DAMASCUS: Syria on Monday signed a framework agreement with an Emirati company for two huge property development projects as the country boosts efforts to attract foreign investment to finance reconstruction after years of war.
The accord was signed by Dubai real estate tycoon Mohamed Alabbar, chairman of Emirati developer Eagle Hills Properties, at the presidential palace in Damascus in the presence of Syrian leader Ahmed Al-Sharaa.
“We believe that Syria deserves the return of its people and the pursuit of the reconstruction process,” said Alabbar, who is also chairman of the UAE’s Emaar Properties.
Authorities did not specify the value of the two projects or an expected completion date.
According to state media and videos shown during the event, one project near Damascus is to include apartments, villas, hotels and shops, while the other is a residential and tourism development involving a marina around the coastal city of Latakia.
In July, Bloomberg reported that Alabbar was planning two major housing and tourism projects, worth at least $20 billion, in the capital and Latakia.
Syria is trying to recover after more than 13 years of civil war that fractured the country and ravaged its industry and infrastructure, with most of the population living in poverty.
The new authorities are seeking to modernize the country’s infrastructure, attract investment and boost development, particularly after the lifting of economic sanctions.
The World Bank has estimated that rebuilding Syria will cost more than $216 billion.
Syria’s Public Works and Housing Minister Mustafa Abdul Razzaq said during the ceremony that “without an immediate response, the housing deficit in Syria could surpass two million housing units by 2030.”
Tourism Minister Mazen Al-Salhani said the projects could create “more than 40,000 direct and indirect job opportunities.”
In June, authorities announced a project with a Saudi company that aims to create around 20,000 housing units near Damascus.
Since 2025, Syria has signed several agreements and memoranda of understanding with foreign firms, including in the transport and energy sectors.