This text regulates the establishment of real estate development zones and investment in them. It is the key framework text for large real estate projects in Syria.

Law No. 15 of 2008
Real Estate Development and Investment Law

The President of the Republic
In accordance with the provisions of the Constitution,
Promulgates the following:

Part One
Chapter One
Definitions

Article 1
For the purpose of this Law, the following terms and expressions shall have the meanings as set out there with:

1. The Law: The Real Estate Development and Investment Law
2. The Ministry: The Ministry of Housing and Urban Development
3. The Minister: The Minister of Housing and Urban Development
4. The Commission: The General Commission for Development and Real Estate Investment
5. Board: The board of directors of the Commission
6. Chairman: The chairman of the Commission’s board of directors
7. General Director: The Commission’s general Director
8. The Technical Committee: A specialised committee affiliated with the Board to provide it with technical opinions
9. Real Estate Development Zone: Property or portions of property included in the provisions of this Law, whether built or unfinished
10. Administrative Body: The General Organisation for Housing or the Administrative Unit
11. Real Estate Development Programme: The planning programme and guidelines for land usage in the Real Estate Development Zone
12. Project: Every real estate development project licenced in accordance with the provisions of this Law.
13. Property Developer: The natural or legal person, Syrian or person of similar status, Arab, or foreign, who satisfies the conditions stipulated in this Law and its Executive Instructions.

Article 2
A public commission of administrative character and enjoying legal personhood, financial and administrative independence and named the General Commission for Development and Real Estate Investment affiliated with the Minister of Housing and Urban Development shall be established in the Syrian Arab Republic, with its headquarters in Damascus and authorised to establish branches in the governorates.

Chapter Two
Objectives

Article 3
The commission shall aim to regulate property development works and to encourage investment in this field in order to increase its contribution to the building and construction process, to activate the role of the national private sector within this context, and to attract Arab and foreign investment to contribute to real estate development, thus contributing to:

1. Provide the housing and urban development sector with the necessary land prepared for construction, building, services and the necessary facilities.
2. Establish cities, integrated residential suburbs and new urban communities.
3. Address informal residential areas.
4. Secure housing needs for those with limited income on favourable terms.

Chapter Three
Commission Administration

Article 4
The follow shall undertake administration of the Commission:

1. A Board of Directors
2. A General Director

Article 5

1. The Board shall be composed of:
   1. The Minister, Chairman
   2. The General Director, deputy to the Chairman
   3. The General Director of the General Organisation for Housing, member
   4. The General Director for the Real Estate Interests Directorate, member
   5. Assistant General Director, member
   6. Director of Urban Planning in the Ministry of Local Administration and Environment, member
   7. General Director of the Real Estate Monitoring Commission, member
   8. A representative of the Ministry of Finance at the rank of at least Director, member
   9.    A representative of the Ministry of the Economy at the rank of at least Director, member
   10. A representative of the Ministry of Agriculture and Agrarian Reform at the rank of at least Director, member
   11. A representative of the Ministry of Tourism at the rank of at least Director, member
   12.    A representative of the Syrian Investment Authority at the rank of at least Director, member
   13. Two representatives of the private sector in the field of real estate development named by the Prime Minister, two members
2. The Prime Minister shall issue a decision naming the Chairman and members of the Board of Directors.
3. The Board shall meet at the invitation of its Chairman at least once every two months, as well as whenever needed. The session shall be considered legally valid with the attendance of a majority of its members, including the Chairman.
4. The Board of Directors shall take decisions by absolute majority vote in a legally valid session, and in the event of a tie, the Chairman shall cast the deciding vote.
5. The Minister shall name a rapporteur for the Board.
6. The annual bonuses for the Board and the rapporteur shall be specified by a decision from the Prime Minister based on the Minister’s recommendation.

Article 6
The Board shall exercise all tasks and powers necessary to prepare policies and general plans for real estate investment and development, and follow up on their implementation, in order to achieve the objectives of the Commission, in particular, the following:

1. Approving the estimated budget, balance sheet, and final annual accounts of the Commission.
2. Proposing draft laws and regulations pertaining to the Commission’s tasks and activities.
3. Proposing a system of practicing real estate development issued by a decision from the Minister.
4. Proposing the establishment of Real Estate Development Zones covered by the provisions of this Law.
5. Approve the granting of licences to practice the real estate development profession and cancel granted licences in the event that the terms of its issuance are violated.
6. Approve the inclusion of Projects in accordance with the provisions of this Law and cancel the inclusion in the event its terms are violated.
7. Approve a list of facilities and benefits for included Projects and, likewise, cancel in whole, or in part, Projects in violation.
8. Approve the categorisation of Projects, specify rules for Projects with social dimensions and amend them as needed.
9. Propose the acquisition of real estate and portions of real estate to establish Real Estate Development Zones.
10. Approve the purchase of state-owned real estate and portions thereof falling outside master plans needed to establish Real Estate Development Zones.
11. Approve contracts with experts and appoint researchers from outside the Commission to carry out research and studies within the Commission’s plan.
12. Propose Executive Instructions for this Law.
13. Approve the establishment and organisation of conferences, meetings and forums specialised in the Commission’s field of work both domestically and abroad, and participate in them, in coordination with the concerned authorities.

Article 7

1. The General Director for the Commission shall be appointed by a decree in which his salary and compensation shall be determined.
2. The General Director shall have one or more assistants named and their powers determined by a decision from the Minister based on a recommendation from the General Director.

Article 8
The General Director shall undertake administration and categorisation of the Commission’s affairs and shall practice, in particular, the following:

1. Representation of the Committee in its relationships with others and before the judiciary. It shall have the right to authorise others for this purpose.
2. Implement the decisions and approvals taken by the Board, especially as pertains to the following:
   1. Licences to practice the profession and cancellation for those in violation.
   2. Representation of Projects within the provisions of this Law and cancellation for those in violation.
   3. Issue rules for Projects with social dimensions.
   4. Classification of Projects.
   5. Issue list of facilities and benefits pertaining to each Project.
3. Contract expenses and their liquidation and disbursement, in accordance with the laws and regulations in effect.
4. Prepare annual reports about the Commission’s activities.
5. Recommend the naming of two Directors in the Commission, with the decisions naming them issued by the Minister.
6. Issue regulations pertaining to employee conditions.

Article 9

1. A Technical Committee shall be composed as follows:
   1. The General Director, Chairman
   2. Director of Urban Planning in the Minister of Local Administration and Environment, member
   3. A representative of the Ministry of Housing and Urban Development in the field of drinking water and sanitation, member
   4. Assistant General Director for technical affairs in the General Organisation for Housing, member
   5. Director of organisation in the General Organisation for Housing, member
   6. A representative of the Ministry of Electricity, member
   7. A representative of the Ministry of Tourism, member
   8. A representative of the administrative unit within whose administrative borders the Real Estate Development Zone falls as named by the Governor, member
2. Committee members shall be named by a decision from the Minister based on the recommendation of the parties with whom they are working.
3. The Committee shall carry out a study of the issues that are transferred to them by the Board of Directors and shall offer necessary proposals regarding them.
4. The Committee may seek assistance from those with the necessary expertise working in public bodies or propose contracting with experts from the private sector in accordance with fixed-term contracts with the purpose approved by the Board of Directors.
5. The Committee shall meet at the invitation of its Chairman as needed.

Part Two
Chapter One
Real Estate Development Zones

Article 10

1. Contrary to any applicable law provision, a Real Estate Development Zone shall be established inside or outside the regulated areas, its borders shall be defined, and the authority responsible for it named by a decision from the Prime Minister based on a recommendation from the Board after surveying the opinion of the relevant administrative unit with the aim of:
   1. Providing and preparing the land necessary to establish residential zones and to secure their services and facilities and to establish housing and buildings thereupon.
   2. Demolish and rebuild or rehabilitate and renew existing residential zones.
   3. Establish non-touristic private services zones.
2. Upon the determination of Real Estate Development Zones, consider and approve the establishment of the following:
   1. That it is outside prohibited areas and banned military zones, airports, ports, springs, forest, forested lands, antiquities, roads, sewerage, mines, quarries, oil wells and high-tension lines.
   2. That it is outside zones with touristic classification approved by the High Tourism Council.
   3. That its area is not less than the area defined in the Executive Instructions of this Law.
3. It shall be permitted, by a decision from the Prime Minister based on the recommendation of the Minister and a request submitted by the concerned ministry and approved by the Board, to consider areas specified for industrial activity, tourism or any other development activity, inside or outside the regulated areas, as Real Estate Development Zones, including specifying their classification, subject to the provisions of this Law and to benefit from their advantages.

Article 11

1. The real estate necessary for the establishment of Real Estate Development Zones shall be secured through:
   1. Private state property not allotted for a public body, with its ownership to be transferred to the administrative unit free of charge if it falls within the master plans and the prices that were agreed upon between the Administrative Body and the Ministry of Agriculture and Agrarian Reform if it is outside the regulated area.
   2. The real estate and portions of real estate belonging to the Administrative Body inside or outside the regulated area.
   3. The real estate or portions of real estate owned by individuals who acquired them for the purpose of establishing Real Estate Development Zones.
   4. Real Estate owned by a Real Estate Developer or whose owners wish to agree with him by submitting to the provisions of this Law, with the Real Estate Developer complying with the following:
      1. Securing alternative housing inside or outside the zone or paying financial compensation for the occupants in accordance with what was agreed upon between the Real Estate Developer and the occupants.
      2. Implement or rehabilitate the infrastructure and public facilities for the zone, if any, in accordance with the planning programme for the Project and in accordance with what was agreed upon with the Administrative Body.
      3. Transfer ownership of public constructions, roads, squares, parks, and infrastructure to the Administrative Body free of charge.
   1. The Real Estate Developer is permitted, in the event that he owns this real estate or he has been authorised by the owners, to consolidate the real estate of the zone and then to divide it into plots in accordance with the approved building regulations and master plans or amend the planning programme for the zone, if any, and develop a general and detailed master plan and new building regulations and have them duly authorised by the concerned minister.
   2. A building permit shall be issued by the concerned administrative unit within the master plans and within its administrative borders or the executive office of the concerned governorate outside the administrative borders of the administrative unit.
2. Acquisition:
   1. Real estate falling within the Real Estate Zones and owned by individuals shall be acquired in the interest of the Administrative Body and registered in its name in the real estate registry by a decision from the Prime Minister, whether absolute ownership or owned by Al-Awqaf or burdened with a right pertaining to Al-Awqaf. This shall be done in accordance with the provisions of the acquisition law in effect and its amendments.
      1. The Administrative Body shall, in accordance with the approved planning programme and the contract signed with the Real Estate Developer for this zone, allocate 40 percent of the resulting residential floor space as residential plots, in order to sell them to the owners of the acquired real estate in the Real Estate Development Zone, each at a proportion of the area of his property which was acquired out of the total acquired area. This paragraph shall be applied exclusively to acquisitions falling after the date this Law goes into effect.
      2. The Administrative Body shall implement provisions of Paragraph 3 of Article 4 of Legislative Decree No. 20 of 1983 in order to determine the expenditures upon which will be based the value of the residential divisions sold to owners of acquired land.
   2. Owners of acquired land in the Real Estate Development Zone allotted residential plots in accordance with Paragraph 2 above shall develop their plots in accordance with the planning programme and detailed master plans and building regulations approved for the zone, and the provisions of Law No. 14 of 1974 shall apply to this plots.
   3. It is permissible, by a decision from the Prime Minister based on the recommendation of the Minister of Local Administration and the Environment agreed upon by the Board, to establish Real Estate Development Zones within areas of urban expansion in the Governorate centre cities.
   4. Taking into consideration the acquisition purposes, and the contracts law in effect, the Administrative Body may, in Real Estate Development Zones currently in its ownership, carry out the following:
      1. Implement on its own or through another party the planning programme and detailed master plans and residential programme scheduled for these zones.
      2. Implement its Projects on the basis of allotment with the Real Estate Developers who have been licenced in accordance with the provisions of this Law in one of the following methods: tenders, soliciting offers or contract by mutual consent, as follows:
         • The Administrative Body presents all the necessary land with the file pertaining to each Project.
         • The Real Estate Developer commits to the financing necessary to carry out the Project.
         • The Real Estate Developer allocates a portion of the plots of the second or third categories or dwellings in the implemented Project or in any other Project owned by the Administrative Body.

Article 12
With the exception of the provisions stipulated in the previous Article, the provisions provided in the acquisition law in effect and its amendments shall be applied.

Chapter Two
Real Estate Development Projects and Licencing Conditions

Article 13

1. Real Estate Development Zones shall be classified according to their geographical position into three zones in the following manner:
   1. First Zone: Damascus, Rural Damascus, Aleppo.
   2. Second Zone: Homs, Hama, Lattakia, Tartous.
   3. Third Zone: Remaining governorates- Idlib, Deir-ez-Zor, Hassakeh, Raqqa, Suweida, Daraa, Quneitra.
2. Projects shall be classified according to their purpose as follows:
   1. Priority Projects.
   2. Social Dimension Projects.
   3. Non-Touristic Private Services Zone Projects.
   4. Other Real Estate Development Projects.

Article 14

1. Projects shall be considered priority projects in the following cases:
   1. Strategic Projects, which include establishing new urban communities with the aim of developing specific areas in light of data provided for the comprehensive regional planning with the concerned authorities and the data of the Administrative Body.
   2. Projects to address informal settlement areas.
   3. Projects that aim to secure alternative housing for those evicted by demolition.
   4. Projects to shelter those affected by natural disasters.
2. Projects are considered to have social dimensions if the aim is to secure housing for specific segments of society with facilitated conditions through owning plots prepared for construction or owning residential units in instalments or renting these units, with economic areas and at prices and portions commensurate with the average income of these segments.
3. Projects for Non-Touristic Private Services Zones owned by the Real Estate Developer or Administrative unit: The Projects which include the establishment of developed medical, education, commercial or athletic services and are licenced administratively by the concerned public authorities in accordance with the regulations in effect.
4. Other Real Estate Development Projects: Any Project licenced in accordance with the provisions of this Law and its Executive Instructions and does not fulfil the stipulations provided in Paragraphs 1, 2, and 3 of this Article.

Article 15

1. The Administrative Body shall undertake preparation of the planning programme and general and detailed master plans for the Real Estate Development Zone, and it may appoint Real Estate Developers who have submitted their proposals to implement the zone by preparing the planning programme and plans and presenting them with the proposal.
2. In contrast to any text in effect, the Technical Committee shall undertake the following:
   1. Consider the planning programme and general and detailed master plans and the construction requirements and building regulations and their amendments proposed by the Board in the Real Estate Development Zones.
   2. Consider objections to the plans and building regulations provided in the previous Paragraph after their announcement by the Board, with the announcement period to be determined at 30 days.
   3. The Committee shall submit its proposals and recommendations in all cases by way of the Board to the concerned minister to issue the decision for the necessary approval.

Article 16

1. The plots resulting from the regulation of a Real Estate Development Zone shall be classified in the following categories:
   1. First Category: Public construction, including the Administrative Body centres, police units, fire stations, houses of worship, places prepared for public monuments, hospitals, clinics, schools, educational facilities, libraries, cultural centres, athletic fields and social welfare centres allocated for the public good.
   2. Second Category: Service plots, including commercial stores, private educational facilities, private hospitals and medical centres, private athletic facilities, private social welfare centres, shopping centres and private touristic buildings.
   3. Third Category: Residential plots.
2. Ownership of the First Category of established plots shall be transferred to the concerned authority free of charge.
3. The ownership of the Second and Third Categories shall be transferred to the Real Estate Developer in whole or in part in accordance with the contract with the Administrative Body after the Real Estate Developer implements his contractual obligations.
4. The roads, squares, parks, and public lighting executed by the Real Estate Developer shall be considered public property of the Administrative Unit.

Article 17
Natural or legal Syrian persons and those of a similar status shall practice the profession of real estate development in accordance with the provisions of this Law and its Executive Instructions and the Executive Instructions shall be specified, in particular, the following:

1. The financial and technical conditions and other conditions that must be fulfilled by the Real Estate Developer.
2. The conditions of Project inclusion and cancellation of this inclusion.
3. Provisions of ceding the Project.
4. Determining licencing fees.

Chapter Three
Establishing Real Estate Development Companies

Article 18

1. Foreign and Arab companies specialised in real estate development may establish branches in the Syrian Arab Republic in order to carry out their activities in accordance with the provisions of Legislative Decree No. 151 of 1952 and its amendments and the rules specified by the Executive Instructions.
2. Syrian limited liability, joint, and joint stock companies for real estate development in which the Administrative Body and other concerned public authorities participate may be established, and the ratio of public sector participation shall be determined by a decision from the Prime Minister.
3. Requests to obtain licences to establish companies are subject to the approval of the Board.

Article 19
Joint stock companies shall be established in accordance with the following conditions:

1. That their shares are nominal and subject to trade in accordance with the law of the Securities and Financial Markets Authority, with the trading in shares of public entities subject to the approval of the Minister of Economy and Trade.
2. That all their shares are owned by citizens of the Syrian Arab Republic, whether they are natural or legal persons. Citizens of Arab or foreign states, both natural or legal persons, are allowed to participate or contribute to the foundation of companies, on the condition that the total of their contributions to the company’s capital does not exceed 49 percent. In all cases it is not permissible for any natural person to own more than 5 percent of the company’s capital. It is likewise not permissible for any legal person to own more than 40 percent of the company’s capital.
3. The value of the contribution of resident Syrian citizens shall be paid in Syrian currency, while contributions of non-residents and non-Syrians shall be met in foreign currency at the actual exchange rate, according to the exchange rates bulletin issued by the Central Bank of Syria.

Chapter Four
The Relationship Between the Real Estate Developer and the Administrative Body

Article 20
The relationship between the Administrative Body and the Real Estate Developer for any type of Project subject to the provisions of this Law shall be determined by a contract which states, in particular, the powers of the Administrative Body in overseeing the execution of the rights and duties of the two parties and the obligations incumbent upon them during the implementation, in addition to the other conditions ensuring the implementation of the Project in accordance with what has been licenced within the specified time period, with the following pointed taken into consideration in the contract formulation:

1. The Real Estate Developer shall be obliged to register the plots and housing resulting from the Project in the relevant department of real estate interests.
2. Necessities for the Project are secured in terms of water networks, power stations, conversion centres, electrical energy, distribution networks, phone networks, communication services, sanitation networks, necessary treatment centres, roads, side-walks, public lighting and public parks, either by way of the concerned authority in each facility or by way of the Real Estate Developer directly, depending on what is agreed upon between the Developer and these authorities. It is also permissible for the Real Estate Developer to execute public schools, hospitals and all services buildings at the expense of the concerned authorities and with their agreement.
3. Real estate resulting from the implementation of a Real Estate Development Zone shall be disposed of in accordance with the laws and regulations in effect pertaining to Arab and foreign ownership in Syria. The Real Estate Developer shall be obliged to complete disposals of plots and dwellings or buildings in accordance with the legal regulations in effect, in a way that does not contravene the provisions of Paragraph 8 of this Article. The Developer must also document any form of disposal in accordance with a template specified by a decision from the Minister.
4. A promise to sell may be made for any land-building plot within the Project by the original Real Estate Developer licenced for the Project before completing all works pertaining to it and licenced in accordance with it, by way of the relevant real estate department. All disposals in violation of this shall be considered completely null and void.
5. Specification of a maximum time limit from the date of the issuance of the Project licence or from the date that the land is delivered to the Real Estate Developer, whichever is later, to complete the foundation and preparation works, after which the implementation and achievement of the Project must be actively commenced with the period specified by the contract. In addition to the special conditions pertaining to the provisions for delay, in every Project, the Board has the right, based on a recommendation from the concerned Administrative Body, to cancel facilities and benefits granted to Projects, in whole or in part, in the event that their completion is delayed from the specified dates for unjustified reasons.
6. In the event that the Real Estate Developer does not carry out, during the specified period in accordance with the previous Paragraph, serious steps to commence active work without any reasons which justify this and which are accepted by the Administrative Body, the Administrative Body has the right to cancel the Project licence and cancel the existing contractual relationship between the Body and the Real Estate Developer, along with the application of the penal provisions resulting therefrom and stipulated in the contract agreed upon between them, while retaining the right to implement the Real Estate Development Programme approved for the zone directly or by another Real Estate Developer. The Executive Instructions shall specify the procedures necessary to implement this Paragraph.
7. In addition to the above, and in Real Estate Development Projects falling within informal settlement areas and violations, the Real Estate Developer shall be obliged to secure alternative and appropriate housing for the occupants of the Project Zone and to deliver them to the Administrative Body in accordance with the social survey prepared by the Administrative Body for the zone on the date of its approval of the Real Estate Development Zone, or compensation for those who desire financial compensation. The Administrative Body shall be obliged to evacuate the occupants after they are delivered alternative housing and the Project site shall be delivered free of occupancy to the Real Estate Developer in accordance with the regulations in effect and what is stipulated by the contract agreed between the two sides.
8. The private Real Estate Developer does not have the right to dispose of residential plots resulting from the organisation whose ownership has devolved to it in whole or in part as a result of a contract it has agreed with the Administrative Body except after it is built. The contract between the Real Estate Developer and the Administrative Body shall take into account the required proportion of dwellings prepared for rent or low-income units and shall place a mark preventing disposal of the plots until building is complete.

Chapter Five

Article 21
Performance Guarantees:

1. The Real Estate Developer shall make a deposit of no less than 5 percent of the estimated cost of the Project in an authorised Syrian bank as a guarantee of implementation before beginning it. This proportion shall be determined by the concerned Administrative Body according to the Project cost.
2. A portion of the deposited amount can be withdrawn as the implementation progresses, provided that the Administrative Body ensures the development coincides with the withdrawal from the account reaching the full implementation of the Project.
3. Promises to sell may not be announced for all plots until after the implementation guarantee noted in Paragraph 1 is deposited in the bank.

Part Three
Chapter One
Facilities and Benefits

Article 22

The Projects licenced in accordance with the provisions of this Law shall benefit from the following facilities:

1. Temporary entry throughout the period of completion of the Project for all its necessities in terms of machinery, equipment, devices, fixtures and work vehicles needed to implement these Projects on the condition that they are used exclusively for the purposes of the Project and in accordance with the laws and regulations in effect.
2. Importation of all building materials and equipment necessary to finish the implementation of the licenced Projects.
3. The importation processes noted in the previous Paragraph shall be completed without being bound by the provisions halting, preventing and restricting importation and the direct import system from the country of origin.
4. Real Estate Developers licenced to practice the profession of real estate development for the purposes of implementing Projects outside Syria have the right to temporarily bring out the machinery, equipment and devices which they previously brought in temporarily in the context of implementing a Real Estate Development Project in accordance with the provisions of this Law and with approval of the Board.
5. The Real Estate Developer can, during the period of implementation of the Project, replace items that it brought in temporarily and bring in more technologically advanced replacements.

Article 23

1. It is not permissible to relinquish the Project imports specified in Paragraph 2 of Article 22 of this Law or to use them in purposes other than the Project except with the agreement of the Board.
2. The Real Estate Developer shall be obligated to import the Project requirements exclusively from the imports specified in Paragraph 2 of Article 22 of this Law, and any items or quantities imported in excess of this or used for non-Project purposes or ceded to others shall be subjected to the provisions of the laws and regulations in effect.
3. In the event that the violation stipulated in the previous Paragraph is repeated, the Board has the right to decide to halt the Project benefiting from the exemptions, facilities and benefits specified in this Law.

Article 24

1. The profits of Projects licenced in accordance with the provisions of this Law shall be subject to the tax rates and benefits stipulated in Article 3 and Paragraph 5 of Article 5 of Legislative Decree No. 51 of 2006.
2. The discount and benefit criteria shall be issued by a decision from the Prime Minister based on a proposal by the Minister of Finance and the Board.
3. It is permissible by a decision from the Prime Minister, based on a recommendation from the Board, to offer the facilities and benefits stipulated in this Law, for any existing Projects before it goes into effect and which was not licenced in accordance with its principles, and shall be subject to all obligations stipulated therein.

Article 25

1. The Board has the right to suspend the facilities and benefits granted to the Project, in whole or in part, in the event that the Real Estate Developer violates any of the provisions of this Law until such time as these provisions are implemented.
2. In cases not provided for by this Law, Real Estate Development Projects licenced in accordance with its provisions and belonging to the Public Authorities and Administrative Units, shall be subject to the tax exemptions and other benefits stipulated in the laws and regulations in effect and which are applied to similar Projects not licenced in accordance with the provisions of this Law.

Article 26

1. The Real Estate Developer has the right to open, for the benefit of his Project licenced in accordance with the provisions of this Law, an account in foreign currency with the banks operating in the Syrian Arab Republic in a manner consistent with the applicable laws and regulations.
2. The Real Estate Developer shall be obligated to provide the necessary foreign currency to cover all needs of the licenced Project.
3. Taking into consideration Articles 18 and 19 of this Law, the Real Estate Developer has the right to use his funds of foreign currency in funding Projects licenced to be established in accordance with the provisions of this Law and contribute to its capital or buy its shares.
4. The Real Estate Developer has the right to take out loans for the benefit of his Project from the banks operating in the Syrian Arab Republic with his private funds as collateral in accordance with the applicable regulations for these banks.

Article 27
External funds shall include the following:

1. Foreign currency transferred from abroad by Syrian, Arab or foreign citizens by way of a bank operating in the Syrian Arab Republic or one of the methods agreed upon by the foreign currency office.
2. Machinery, equipment, devices, work vehicles, buses, microbuses and the materials needed to establish Real Estate Development Projects in accordance with the provisions of this Law or to expand, renew or develop them and likewise the materials needed to operate it, which are imported from abroad, with the exception of those brought in temporarily and which will be taken out again in accordance with the laws and regulations in effect.
3. The profits, revenues and reserves resulting from investment of external funds in investment projects if the capital of these Projects is thereby increased or if it is invested in other Projects agreed upon in accordance with the provisions of this Law.
4. The intangible rights, including intellectual property rights such as patents, utility models, distinguishing marks, markings, industrial designs and copyrights.

Article 28

1. Real Estate Developers who are Syrian expatriates or citizens of Arab and foreign countries may, after final completion of the Project and putting it into an actual investment according to the aims specified for it, re-transfer the value of their net shares from the foreign currency from the Project in an exchangeable currency abroad on the basis of the real value of the Project and in accordance with the Executive Instructions regulating foreign currency operations issued by the Central Bank of Syria in this respect.
2. It is permissible by a decision from the board to re-transfer external funds abroad in the same way they have been received, if their investment was hindered by difficulties or circumstances beyond the control of the Real Estate Developer, to be estimated by the Board, and provided that the Developer has settled all obligations resulting from the Project or any obligations incurred as a result of the legislation in force.
3. It is permitted annually for profits that are attained through external funds invested in accordance with the provisions of this law to be transferred abroad. It is also permitted to transfer portions of loans transferred from abroad for the benefit of the Project in accordance with the Executive Instructions regulating foreign currency operations issued by the Central Bank of Syria.
4. It is permissible for experts, workers and technicians from Arab and foreign countries authorised to work in the Syrian Arab Republic and working in Real Estate Development Projects to transfer 50 percent of their net wages, salaries and remuneration and 100 percent of end of service compensation abroad in foreign currency.

Article 29

External funds invested in accordance with the provisions of Article 27 of this Law and their profits and interest shall be transferred abroad in the currency that it was provided or in any foreign currency that is transferable by way of duly licenced banks.

Chapter Two
Fees

Article 30
In the context of implementation of the provisions of this Law:

1. A unified and inclusive tariff for building license fees shall be determined by a decision from the Minister of Local Administration and the Environment along with the scheduled additions for Real Estate Development Projects.
2. The Minister shall issue a decision determining the necessary fees for the Engineers Syndicate and the fees due for engineers based on the recommendation of the Syndicate’s board.

Chapter Three
Dispute Resolution

Article 31
The Real Estate Developer shall adhere to the following:

1. Keeping trade books stipulated in the Law of Commerce and in accordance with international accounting standards.
2. Submitting an annual budget and account of profits and losses approved by a legal accountant in accordance with the provision of the Income Tax Law.
3. Maintain a private record in which are noted all the details pertaining to Project funds enjoying, in accordance with the provisions of this Law, exemptions, benefits and facilities and the movement of these funds and emergency disposals of it.
4. Providing the Board with information and data requested on the Project in accordance with the form it approves.

Article 32

1. The Civil Court of First Instance in each zone shall have jurisdiction to consider disputes that arise between the Real Estate Developer and individuals in the context of implementing the provisions of this Law.
   1. Upon considering disputes, the court shall apply the regulations applied in urgent cases.
   2. Decisions issued by the court shall be subject to appeal and decisions of the Court of Appeals shall be considered final and not subject to appeal.
2. The State Council in the Administrative Court Authority shall have jurisdiction to consider disputes that arise between the Administrative Body and the Real Estate Developer. It is permissible to resort to arbitration in accordance with the procedures of the State Council if the contract so provides.

Part Four
Closing Provisions

Article 33
The Commission shall have an independent budget issued by decree from the Minister based upon the recommendation of the Board of Directors in agreement with the Minister of Finance into which shall be entered all revenues and expenses, and which shall take into account the achievement of balance between revenues and expenditures. An independent accounting unit shall be formed, and the revenues of the Commission shall be composed of the following sources:

1. Amounts allowed for it in the general state budget.
2. Returns on its investments.
3. Fees it receives as a result of practicing its activities in accordance with what is defined by the financial regulations.
4. The grants, gifts and donations agreed upon by the Prime Minister.
5. The circulated savings from the budget of the previous financial year.
6. Any other revenues permitted by the laws and regulations in effect.

Article 34
Employment regulations, financial regulations and all regulations required by the nature of the Commission’s work shall be determined by a decision from the Prime Minister based on the recommendation of the Commission Board of Directors.

Article 35
The Executive Instructions for this Law shall be issued by a decision from the Prime Minister based on the recommendation of the Board.

Article 36
The Commission staffing shall be determined by decree.

Article 37
With regards to what is not provided for by the text of this Law, the provisions of the legislation in effect shall be applied, especially the Law of Commerce, the Companies Law and their amendments.

Article 38
This Law shall be published in the Official Gazette.

Damascus 06/07/1429 Hijri, 09/07/2008 Gregorian

President of the Republic
Bashar Al-Assad