OPEN FOR BUSINESS

Wahoud Group's development is closely linked to the development

 of Syria itself, writes Muhamad Ali Wahoud

The call came in the late afternoon. The World Fi­nance Awards’ Liaison Officer informed me that in the context of the Syria Economic Reform Awards, a programme initiated to recognize the country’s economic reform programme, the Judging Panel had decided to grant our group the award for Best Tour­ism Development Company for the year 2009. I could use more of these calls I said to myself.

Such an award would be a pleasant and gratifying surprise for the CEO of any group anywhere in the world but is particularly mean­ingful for the head of a Syrian group sitting in his office in Damascus.

It is rare to hear or read of modern-Syria in a positive context in the west. Now, to have such a respected institution as World Finance cast the country, its companies and entrepreneurs, in an award-deserving mold is refreshing and welcome in its objectivity.

The World Finance Syrian Economic Reform Awards pro­gramme is a clear indication that the international community is finally noticing the positive aspects of what is happening in this part of the world. We know because we are part of it. We were there when it started, and we traveled the path one step at a time, for over a quarter of a century, from 1983 to the present day.

The history of the group is very much that of the private sector in Syria. In fact, it mirrors the evolution of the country’s socio-economic environment. Formed in the early eighties, the Syrian arm of the group consisted then of a contracting vehicle to which the founder tried to transfuse some of his and his interna­tional partners’ long years of experience in the Bristol real estate market. Soon, the country’s needs on the one hand and the found­er’s international contacts on the other, led to a string of agency agreements with internationally recognized market leaders (EADS, Alstom, MAN, and others) that made the group a main supplier of advanced technology to the Syrian market.

Tourism projects, an obvious field of choice for investment in a land of such immensely rich heritage and abundant natural beau­ty as Syria, have been a strategic objective of the group since incep­tion. Born and raised in Banyas on the Syrian Mediterranean coast, the group’s founder was always aware of the exceptional beauty of his country’s limited coastline as well as the scarcity of sea front­age land available for touristic development. . The opportunity presented itself in 2004 when the Council of the City of Tartous agreed to a partnership for the development of Syria’s largest touristic project: Antaradus.

Derived from the old Phoenician name for the City of Tartous, and occupying more than 1.5km of sea frontage the project called for international partnerships, a novelty for Syria. Today Antaradus, owned by Syria’s largest shareholding company comprising investors from the UK, Kuwait and the Emirates, is being developed in partnership with a major Egyptian developer, the Amer Group, under the brand Portotartous, and represents a real life ex­ample of what regional and international cooperation can bring to one of the most promising fields of investment in the Syrian market.

Upon completion, this landmark project will boast at an es­timated cost of $650m: » Two five star hotels; » A four star hotel for international tourist groups; » A huge tourist residential complex; » A shopping and business park; » A marina of international standards; » A wide variety of facilities and recreation services.

Less than 4km south of Antaradus, lies the group’s second sea frontage project: Al-Fadel (Concord hotel and resorts). In partnership with the Concord Group of the Emirates, Concord Tartous will announce the introduction to Syria of the long-awaited concept of the sec­ondary holiday residence through asset or timeshare ownership. Comprising (at an estimated cost of $265m):

 » a five star hotel;

» 1,075 apartments of different sizes, all with a sea view; » Shopping complex and health club.

The project will constitute a unique conceptualization on the Syr­ian coast. Next on the list was the world’s oldest inhabited capital, beautiful Damascus. With only a few thousands hotel rooms, the city is seen by all as facing a situation of severe shortage in all room categories relative to present demand. As for potential demand, the disproportion is farcical. The Kempinski Damascus, the group’s project in partnership with a specialized prominent Saudi group, will occupy an area of 2300 square meters in the heart of the city. With its 260 rooms the hotel will feature another new representa­tion of the modern Damascus.

International food franchises have a remarkable way of mak­ing the international tourist feel “secure”. The clear cut synergies with its touristic real estate ventures led the group to presently ne­gotiate a number of high-profile franchises that will help make the Syrian culinary scene, traditionally and historically one of the most refined, more diversified. The development of a new inter­national franchise to take the country’s cuisine to the world is also underway.

Ecology and social de­velopment, a major concern of the group’s shareholders and management team, led to substan­tial investments in the development of a revolutionary ecologically friendly building system with energy and food sufficiency inter­twined. The futuristic brainchild of one of Syria’s most talented scientists, the system is expected to impact the socio-economic de­velopment of the country in the next five years.

Issues of corporate citizenship and social responsibility, trans­parency of business practices and appropriate levels of disclosure have been consciously guiding the group’s thinking philosophy at all levels.

Lastly, we are conscious that our group’s development is close­ly linked to that of our country. To that effect, we engage and interact with government and officials in open and frank exchanges. Existing legislation that needs review, new laws that need to be promulgat­ed, bureaucratic hurdles that need to be removed, taxation policies that need to be changed, administrative complications and lethargy, are all discussed and debated. And acted upon. The directive from the top to all is clear: socially conscious development is the path of choice for Syria. To that end, full cooperation between the state and the private sector is mandatory. And closely monitored for results.

for more information please the World Finance website.

http://www.worldfinance.com/winners_articles.php?article_id=980

http://cde.cerosmedia.com/1F4b27c87371937134.cde (pages:264-265)