İranian construction companies are to build thousands of residential units in the suburbs of Syria's capital, Damascus, an Iranian state-run news agency has reported. İranian Students News Agency (ISNA) recently quoted a business official with the country's investment association, who announced that Iran would build 200,000 residential units near Damascus.
İraj Rahbar, vice president of Iran's Mass Construction Society, said the massive housing project has come about after the Iranian and Syrian governments signed a memorandum of understanding (MOU) in January 2019.
Tehran has been encouraging prominent Iranian developers to buy property in Damascus, analysts and construction industry sources in Iran said.
"This is not the first time that officials encourage developers to invest in Syria," Amir Reza Masoumi, a Tehran-based architect, told VOA. Masoumi, who has knowledge of ongoing discussions, said that instability in Syria has dissuaded many Iranian developers from investing in the war-torn country.
"Even now, details on how to protect the interests of Iranian investors in Syria are still unclear," he said.
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