Dubai property developer Mohamed Alabbar is planning housing, tourism, and infrastructure developments in Syria valued at a minimum of USD 20 billion, to be executed through his Abu Dhabi-based firm Eagle Hills – which has close ties to the emirate's ruling family – rather than his more widely known vehicle, Emaar Properties.
The proposed projects centre on two locations: Damascus, where a mixed-use masterplan for the Dummar district spanning some 33 million square metres envisions more than 73,000 residential units, 3,200 hotel rooms, and over 7 million square metres of green space; and Latakia on the Mediterranean coast, where a 15-million-square-metre integrated residential and tourism development would add a further 29,000 homes and 2,800 hotel rooms. The Latakia scheme alone is projected to generate cumulative GDP contributions exceeding USD 18 billion and annual tourism revenues of more than USD 550 million.
Alabbar, who has met Syrian President Ahmed al-Sharaa and receives periodic calls from him on project progress, has acknowledged the security risks but expressed confidence in the opportunity. The investments are part of a broader wave of Gulf capital flowing into Syria's post-war reconstruction, underpinned by the lifting of US sanctions and the repeal of the Caesar Act, and aligned with a regional effort to anchor Syria's economic recovery within the Gulf's sphere of influence.
Gulf Economist Staff Writer