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FINANCIAL NEWS
Syria to spend $794m in 5-year plan
12 Dec 2010
(MENAFN) Syria’s Minister of Transport, Yarub Badr, revealed that the country will spend approximately $794 million on its marine transport sector as part of the government’s current five-year plan, as opposed to $193 million spent in the previous five-year plan, Arabian Business reported.
The current five-year plan underlines the strategic importance of Tartous Port in Syria and calls for the establishment of a centre for marine training and marine courts at the site, explained Badr.
Separately, Syria is to spend an additional $10.36 billion on new developments within the residential, retail, hospitality, office, leisure, infrastructure, and energy and tourism sectors as part of the Five-Year Plan, in order to enhance the country’s economy and attract foreign capital.
Major Gulf Cooperation Council (GCC) firms are already making waves in the region, including Majid Al Futtaim Group and Al Qudra Holding, Qatari Diar and Syrian Qatari Holding, Emaar- IGO, Saudi Binladin Group, and Khorafi Group.
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