Damascus Towers Scandal: One-Employee Italian Firm Lands $2 Billion Deal
Syria's $2B Damascus Towers contract was awarded to UBAKO-I S.R.L - an Italian firm with €16K capital, one employee, and €209K revenue. Authorities now scrutinize the deal amid broader $14B investment push.
ERBIL (Kurdistan24) – Syrian government authorities have begun verifying alarming revelations about the Italian company UBAKO-I S.R.L, which recently signed a $2 billion investment agreement to develop the “Damascus Towers” project, part of a strategic package of ventures announced by the Syrian Investment Authority earlier this month.
According to verified records from the Italian commercial registry, UBAKO-I S.R.L was incorporated in Milan on April 8, 2022, with a declared capital of just €16,000. The company is officially classified under the ATECO 46.73.29 economic code, operating in the wholesale trade of building materials.
Financial statements show that in 2022 the company recorded revenues of approximately €209,000, alongside a net loss of €3,316. Registry data also indicates that the firm had no more than a single employee up to 2025, according to the Al-Modon news outlet.
Publicly accessible information about the company’s owners or board members is scarce. Certain business databases suggest that Giovanni Rossi serves as Chief Executive Officer, while Alessia Conti holds the role of Operations Director, though the company itself has not issued any formal confirmation.
The deal with UBAKO-I S.R.L comes as the Syrian government signs multi-billion-dollar investment agreements with Arab and foreign companies, totaling $14 billion across transportation, energy, and real estate sectors. These include major projects such as the expansion of Damascus International Airport and the creation of a metro network.
Sources confirm that relevant authorities are now scrutinizing the backgrounds of several contracted companies to ensure transparency and enforce governance measures where necessary, particularly regarding strategic projects critical to the country’s infrastructure and economy.
