Syria discusses tourism investment and banking cooperation

Syrian authorities are coordinating efforts to boost tourism and urban investment in Damascus. The Syrian Investment Authority and the Ministry of Tourism, in collaboration with the Sovereign Wealth Fund, met to establish regulatory standards and development priorities for the capital. Recent large-scale projects include the ‘New Damascus’ development, a nearly $7 billion agreement between the Sovereign Wealth Fund and the UAE-based Arada Group, and ‘The Monument Damascus,’ a $300 million project involving Ezdehar Holding.

In a separate development, the Central Bank of Syria met with representatives from Germany’s Commerzbank in Damascus. The discussions focused on strengthening trust between Syrian banks and international institutions, facilitating trade and investment between Syria and Germany through stable banking channels, and highlighting reforms aimed at improving monetary oversight and combating money laundering and terrorism financing.