UrbaCon Holding (UCC) has officially commenced its operations in Syria, securing two major concession agreements focused on the revitalization of Damascus International Airport and the establishment of a 500-megawatt power generation facility. Ramez al-Khayyat, the group’s CEO, shared these developments during a Sunday, 25 January interview with CNN, noting that the group also intends to enter capital markets within the next two to three years by listing several subsidiaries and floating a portion of UCC itself in what could be one of the region’s most significant offerings.
Phased Expansion of Damascus International Airport
According to al-Khayyat, the transformation of Damascus International Airport will occur in several distinct stages to accommodate growing demand. The initial phase aims to increase the airport’s capacity from its current 500,000 passengers to 6 million. Following this, the second phase will push capacity to approximately 17 million passengers through the construction of a “new airport.” Subsequent stages are expected to bring the total capacity to 21 million passengers.
The CEO specified that the primary objective for the first phase is to reach the 6 million passenger mark by the conclusion of 2026. This will involve the restoration of Terminals 1 and 2, alongside comprehensive upgrades to services, safety protocols, security systems, and general infrastructure. Al-Khayyat pointed out that current equipment limitations prevent some airlines from establishing operations easily, making it a priority to meet international readiness standards.
Catalysts for Increased Aviation Demand
Al-Khayyat identified three primary drivers that will fuel the need for expanded airport capacity:
- The Syrian Diaspora: With over 10 million Syrians living abroad, even biennial visits would generate massive traffic.
- Tourism Potential: The current government is prioritizing the tourism sector, highlighting Syria’s 3,000+ archaeological sites and unexplored areas, with expectations to surpass pre-2011 tourism levels.
- National Reconstruction: With reconstruction costs estimated at roughly $300 billion, foreign firms are expected to establish a presence in the country, potentially positioning Syria as a geographic bridge between East and West.
The final concession for this project was signed by Syria’s General Authority of Civil Aviation and Air Transport with an international consortium. Led by UCC Holding, the group includes the US-based Assets Investments and two Turkish firms, Cengiz İnşaat and Kalyon İnşaat. According to data published by the authority on 24 November 2025, the investment exceeds $4 billion. The long-term goal of the agreement is to transform the airport into a regional hub with a total annual capacity of 31 million passengers.
Targeting Energy Self-Sufficiency
Regarding the power sector, al-Khayyat highlighted a significant energy deficit, noting that Syria requires approximately 10,000 megawatts while currently producing only about 3,000 megawatts. The 500-megawatt UCC project is designed to bridge this gap, fostering economic growth and improving the quality of life for Syrian citizens. He mentioned that the government is simultaneously working to restore existing plants to raise production levels from 1,300 to 5,000 megawatts before the new partnership plants are finalized.
The Ministry of Energy has already transferred the necessary sites to UCC Holding to begin construction. As confirmed by Mohammad Fadliyah, director general of the Electricity Generation Establishment, in a statement to Enab Baladi on 15 June 2025, the assigned locations include:
- Mhardeh (Hama Governorate, western-central Syria)
- al-Taym (Deir Ezzor Governorate, eastern Syria)
- Zayzoun (Idlib Governorate, northwestern Syria)
- al-Tarifawi (Aleppo Governorate, northern Syria)
Strategic Investment and Public-Private Partnerships
Al-Khayyat emphasized that electricity is the essential foundation for all economic advancement, which is why the energy sector is a top priority for UCC. He acknowledged that while public-private partnerships involve risks based on an investor’s confidence in the state, UCC maintains “trust in Syria’s future.” He further noted that the investment aligns with the Qatari government’s broader approach to supporting Syria and its people.
Diversifying into Industry and Healthcare
UCC’s Syrian portfolio extends beyond infrastructure and energy. Al-Khayyat revealed that the group has initiated the construction of a large-scale juice and dairy factory in the Adra Industrial City (Rif Dimashq Governorate). This facility aims to satisfy local market demand in its first phase. Additionally, the group plans to invest in the healthcare sector by establishing a 300-bed hospital in Damascus, focusing on job creation and utilizing the skills of both local and expatriate Syrians.
Explaining the group’s competitive edge, al-Khayyat described UCC’s vertically integrated model. Subsidiaries handle approximately 90% of project tasks, including mechanical, electrical, marine, and infrastructure works. This structure reduces the need for subcontractors and ensures high quality and timely delivery. The group also operates specialized factories in Qatar to support its construction activities. Following the listing of two or three specialized subsidiaries in the next few years, UCC plans to float a portion of its own shares on the capital market.
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