White & Case advises on landmark US$4 billion Damascus International Airport concession project

Global law firm White & Case LLP has advised an international consortium led by Qatar-based Urbacon Airports LLC (UCC) and Assets Investments USA LLC and Turkey-based Cengiz İnşaat Sanayi ve Ticaret A.Ş and Kalyon İnşaat Sanayi ve Ticaret A.Ş., on the structuring, negotiation and execution of a long term concession contract with the General Authority of Civil Aviation (GACA) of the Syrian Arab Republic.

"Following the recent announcement of the US$7 billion power projects in Syria, on which White & Case also advised, this is another impactful investment in Syria," said White & Case partner Charbel Abou Charaf, who co-led the Firm's deal team. "It highlights the focus of foreign investors on Syria, this time in a sector which is vital for regional and international connectivity."

The concession relates to the redevelopment, expansion, operation and maintenance of Damascus International Airport on a 'build-transfer-operate' (BTO) basis. Valued at US$4 billion, this landmark transaction aims to increase the airport's capacity to 31 million passengers annually, represents the largest investment in Syria's aviation sector to date and marks a significant step forward in the country's efforts to rebuild its public infrastructure. A milestone in the restoration of Syria's air transport network, the project will drive economic revitalisation and create substantial employment opportunities across both the construction and operational phases, making it one of the most impactful infrastructure initiatives in the region's recent history.

"This major PPP transaction will serve Syria and the wider region and further underlines the status of White & Case as the pre-eminent airports projects firm in the Middle East and beyond," said White & Case partner Antoine Cousin, who co-led the Firm's team. "We have been involved in virtually all the prominent airport projects in the MENA region in the past 20 years and our cross-border team played a crucial role in addressing the legal and regulatory complexities of the Damascus International Airport project, ensuring the timely completion of a transaction that will set a new benchmark for PPPs and sustainable development in the region,"

The scope of the project includes the refurbishment of existing terminals and buildings, as well as the design and development of new terminals along with runways, taxiways, hotels, shops, lounges and associated facilities. In addition, the project also includes a US$250 million financing programme for the acquisition of new aircrafts in support of Syria's aviation sector. The deal structure required the development of a multi-phase concession framework, supported by a bespoke investment agreement addressing project-specific risk allocation, government support measures and the overall regulatory environment necessary to underpin a project of this scale and complexity.

The White & Case team was led by partner Antoine Cousin (Abu Dhabi) and included partners Charbel Abou Charaf (London), Payvand Vahdat (Doha), Sebastian Buss, Ates Turnaoglu, Emre Ozsar (all Istanbul), Mukund Dhar, Paddy Mohen and Emiko Singh (all London) and associates Nishant Pratyush, Georgina Quinn (both Abu Dhabi), Ihsan Can Argon, Emrehan Mermer (both Istanbul), Elias Choueifati (Doha), Agnieszka Zarowna and Sam Ahmad (both London). White & Case was assisted by Sarkis Law Firm in Syria.

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