Abu Dhabi developer Eagle Hills plans to begin work shortly on two mixed-use projects in Syria, adding to a growing pipeline of Gulf-backed investment as the war-torn country seeks foreign capital for reconstruction.
The projects – Damascus Heights in the capital and Latakia Yachts & Marina on the Mediterranean coast – will move forward after Eagle Hills signed a framework agreement with Syria’s Ministry of Public Works and Housing.
Why Syria?
The agreement sets out the standard terms, pricing and legal requirements for the developments.
“We are investing in Syria because we believe in the country, in the resilience and capabilities of its people, and in the genuine opportunities it holds for growth,” Eagle Hills founder and chairman Mohamed Alabbar said.
Damascus Heights will combine residential, retail, hospitality and business facilities with schools, healthcare, green spaces and other services.
Latakia Yachts & Marina will be developed as a waterfront destination centred on a marina, with residential, hotel, branded residence and leisure facilities.
Financial details are yet to be disclosed.
UAE Developers Align
Eagle Hills also plans to launch multiple residential and tourism community projects across several Syrian governorates, the developer said.
The move comes as Gulf developers increasingly position themselves in Syria’s reconstruction market.
UAE developer Arada launched a JV in September with Syria’s SWF to develop a AED 25.7B ($7B) city outside Damascus.
Earlier this year, Dubai-based property billionaire Khalaf Al Habtoor said he was exploring a large-scale real estate project in Syria.
Saudi companies have also pledged investment across real estate, tourism and industry, including a $300M tourism project in Damascus.
The investment push comes as Syria seeks to rebuild an economy devastated by more than a decade of war. President Ahmed Al Sharaa said in March that Syria’s GDP could reach $65B this year and that the economy could eventually return to 2010 levels while improving public services.
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