The highway between Damascus and the Lebanese capital Beirut cuts through some prime, as yet undeveloped, real estate not far from the Syrian capital.

The area is a focus for some of the billions of dollars of foreign investment that were touted loudly several months ago by the Syrian government. But a quick look around a sparsely furnished room in the offices of the Arab Investment Holding Company in the centre of Damascus makes clear that Syria has been here before – in much better times – and all it has to show for it are some mock-ups.