The Investment Authority recalculates its calculations and suspends a controversial circular

On Tuesday evening, the Syrian Investment Authority retracted Circular No. 18, which it had issued earlier, calling on owners of real estate development projects to immediately stop carrying out any works in the event that they do not obtain the necessary licenses and legal approvals in accordance with the regulations in force.

The Authority announced, through a new circular bearing the number 20 published on its official Facebook page, "the suspension of the previous circular until the holding of an upcoming national meeting that brings together the concerned authorities and owners of real estate development projects with the aim of reaching consensual solutions that support the general plan for real estate development in Syria," explaining that this decision came "in response to the desire of the various parties operating in the sector."

Circular No. 18 obliged investors to submit formal applications for licenses before embarking on any construction or marketing activity, including off-plan sales, as part of regulating the real estate market and reducing violations.

The Authority also granted a period not exceeding 15 days to complete the legal procedures and settle the status of the projects, stressing that it will take legal measures against the violators, and that the circular will be published in the Official Gazette to become binding on all relevant authorities.

The role of the Investment Authority in Entrepreneurship

The Syrian Investment Commission is the central body responsible for regulating and following up investment projects in the country, based on the Investment Law No. 18 of 2021.

The Authority operates under the "Single Window" system, which aims to simplify procedures and expedite the granting of approvals in cooperation with various government entities, thus contributing to improving the investment environment and reducing complexities.

The Authority's role is not limited to granting licenses, but also includes following up on the implementation of projects, providing support to investors, and promoting investment opportunities in various economic sectors.