Syria to Seek More Than $1 Billion Investment in Telecom Tender

Syria is set to open an tender this month for a telecommunications license that could bring in more than $1 billion, according to people familiar with the matter, aiding President Ahmed al-Sharaa’s aim to attract foreign investors following the removal of US sanctions.

The license had belonged to Africa’s largest wireless carrier, MTN Group Ltd., which walked away from its Syrian operations in 2021 and wrote down its investment in the country. The plans have been delayed by the US war with Iran and protracted legal negotiations with MTN, the people said. The tender is set to open this month and will run until June 15, with a new operator taking 75% of the local business and the Syrian sovereign fund the other 25%, the people said.