Establish the Medina Tourist Project in Aleppo

Private

22-4-2021

The Syrian Ministry of Tourism and the Katerji International Group Limited Liability Company launched a new joint venture company between them under the name (Pireh Aleppo Joint Stock Company Private Joint Stock Company) with the aim of establishing, establishing, equipping, operating and investing the Medina Tourist Complex project, which is of an international five-star category in the city of Aleppo.

The decision of the Minister of Internal Trade and Consumer Protection to ratify the articles of association of this company, issued on 11/24/2020 AD, and officially announced on April 8, 2021, explained that one of the goals of this new joint company is also to contribute to the development of the tourism and hotel sector in Syria. According to the founding contract No. / 193 / dated 7/27/2020 AD and certified by decision of the Supreme Council for Tourism No. / 456 / Date 7/15/2020 AD.

The certification decision indicated that the capital of this company amounts to one billion Syrian pounds, and it consists of cash and in-kind advances (in-kind advances by the Ministry of Tourism representing the value of the land amounting to / 360 / million Syrian Pounds, and cash advances by the Katerji International Group Limited Liability Company, amounting to / 640 / million Syrian pounds) which is distributed on 10 million nominal shares, the value of each share is / 100 / Syrian pounds.

Thus, the Ministry of Tourism has subscribed on / 3 / million and / 600 / thousand shares, equivalent to 36% of the subscription rate, while Katerji Company has subscribed on / 6 / million and / 400 / thousand shares, at a rate of 64% of the subscription rate.

The company’s system stated that these shares were numbered from / 1 / to / 10 / million shares.

The decision indicated that the headquarters of this new company will be in the province of Aleppo, but the board of directors will be allowed to open branches, warehouses and offices and appoint representatives of the company inside and outside Syria.

right to participate with others in establishing joint-stock or limited liability projects and companies that practice all the legally permissible activities, represent Arab and foreign companies and agencies, own patents, concessions, registered trademarks and other rights, lease them, and own machinery, land, real estate, trucks and heavy equipment. And light to achieve its goal, and to obtain the necessary licenses to carry out its work and obtain any rights or privileges that would achieve the goals of the company.

Listing on the stock exchange

The company’s articles of association permitted it to list bonds, to trade its shares on the Damascus Stock Exchange and to trade through it in accordance with the instructions and regulations issued by the Syrian Financial Markets and Securities Commission in this regard.

company management

This company will be managed by a board of directors consisting of 7 members, with the Ministry of Tourism naming three people, and the Katerji group of four people.

Project pangs

In 2018, the Ministry of Tourism offered an investment opportunity, which it described as the biggest, when it proposed the site of the (Medina) Tourism Complex in Aleppo for investment, and it was promoted by saying that this project, with its panoramic view of the city of Aleppo and its distinctive and attractive location, constitutes a major investment opportunity according to a joint company investment system. ..

The site of the (Medina) Tourist Complex in Aleppo was put forward by the Ministry of Tourism for investment and announced that it would invite offers to invest in establishing an integrated and multi-use tourist complex as a 5-star hotel, a conference center, a variety of 4-5-star restaurants, hotel apartments, in addition to therapeutic and recreational uses Cultural, commercial, sports, environmental, and the site provides an attractive summer environmental climate through green areas, parks and open spaces, in addition to the presence of international standard car parks, and the Ministry set the deadline for receiving integrated offers for its investment on July 29, 2018, as the project, which extends over an area of ​​74,000 square meters, is a tourist landmark. Culturally with its distinctive urban nature, attractive environment and high-end services, reflecting the civilized image of the ancient city of Aleppo and contributing to increasing the tourist accommodation capacity, generating job opportunities and achieving financial returns.

In the seventh month of the year 2020, the Ministry of Tourism approved the contracts of 6 tourism projects, with an investment value of approximately 320 billion Syrian pounds, providing 2000 job opportunities for graduates of tourist and hotel institutes and other specializations, and among these projects was the “City Tourism Complex Project in Aleppo.”