Qatar’s Baladna Food Industries is developing a $3.3 billion project in Syria to produce cotton, wheat, textiles, and other agriculture goods, The National reported.
Baladna is an arm of the business empire of Syrian-born business moguls Moutaz and Ramez Al-Khayyat, who have backed power, real estate, and transport projects in their homeland.
The investment is the latest in the jockeying among Gulf investors to rebuild Syria, in part motivated by the hope that the country can become a geopolitical buffer keeping Iranian influence out of the Levant.
Baladna and Abu Dhabi-based Al Dahra, which is backed by a UAE sovereign wealth fund, have also agreed to jointly develop farming techniques and assets in Syria.