Syria and Eagle Hills Sign Deal for Urban Projects in Damascus and Latakia

Syria’s ministries of tourism and public works and housing have signed a framework agreement with the UAE-based Eagle Hills company to develop urban and tourism complexes in Damascus and Latakia. The signing took place during the Investment in Syria and Launched Projects event at the People’s Palace in Damascus, attended by Syrian President Ahmed al-Sharaa.

The agreement focuses on two primary developments: the “Damascus Hillsreal estate project and theLatakia Tourismproject. Mohamed Alabbar, chairman of Eagle Hills, specified that the company is working on theSolidarity Towersin Damascus and theEco Life” project in Latakia. Alabbar expressed hope that these developments would provide citizens with suitable housing, quality services, and employment opportunities, while calling on Syrian investors both domestically and abroad to contribute to the nation’s reconstruction.

Syrian Projects Could Create 95,000 Jobs

Syrian officials highlighted the potential for significant job creation and economic stimulation resulting from the partnership. Mustafa Abdul Razzaq, the Minister of Public Works and Housing, stated that initial estimates for projects entering immediate execution indicate the potential to create more than 95,000 jobs during the construction and operation phases, with over 23,000 of those being permanent positions.

Minister of Tourism Mazen al-Sallahani provided specific projections for the coastal region, noting that the Latakia Tourism project alone could generate more than 40,000 direct and indirect jobs, including over 10,000 permanent roles. Al-Sallahani emphasized that these projects are intended to be sustainable models that activate local economies through hospitality, entrepreneurship, and entertainment.

The financial scale of these ambitions was previously touched upon by Alabbar during a Syrian-Emirati investment forum in early September, where he stated the initial value of planned real estate projects in Damascus and Latakia ranges between $15 billion and $17 billion.

Addressing the National Housing Crisis

The agreement arrives as Syria faces a critical shortage of housing. Minister Abdul Razzaq reported that the ministry estimates the housing deficit could exceed two million units by 2030 if immediate action is not taken.

To combat this, the government is developing a national housing strategy that shifts from managing individual units to an integrated system. According to Abdul Razzaq, this system encompasses:

• Land management, planning, and legislation.
• Infrastructure provision, financing, and investment.
• The creation of diverse housing categories, including social, affordable, middle-income, and investment housing.

The minister described the agreement with Eagle Hills as a transition from the vision and planning phase to partnership and execution, aiming to turn the housing sector into a driver of economic growth rather than a burden on the state.

Mohamed Alabbar Explores Urban Expansion in Syrian Governorates

Beyond the signed framework, Mohamed Alabbar has begun exploring further opportunities across five Syrian governorates. According to Al Bayan, Alabbar recently visited the historic city of Aleppo to meet with Governor Azzam Ghraib and Minister Abdul Razzaq. This visit focused on the “Greater Aleppo” vision and urban expansion plans to accommodate population and economic growth.

This exploratory tour is scheduled to extend to Idlib, Damascus, and the Damascus countryside to evaluate land and infrastructure for potential new urban centers. While these visits show a move toward direct field assessment of sites, no final details regarding the investment volume or specific projects for these additional regions have been announced.

While the framework agreement establishes a path for immediate execution in Damascus and Latakia, it is unclear how the proposed national housing strategy will be funded and whether the projected millions of housing units can be delivered by 2030.