Syria Entrusts Abu-Ghazaleh to Conduct a Comprehensive Study for Damascus Free Zone

Dunum Price Raised from 50 to 500 Million Syrian Pounds

DAMASCUS - The Syrian Council of Ministers, in its latest meeting, has entrusted Abu-Ghazaleh International Studies to conduct a comprehensive study of the ?Free Zone? area in Damascus, according to Syria Steps website.

This study shall serve as an evaluation of the industrial establishments in this area in order to finalize its situation especially after the investors in the Free Zone refused the decision issued by the Damascus Governorate to evacuate the zone as soon as possible in order to be yielded to the Aldiyar Alqataria Trading. Accordingly, the investors have filed a petition asking the concerned authority to reconsider its decision.

The Council requested Abu-Ghazaleh International Studies to study the project as a whole and conduct a full feasibility study of the substitute area where the Free Zone investors are supposed to move in when a final decision to give away the Free Zone area to the Aldiyar Alqataria Trading is settled.

Informal reports said that a meeting between the Qatari company and the Council was carried out, during which a statement submitted by the Minister of Economy indicated a raise in the price of the one Dunum from 50 million Syrian Pounds (SYP) to 500 (SYP).

Mr. Safwan Arafeh, one of the investors, said that he has decided, upon such news to raise the price of the one Dunum to 500 million SYP as well mainly after some governmental entities noticed the low prices the Aldiyar Alqataria Trading, as an Arab investor in Syria, could have paid.

Mr. Arafeh clarified that the latest adjustment on the prices has pushed the Aldiyar Alqataria Trading to reassess the project where it has earlier allocated 12 billion Dollars only.

In an exclusive statement today, Mr. Aarfeh said that the situation has changed now, since the Dunum price has reached 500 million SYP which will cost the Qatari investor 120 billion Dollars instead of 12 billion Dollars.

From his part, Mr. Jamal Alzoghby, Manager of the Free Zone Branch at Damascus, confirmed the request of the governmental entities, which own the Free Zone, to raise the price of the Dunum. He also stated that they have not been informed of what the Government intends to do in respect of the Free Zone area despite all the commotion caused.
Meanwhile, Mr. Bashar Masad, a member of the Higher Committee for Investors, denied any official statement in this regard considering it only a rumor since no governmental authority has informed him of any amendment.

It is worth mentioning that 230 Syrian investors in Damascus Free Zone have objected to the decision to evacuate the Zone in their first meeting two months ago. They explained the negative impacts of the Damascus Governorate?s decision to stop the establishments? building and innovation process in the Free Zone area in order to set up the ?Aldiyar Damascus? project by the Aldiyar Alqataria Trading which consists of a complex that offers commercial and housing services in the heart of Damascus.