Emirati magnate Khalaf al-Habtoor says he plans to invest in war-torn Syria

Emirati business magnate Khalaf al-Habtoor plans to invest in Syria's recovery projects, including car dealerships and a bus network

Emirati business magnate Khalaf al-Habtoor said Tuesday that he plans to invest in projects including car dealerships and a network of buses in Syria, as the country struggles to recover from a civil war spanning nearly 14 years.

Al-Habtoor, who is the chairman of the Al Habtoor Group conglomerate based in the United Arab Emirates, led an Emirati business delegation that visited Syria to look at potential investments.

He told The Associated Press that he plans to invest in a project to operate up to 3,000 buses across the country in partnership with the Syrian state, a project he said could generate around 30,000 jobs. He said he also plans to establish large car showrooms that would provide additional employment for young Syrians.

During a tour of potential investment sites in Damascus and Syria’s coastal region, al-Habtoor said that he wants to focus on initiatives that can create sustainable opportunities and help revive the war-torn economy.

“We want to invest in something that will serve people,” he said. “We don’t want to just construct buildings. A building, you build it and then it’s done — we want to make a long-term investment.”

Since former President Bashar Assad was ousted last December in a lightning rebel offensive, Gulf countries have signaled interest in investing in the country’s reconstruction. In July, Syria and Saudi Arabia announced 47 investment agreements, valued at over $6 billion.

On the ground, progress has been slow. The country struggles with water and electricity cuts, with about half the population facing food insecurity. In 2017, the United Nations estimated that rebuilding Syria would cost at least $250 billion, a figure some experts now say could be as high as $400 billion.