Eagle Hills signs Syria framework deal for Damascus housing and Latakia tourism

Abu Dhabi-based developer Eagle Hills has signed a framework agreement with the Syrian government for residential and tourism projects in Damascus and Latakia. The deal was signed on Monday, October 5, at the People's Palace in Damascus, in the presence of Syrian President Ahmad Al Shara and Eagle Hills founder and chairman Mohamed Alabbar, according to The National, Forbes Middle East and Gulf News. It was signed with Syria's ministries of Public Works and Housing, and Tourism. [ 1 , 2 , 3 ]

The agreement covers two projects: the Tadamun Towers development in Damascus and the Eco Life tourism project in Latakia. None of the documents disclosed the total investment. The National, citing Syria's Arab News Agency, reported the projects will create more than 40,000 jobs. Forbes Middle East, citing state-owned Syrian Arab News Agency (SANA), reported the deal and said the government is looking to make private investment a key driver of post-conflict reconstruction. [ 1 , 2 , 3 ]

Gulf News reported project details from the developer's website. The Damascus scheme, marketed as Damascus Heights and referred to during the signing as Tadamun Towers, is described as having 11,000 homes in west Damascus, 500 hotel rooms, 1,000 serviced apartments, two schools, a hospital, offices and retail units, with villas of three to five-plus bedrooms, apartments of one to three and townhouses of three or four bedrooms. The Latakia project, called Eco Life in reports of the signing and listed as Latakia Yachts & Marina on the website, is described as a deep-water marina and yacht club with villas, apartments and townhouses, hotels, a beach club, a waterfront promenade, a theme park and water sports. Gulf News also reported that Eagle Hills is giving Syrians priority and cited its “Invest with…” material. [ 3 ]

Alabbar said during the ceremony that the developments would combine housing, services and employment opportunities and involve Syrian companies and skilled professionals. “We hope these projects will become communities where people can find suitable homes, good services, job opportunities and a decent life,” he said, according to The National. He called on Syrians living inside and outside the country to invest in Syria and take part in its reconstruction. Gulf News reported he announced the move on X with the post “A new beginning for Eagle Hills in Syria”, and noted that he also chairs Emaar Properties. [ 1 , 3 ]

Public Works and Housing Minister Mustafa Abdul Razzaq said the agreement marked a shift from planning to implementation in Syria's reconstruction, with the private sector expected to play the largest role in the next phase, Forbes Middle East reported. He said the country's housing deficit could exceed two million units by 2030 without a rapid response, and that the government was working on a national housing strategy covering land, planning, legislation, infrastructure, financing and construction. [ 2 ]

The National reported that Alabbar had previously said he is looking to invest as much as $18 billion in Syria, including projects worth between $5 billion and $7 billion on the Syrian coast and up to $11 billion in Damascus and its surroundings. The same outlet said Syria aims to build or rehabilitate two million homes by 2035 to address housing shortages, funded through a mix of government investment, private capital, new partnerships and foreign investment. [ 1 ]