Turkish constructor embarks on giant project in Syria

Turkey’s Renaissance Construction, an international contractor, is preparing to finish a new deal to construct the largest mixed-use project in Syria.
Renaissance Construction has decided to become a 25 percent investment partner in the Taj Halab project, expected to cost $180 million, in Aleppo, the country’s second largest city.
The project will be constructed in cooperation with Bena Properties, a subsidiary of Cham Holding, and will include a shopping center, four- and five-star hotels and conference and meeting facilities. Renaissance officials are expected go to Damascus, the capital city, on Jan. 19 to sign the construction agreement with Cham Holding.
“The Taj Halab project is not only a construction contract for us, but also an investment opportunity,” said Önder Sürenkök, a board member of the company. “Syria is an untouched market in terms of the construction sector. Bena Properties saw our experience in other countries and we decided to become a partner in the venture, with a 25 percent stake.”
Renaissance Construction’s foreign contracting turnover, which was $2.5 billion in 2010, will increase to $3 billion in 2011, Sürenkök said.
The company undertakes contracting and investment projects in many countries, including Turkmenistan, Iran, Saudi Arabia, Bahrain, Ukraine and Libya, Sürenkök said.
Renaissance is also building a five-star hotel in Moscow, which is planned to be completed in March or April this year, he said. “Our Zümrüt project in Libya, a $2.5 billion investment, is also ongoing. In Tripoli we are constructing the largest stadium in North Africa with PORR AG, our Austrian partner.”
The Taj Halab project, a build-operate-transfer model project offered by the Governor’s Office of Aleppo, is to be finished by January 2013, according to Özge Gözüm, Renaissance project coordinator. “There will be four tourism facilities in the project. The four-star Nova Hotel, three-star Ibis hotel and a five-star boutique hotel are to be included in the project,” she said.
Sürenkök said they would construct a shopping center covering 74 acres of land as part of the project, which he said would lead Turkish brands to enter the Syrian market.
“We took 72 Turkish companies to Libya and promoted our project there. After the construction agreement in Syria, we may make also calls to some Turkish brands such as Koton, Kiğılı, LC Waikiki and Mado.”