Abu Dhabi's Eagle Hills Signs Major Agreement for Residential and Tourism Projects in Syria

Abu Dhabi-based Eagle Hills has partnered with the Syrian government on two major developments, including a residential and tourism initiative, as part of a newly signed framework agreement. While the total investment for the projects in Damascus and Latakia remains undisclosed, Syria's Arab News Agency reports they are expected to generate over 40,000 jobs.

The agreement was formalized on Monday at the People’s Palace in Damascus. Syrian President Ahmad Al Shara attended the signing ceremony alongside representatives from Eagle Hills and Syria’s ministries of Public Works, and Housing and Tourism. The accord encompasses the Tadamun Towers development in Damascus and the Eco Life tourism project in Latakia.

Mohamed Alabbar, founder and chairman of Eagle Hills, stated during the ceremony that the developments will integrate housing, essential services, and employment opportunities while collaborating with local Syrian companies and skilled professionals. He expressed hope that these communities will provide suitable homes, quality services, and sustainable livelihoods, while urging Syrians both domestically and internationally to invest in the nation's reconstruction.

Mr. Alabbar has previously indicated ambitions to invest up to $18 billion in Syria, allocating between $5 billion and $7 billion to the Syrian coast and up to $11 billion to Damascus and its surrounding areas. These initiatives aim to stimulate broader domestic and international investment as the country addresses its ongoing housing demands.

Syria is currently focusing on economic recovery and housing rehabilitation, with a target to build or finance two million homes by 2035 to mitigate shortages. Funding strategies include government investment, private capital, public-private partnerships, and foreign contributions, with the General Housing Establishment supplying land while private developers construct the infrastructure.

According to the United Nations refugee agency (UNHCR), more than 1.7 million Syrians have returned to the country between December 2024 and April 2026, following the overthrow of Bashar Al Assad's regime. Additionally, UAE-based Arada has announced plans to develop a $7 billion mixed-use real estate project in western Damascus over a 10-year period, featuring residential units, hotels, schools, a hospital, and commercial spaces to meet the soaring demand for quality housing.