Italian Company with Only One Employee Signs Major Investment Deal with Syrian Government

ARK News.. Informed sources revealed that relevant Syrian government bodies have begun verifying reports regarding the Italian company UBAKO-I S.R.L., which recently signed an investment agreement with the Syrian government to develop the “Damascus Towers” project, valued at up to $2 billion. The deal is part of a package of strategic projects announced by the Syrian Investment Authority earlier this month.

According to al-Modon news website, official records in Italy confirm that UBAKO-I S.R.L. has been registered in Milan since April 8, 2022, with a declared capital of only €16,000. The company operates in the wholesale trade of construction materials, classified under the economic code “ATECO 46.73.29.”

Financial statements show that in 2022 the company reported revenues of about €209,000, alongside a net loss of €3,316.

The records also indicate that the company has no more than one employee as of 2025.

Public information on the company’s owners or board members is unavailable. However, some business databases list Giovanni Rossi as CEO and Alessia Conti as Chief Operating Officer, though the company itself has not issued an official confirmation.

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