Syria, in the middle of an estimated physical and economic rebuilding cost exceeding USD 200 billion/184 billion euro, has signed a framework agreement with an Emirati company for two huge property development projects as the conflict-ravaged nation boosts efforts to attract foreign investment to finance its reconstruction activities.
The accord was signed by Dubai real estate tycoon Mohamed Alabbar, chairman of Emirati developer Eagle Hills Properties, at the presidential palace in Damascus in the presence of Syrian leader Ahmed Al-Sharaa.
“We believe that Syria deserves the return of its people and the pursuit of the reconstruction process,” said Alabbar, who is also chairman of the UAE’s Emaar Properties.
According to the Syrian state media, one project near Damascus will include apartments, villas, hotels, and shops, while the other will be a residential and tourism development involving a marina around the coastal city of Latakia.
In July, Bloomberg reported that Alabbar was planning two major housing and tourism projects, worth at least USD 20 billion, in the capital and Latakia.
Syria is trying to recover after more than 13 years of civil war that fractured the country and ravaged its industry and infrastructure, with poverty emerging as a major headache for the new administration.
The new authorities are seeking to modernize the country’s infrastructure, attract investment, and boost development, particularly after the lifting of economic sanctions.
As per the World Bank’s estimates, rebuilding Syria will cost more than USD 216 billion.
Syria’s Public Works and Housing Minister Mustafa Abdul Razzaq said during the ceremony that “without an immediate response, the housing deficit in Syria could surpass two million housing units by 2030.”
As per Tourism Minister Mazen Al-Salhani, Eagle Hills Properties’ projects could create “more than 40,000 direct and indirect job opportunities.”
In June, authorities announced a project with a Saudi company that aims to create around 20,000 housing units near Damascus.
Since the installation of the Al-Sharaa government in 2025, Syria has signed several agreements and memoranda of understanding (MoU) with foreign firms, including in the transport and energy sectors.