Syria has signed an agreement with the Emirati company “Eagle Hills” to advance two major real estate projects aimed at revitalising the nation’s infrastructure and economy. The agreement was formalised during a ceremony held at the presidential palace, attended by President Ahmed al-Shara.
Key Projects Announced
The agreement encompasses two ambitious projects: “Damascus Hills,” which is an urban residential complex in the capital, and the “Lattakia Tourism” project, a comprehensive coastal development that integrates residential spaces with tourism facilities and services, according to the official news agency SANA and video footage released during the event.
Vision for Syria’s Future
Mohammed Al Abbar, founder of Eagle Hills and a prominent Emirati businessman, expressed his enthusiasm on the sidelines of the agreement signing. He stated, “We are currently working on the Solidarity Towers project in Damascus and the Eco-Live project in Lattakia. We hope these initiatives will create vibrant communities where people can find suitable homes, good services, job opportunities, and a dignified life.”
Al Abbar highlighted that Eagle Hills is committed to assisting the return of Syrians to their homeland and promoting constructive development. He called upon Syrian investors, both domestically and abroad, to invest in their country.
About Eagle Hills and Investment Plans
Al Abbar is a well-known figure in the Emirati business landscape, having founded key companies such as “Emaar Properties,” listed on the Dubai Financial Market, and presiding over “Eagle Hills.” Emaar is known for developing the Burj Khalifa, the tallest building globally, and has extensive investments across the real estate, entertainment, hotel, and shopping sectors.
In a prior interview reported by Bloomberg on July 15, Al Abbar revealed plans to undertake significant housing and tourism projects in both Damascus and Lattakia, with a total estimated value exceeding $20 billion.
No Specific Timeline Yet
Details regarding the exact financial value, land area, and timeline for the completion of the projects have not been disclosed by the Syrian ministries of Public Works and Housing and Tourism, which are signatories to the agreement with Eagle Hills.
Minister of Public Works and Housing, Mustafa Abdul-Razaq, indicated that current estimates suggest a housing shortage in Syria could exceed two million units by 2030 if immediate action is not taken.
Additionally, Minister of Tourism Mazen Al Salahani noted that initial estimates suggest the potential creation of over 40,000 direct and indirect job opportunities, including more than 10,000 permanent positions.
Project Features and Pricing
The “Damascus Hills” project is set to include a variety of residential options—such as apartments, villas, and houses—along with hotels, parks, and facilities for work, education, shopping, and healthcare.
Meanwhile, the “Lattakia Marina and Yacht” project will feature apartments, villas, hotels, a yacht club, boardwalks, restaurants, and recreational and sports facilities. The starting price for units in these projects is set at $1,600 per square metre.
Recent Developments in Syrian Investment
Since 2025, Damascus has signed numerous agreements and memorandums of understanding worth billions of dollars in various sectors, including ports and energy. Notably, an agreement was made for $800 million to develop the Port of Tartus, along with contracts with American companies to develop gas fields.
In June, the Saudi company “Abayat” announced its launch of two projects worth over $2 billion to construct around 22,000 housing units in the Damascus countryside.
Challenges Ahead
The World Bank estimates that the cost of rebuilding Syria’s war-damaged infrastructure could reach approximately $216 billion, given that nearly one-third of the value of pre-war buildings and infrastructure has been lost, with over 90% of the population now living below the poverty line.