Emirati real estate mogul Mohamed Alabbar spoke on Syria’s upcoming FDI role in Rome last week following Alabbar’s official visit to Syria last month.
Alabbar indicated that Damascus is poised to become a focal point for investment over the next decade speaking in Rome at the FII summit co-hosted by Italy and Saudi Arabia.
The FII Institute is chaired by Yasir Al-Rumayyan, the Governor of the Public Investment Fund (PIF) of Saudi Arabia, aligning European interests with Gulf capital.
Syria in 2036
Alabbar said Damascus could become one of the world’s most surprising cities over the next decade as Syria seeks to rebuild its economy and attract foreign investment after years of war and isolation.
Alabbar said the Syrian capital had the history, resources and human talent to draw renewed attention from investors.
Asked which city he believed would surprise the world most by 2036, Alabbar replied: “Damascus… it is the oldest city in the world,” he said. “It’s intact. But what makes it special is that we have forgotten about Syria for the past 60 years.”
Alabbar said Syria had oil, gas, agriculture, tourism, beaches and “great talent”, adding that people would be central to the country’s future.
Alabbar’s Visit to Syria
Alabbar’s remarks followed a recent meeting with Talal al-Hilali, director of the Syrian Investment Authority, where investment opportunities and priority development projects were reportedly discussed.
Earlier this year, Alabbar revealed that his firm, Emaar, plans to invest between $11B and $12B in Damascus and an additional $5B to $7B along the coast including Latakia.
Post-War Challenges: Property Rights
Tayara pointed out the ongoing legal challenges posed by homeowners whose properties were expropriated under the Assad regime.
Investors are apprehensive about potential backlash from those who may contest developments on previously seized land.
Dubai-based billionaire Khalaf Al Habtoor has previously shown interest in large-scale projects in Syria but recently clarified that no partnerships are currently in the pipeline even as Al Habtoor remains optimistic about the Syrian economy’s potential.
KSA in Syria
Several Saudi firms are also looking to invest in the Syrian market, pledging funds for real estate, tourism, and industrial initiatives, including a notable $300M tourism project.
The Saudi Minister of Investment, Khalid al-Falih, led a KSA delegation to Syria last July, pledging up to $6B in commitments across 47 agreements including energy, infrastructure, telecommunications, and banking.
Fundamental Barriers
Key barriers to FDI include property rights for investors and ongoing security challenges.
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