridges, airport floors and all works related to road and bridge works. In addition to importing all the necessary supplies for production such as asphalt, machinery, mechanisms necessary for the company’s work, means of transport and necessary spare parts, maintenance and paving of roads and bridges. It will also provide all accompanying services for refining asphalt of all kinds.
Headquartered in rural Damascus, the company is owned by three investors, one of whom is a Kuwaiti national owning 50% of the company’s main capital.
As for the second company, Queen Najd, it will be headquartered in Damascus. It is owned by two investors, one of whom is a Saudi princess (S.J.), owning 99.9% of the company’s shares. The company will work in citrus trade, distribution, and entry into tenders and auctions.
Queen Najd Company is the third company co-founded by Saudi investors 11 years ago in Syria. Nahla Riyadh Company completed its incorporation phase in late 2021, and the second company is Nawras Transport Company, which was recently approved by the Ministry.
As part of the return of Gulf investments to Syria, the Ministry of Internal Trade and Consumer Protection, in early 2022, officially approved the establishment of a new company that was invested by a businessman of Emirati nationality, and another that was contributed by a businessman of Kuwaiti nationality.
As for these investments, economist Mohammed Koussa explained to Athr Press that Syria needs an external investor according to the country’s economic needs and policy “because he will convey to us his experience in investment, and he will have his own project, which is an important process for the development of the economy.”
He pointed out that Syria is an ambition for all investors in the countries of the region because it has the geographical location, infrastructure, and organization of investment in addition to its distinguished cadres.
Koussa pointed out that the investor who looks strategically, knows that in the future, Syria will stabilize and the situation will improve. The investor will have won the opportunity to invest in the country even if the material gains are delayed by a period of time. He explained that many investors abroad are thinking of returning regardless of the obstacles that exist at the moment, which are the lack of electricity and the shortage of fuel.
He pointed out that investment is a larger subject than material gain, as in his opinion it is the establishment of partnerships and falls within the system of international and regional relations. We must think about the quality of investment and what is the appropriate way to attract them to promote the economy; We seek external polarization according to the country’s economic needs.
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.