The UAE company Eagle Hills is studying the launch of two major urban development projects in Syria, under two master plans with development costs exceeding $50 billion, according to Saudi outlet Asharq, which cited an unnamed source.
The plans coincide with a visit by an Emirati delegation to Damascus, including businesspeople and representatives of major companies, among them Eagle Hills founder and Chairman Mohamed Alabbar.
In this context, Head of the Syrian Investment Authority Talal al-Hilali welcomed Emirati businessman Mohamed Alabbar, founder of Emaar Properties, and his accompanying delegation.
Al-Hilali said on his X account that the visit is official and aims to explore investment opportunities, in addition to participating in the first Syrian-Emirati Forum.
Project on 33 Million Square Meters in Damascus
According to Asharq, the first project is located in the Dummar area of Damascus, covering a total area of about 33 million square meters. It includes large-scale residential, hotel, and commercial units.
The proposed plan includes around 73,000 housing units and nearly 3,200 hotel rooms, in addition to extensive green spaces exceeding 7 million square meters allocated for gardens and public playgrounds. It also requires the construction of a road network ranging from 220 to 320 kilometers in length.
Estimates included in the presentation point to an economic impact extending over 20 years, with expectations of providing more than 100,000 jobs during the construction phases and more than 40,000 permanent jobs when fully operational, according to Asharq.
The potential cumulative contribution to gross domestic product is also estimated at more than $63 billion, alongside foreign cash inflows of nearly $25 billion and foreign direct investment of around $20 billion. The project is also expected to have spillover effects on related sectors, including aviation, logistics, shipping, engineering, hospitality, education, and healthcare, estimated at around $25 billion.
Project on 15 Million Square Meters in Latakia
The second project is located in Latakia (western Syria), covering a total area of nearly 15 million square meters, and includes integrated residential and tourism development, according to Asharq.
The proposed plan includes more than 29,000 housing units and 2,800 hotel rooms, in addition to 5.5 million square meters of parks and public facilities. It also requires a road network ranging from 90 to 150 kilometers in length.
The UAE company estimates the project’s economic impact period at around 10 years, with expectations of providing more than 70,000 jobs during the construction phase and around 25,000 permanent jobs during operation.
Estimates point to a cumulative contribution to GDP exceeding $18 billion, foreign cash inflows of around $7.5 billion, and foreign direct investment of nearly $5.5 billion. The project is also expected to generate annual tourism revenues of more than $550 million and have effects on related sectors estimated at around $7 billion.
Asharq reported, citing the source, that the projects remain in the presentation and preliminary discussion stage, with upcoming meetings expected to focus on the regulatory framework, implementation mechanisms, and possible financing.
Al-Sharaa Presents Investment Opportunities
Syrian President Ahmed al-Sharaa presented investment opportunities in Syria, particularly in the real estate and tourism sectors, during separate meetings with international and Arab businesspeople on May 4. The meetings included Turkish businessman Fettah Tamince, Emirati businessman Mohammed al-Shaibani, and Egyptian businessman Hassan Allam.
Al-Sharaa has also held several separate meetings in recent weeks with prominent businesspeople from various countries to discuss the state of investment in Syria.
Eagle Hills
Eagle Hills, represented by its founder and Chairman, Mohamed Alabbar, provides integrated and carefully designed residential communities that contribute to improving lifestyle and quality of life.
Alabbar also founded Emaar Properties, which has delivered exceptional architectural landmarks to the world, most notably:
- Burj Khalifa, the tallest building in the world with 205 floors in downtown Dubai, which includes more than 1,800 stores and 35,000 housing units, is home to 90,000 residents.
- Dubai Mall, in downtown Dubai, is the world’s most visited tourist destination, attracting more than 100 million visitors annually. It includes the most luxurious global brands, upscale restaurants and cafés, and an integrated entertainment section.
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