Mohamed Alabbar, the founder of Emaar Properties, is poised to invest up to $18B in Syria, focusing on various projects as the nation endeavours to revitalise its economy.
The investment strategy includes assessing opportunities up to $7B along the Syrian coast and up to $11B in the capital, Damascus, and its periphery. The comments were made by Alabbar at the Damascus presidential palace earlier this week.
Reports by Sky News Arabia indicate that construction activities could commence within six months, facilitated through partnerships with local investors.
U.S. & EU Policy Changes
The investment comes as the Syrian government aims to rejuvenate investor confidence in a post-conflict environment.
Regulatory changes have opened the door for increased foreign investment, particularly following the EU and U.S. decisions to remove its sanctions programme in May and July last year.
Both decisions allowed Syria’s Central Bank to pursue a sovereign credit rating: essential for accessing international capital markets.
Real Estate & Tourism in Latakia
Alabbar expressed optimism regarding the real estate sector in key cities like Latakia and Damascus, noting the absence of significant property developments in these areas despite the historic and geographical importance of Syria in West Asia.
The sector presents promising growth potential, with aspirations to increase visitor numbers to 8M within five years.
Historical data indicates that Syria attracted 8.5M tourists at its peak in 2010; however, the civil war after the Arab Spring led to a dramatic decline in tourism.
Food Security & Petroleum
Alabbar also noted the significance of Syria’s role in food security.
The UAE imports 90% of food imports from abroad, owing to climatic conditions according to the Ministry of Climate Change and Environment.
The official visit this week aims to explore collaborative opportunities in sectors such as energy, agriculture, tourism, and aviation.
France’s TotalEnergies and its partners have formally engaged with the Syrian Petroleum Company regarding offshore exploration in the Mediterranean. Pre-war, Syria was a notable producer of oil and gas, generating substantial barrels per day.
Syria’s Ministry of Energy is seeking over $30B to rehabilitate its oil, gas, electricity, and water sectors, signalling a robust demand for foreign investments in the country’s recovery.
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