Syria, China sign MoU to develop over 1M square meters of free zones

The Syrian General Directorate of Ports announced Thursday the signing of a memorandum of understanding (MoU) with a Chinese company to develop over one million square meters in two free zones in the country.

The authority said on Telegram that the agreement was signed with China's Fidi Contracting company, granting it full investment rights in the Hassia Free Zone in Homs Province in central Syria, covering approximately 850,000 square meters (210 acres).

The authority noted that the project aims to establish an integrated industrial zone that includes specialized factories and production facilities.

The memorandum also grants the Chinese company the right to invest in 300,000 square meters (74 acres) of the Adra Free Zone in the Damascus countryside to launch commercial and service projects tailored to local and regional market needs.

The contract is valid for 20 years, during which the investing company is obligated to implement the project phases according to a set timeline, ensuring economic viability and enhancing the role of free zones as drivers of development and hubs for attracting foreign direct investment.

The announcement follows a series of meetings between Chinese officials and the new administration in Damascus.

Bashar al-Assad, Syria's leader for nearly 25 years, fled to Russia in December, ending the Baath Party regime, which had been in power since 1963.

Ahmed al-Sharaa, who led anti-regime forces to oust Assad, was declared president for a transitional period in late January.