Abu Dhabi-based Eagle Hills is working on two major projects in Syria including a residential and tourism development as part of a framework agreement the company has signed with the Syrian government.
Total investment in the two projects in Damascus and Latakia has not been disclosed but Syria's Arab News Agency reported they will create more 40,000 jobs.
The agreement was signed on Monday at the People’s Palace in Damascus in the presence of Syrian President Ahmad Al Shara by Eagle Hills and Syria’s ministries of Public Works, and Housing and Tourism.
It covers two projects: the Tadamun Towers development in Damascus and the Eco Life tourism project in Latakia.
The developments will combine housing, services and employment opportunities, while involving Syrian companies and skilled professionals, Mohamed Alabbar, founder and chairman of Eagle Hills, said during the signing ceremony.
“We hope these projects will become communities where people can find suitable homes, good services, job opportunities and a decent life,” he said.
He also called on Syrians living inside and outside the country to invest in Syria and take part in its reconstruction, saying domestic expertise would be important to the development of the projects.
Mr Alabbar previously said he is looking to invest as much as $18 billion in Syria, with projects worth between $5 billion and $7 billion on the Syrian coast, and up to $11 billion in Damascus and its surroundings.
The new projects are also expected to encourage Syrians living both inside and outside the country to invest in Syria and take part in their implementation, Mr Alabbar added.
Demand for housing remains strong in Syria as it focuses on rebuilding its economy and attracting more investment.
Syria aims to build or rehabilitate two million homes by 2035 to address housing shortages in the country. It plans to fund projects through a mix of government investment, private capital, new partnerships and foreign investment.
The country is expected to provide land owned by the General Housing Establishment while private investors will develop projects and infrastructure to help increase housing supply.
More than 1.7 million Syrians are estimated to have returned to Syria between December 2024 and April 2026 following the overthrow of Bashar Al Assad's regime nearly two years ago, according to the United Nations refugee agency, UNHCR.
UAE-based Arada also plans to build a $7 billion “UAE-style” mixed-use real estate project in Syria in phases over 10 years. The new project in the west of Damascus will have 11,000 homes, including residential apartments, villas and town houses, branded residences, 500 hotel rooms and 1,000 serviced apartments.
Two schools as well as a hospital, offices and retail units will also be built as part of the development.
There is strong demand for “good-quality homes” in Syria, driven by residents and foreign citizens living abroad, Ahmed Alkhoshaibi, group chief executive of Arada, told The National.
“You have the local current demand, which is very strong for good communities. And you also have Syrians living outside, who want to invest, or have a home or holiday home in the country. So that demand will continue to grow,” Mr Alkhoshaibi said.
