A new public-private partnerships (PPP) law is imminent in Syria as part of government efforts to attract private investment.
Lawyers working in the country say the legislation, which includes important safeguards to ensure investment protection and a number of investment promotion schemes, is currently in its final stages and ready to be promulgated any day.
Due to the controversial nature of the law, sources asked not to be named, but made clear that the law is in its advanced stages, due to be introduced soon.
Recognising the importance of private finance to develop the much-needed social housing and infrastructure projects in the country, the government is launching a number of initiatives which will make it easier to do business there.
The new PPP law, which is similar to that launched in Kuwait, will maintain a central procurement process for PPP projects whilst providing clearer terms of reference and a more modern legislative framework.
Though the legislation is likely to face some opposition, it is hoped that investors – both foreign and domestic – will feel more enticed to do business in the region, free from a number of old constitutional restrictions.
Once the law is in place, the government plans to tender developments such as school, hospital and power plant projects as PPPs.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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