Syria's government has unveiled a $300 million tourism mega-project in Damascus, the latest initiative to boost its revitalised post-sanctions economy.
The 77,000-square metre business centre, named The Beaumont, will be built near the high-traffic and symbolic heart of the capital city, Umayyad Square. The aim is to create a “prime” destination where national and regional companies will set up their headquarters, the Ministry of Tourism said in a statement on Tuesday.
Umayyad Square connects key roads and is home to historic and modern buildings that are significant to Syria's culture and economy, particularly for hospitality, retail and tourism.
The development will be realised through a 50-year joint venture between the Ministry of Tourism and Riyadh-based Ezdihar Holding.
Tourism Minister Mazen Al Salhani told The National in January that Syria requires as much as $100 billion in investment over the next seven years to revive its tourism sector as it seeks to bring back international visitors and create jobs. The country aims to attract funds to rehabilitate its cultural heritage sites, rebuild hotels, construct new resorts and entertainment cities and overhaul its infrastructure.
The Beaumont will be constructed in phases and is expected to be completed within four years, the ministry said. Up to 2,500 direct jobs and 3,500 indirect jobs are to be created from the development.
The project will feature two flagship towers – one five-star hotel and a residential building – along the Barada River, a retail area, food and drink outlets, and a business centre, the ministry said.
The Beaumont is a “pivotal milestone for Syria’s tourism sector, representing a major leap in our efforts to revitalise the industry and enhance the country’s appeal as a premier investment destination”, Mr Al Salhani said in Tuesday's statement.
“Projects of this scale stimulate economic growth, attract high-quality investment, create sustainable jobs and reinforce confidence in Syria’s future.”
Syria's economy continues to open up following the toppling of Bashar Al Assad's regime and the removal of western sanctions last year. Gulf states and other regional countries are moving quickly to invest in Syria’s future, launching diplomatic, financial and infrastructure support.
Saudi Arabia and Qatar have jointly paid off Syria’s $15.5 million debt to the World Bank and Damascus has signed energy deals worth billions of dollars with Qatar and Egypt. The takeover of major oilfields by the Syrian government from Kurdish forces is also expected to help boost oil revenue and reduce imports.
Dubai port operator DP World has signed an $800 million agreement to develop the port of Tartus, while Emirati businessman Khalaf Al Habtoor has said he would consider investments in Syria.
Syrian President Ahmad Al Shara also held talks with Saudi Crown Prince Mohammed bin Salman in Riyadh, where the leaders discussed collaboration in energy, technology, education and health.
In January, Syria approved a $10.5 billion budget for 2026, nearly triple last year's total.
