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Syria approves legislative amendments that favor investments

Damascus, Mar 23 (Prensa Latina) Syrian President Bashar al-Assad published a law that specifies amendments to some provisions of the Investment Law number 18 approved in 2021.

“The new legislation encourages investment projects for real estate and urban development purposes and contributes to a comprehensive and balanced growth of the regions, in line with development priorities”, said the Minister of Public Works and Housing, Suheil Abdulatif.

He added that these amendments guarantee a favorable mechanism to avoid institutional procedures, simplify real estate investment procedures and optimally benefit from the exemptions, advantages and facilities granted by the Investment Law.

The head of the Investment Authority, Madian Diab, recently announced that the projects licensed under the regulations have risen to a sum of 59, with a worth of nearly $450 million dollars and also providing job opportunities for 4,740 people.

Syria passed a law in May 2021 that encourages the establishment of projects which contribute to the reconstruction of the country and the achievement of economic development.

The legislation encourages and protects foreign and local capitals, and provides a favorable environment for establishing investments and projects, as well as offering customs and tax privileges.


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