Opportunity Overview

The Syrian Investment Authority has included the development of Ibn Asakir Park in Damascus within its official investment map. The project carries an estimated capital requirement of 23 million USD and covers a total site area of 39,306 square metres. The land is owned by the Damascus Governorate.

Project Components

The development is structured around three integrated components:

• Construction of an underground commercial market in the first basement level, rising 8 metres in height and including a mezzanine floor with a total area of 20,000 square metres.
• Construction of three additional basement levels designated for parking, services, and storage facilities.
• Rehabilitation of the existing park, addition of new amenities and service facilities, and construction of a children's playground on the park's surface level.

Development Model and Duration

The project is to be executed under a Build-Operate-Transfer (BOT) model, with a contract duration ranging between 35 and 40 years. This extended operational period is designed to allow the investor sufficient time to recover capital and generate returns before transferring the project back to the owning authority.

Supervising Authority

The Syrian Investment Authority oversees the listing of this opportunity through its official investment map, while the Damascus Governorate retains ownership of the site throughout the contract period.