First Published: 2005-12-20

 
Syria unveils 15 billion dollar tourism project
 

Project, to be built on mount Hermon, will include hotels, shopping centres, skiing other sports facilities.

 

Middle East Online

The project is expected to be carried out over the next 15 years

DAMASCUS - Syria has unveiled plans for a 15-billion-dollar tourist resort to be built on Mount Hermon, overlooking the Israeli-occupied Golan Heights and Lebanon, the press quoted an official Tuesday as saying.

The project, to include hotels, shopping centres, skiing and other sports facilities reachable by cable car, is to be developed by an unspecified group of Syrian, Kuwaiti and Saudi investors, said Mustapha Kafri, director of the country's investment authority.

The government has given its tentative go-ahead on the project, which is expected to be carried out over the next 15 years.

Mount Hermon is 2,814 metres (9,232 feet) high, and is the largest mountain in either Syria or Israel. The southern and western slopes of the mountain were captured by the Jewish state during the 1967 Arab-Israeli war.

Kafri characterised 2005 as the "year of investment" in Syria. Some 70 projects presented by Syrian investors, worth 1.6 billion dollars, were approved by the state's Superior Investment Council in September.

Economists estimate that eight to nine billion dollars in investment is needed each year to produce a seven percent gross domestic product growth rate in Syria, compared to around four percent currently.

 

Extremist groups capture last major regime holdout in northwest Syria

Deadly fighting rages in Yemen southern towns

‘Islamic State’ suicide bombers target Iraq-Jordan crossing

Four Egypt Islamists killed while preparing bombs

France opens preliminary probe into forced labour allegations in Qatar

‘Islamic State’ kills Iraq senior officers in Anbar province

Entrepreneurs encourage people to ‘buy Syrian’

Over 100 children killed in Yemen since March 26

Libya militia alliance 'carries out air raids' against IS

UN 'confident' rebels will sign Mali peace deal

Petraeus gets two years probation for info leak

Iranian ships turn back from Yemen

Palestinians mourn as Jews celebrate

UN chief set to appoint Mauritanian diplomat as Yemen envoy

Obama takes 'full responsibility' for deaths of Qaeda hostages in US operation

Turkey warns Austria over decision to condemn ‘Armenian genocide’

Yemen conflict poses dangers across Gulf of Aden

Hopes for final deal on second day of Iran nuclear talks in Vienna

Security tightened at Saudi shopping malls

US returns stolen Egypt artifacts

EU mulls military action against human traffickers in Libya

Libyan journalist shot dead in Benghazi

Arms experts warn of 'Faustian bargain' with Iran

Fresh Saudi-led air strikes target Yemen rebels

Rebel-IS clashes in Syria kill at least 42 fighters in 24 hours

Who’s more dangerous: Jihadists who left their countries or those staying at home?

France foils 'imminent' attack by jihadist sympathiser

Algeria army kills three armed Islamists west of capital

Israel removes Palestinian teen's name from memorial wall

Egyptian businessman testifies at Al-Jazeera retrial

Kenya asks donors to save world’s largest refugee camp

Sanctions, possible Congress intervention to dominate fresh nuclear talks

Arab army chiefs kick off work on building regional force

One year after agreement, Palestinian reconciliation hits rock bottom

Arab coalition resumes airstrikes against Huthi rebels

UN member states urged to protect Iraqi cultural sites

London mulls ways to help Europe's refugee crisis

Finalising of Iran nuclear deal set to begin

Saudi–led coalition declares end to Yemen air war

Palestine teenager inscribed on Israel memorial wall

Deadly attack targets busy restaurant in Somalia capital

War in Yemen raises profile of Saudi Prince Mohammed bin Salman

Libya condemns 'death smugglers' after shipwreck

Sudan security agents detain opposition activist

Main Kurdish party vows to be 'sultan' Erdogan's nightmare