$16 Billion Pledged for Syria
Emirati businessman Mohammed Alabbar, founder and managing director of Emaar Properties, said he plans to invest more than $16 billion in Syria, directing the money toward real estate development and tourism. He announced the figure on 15 October 2026 during a panel session at the Rise 2026 summit in Dubai, following a recent visit to the country.
Alabbar said any commitment would rest on feasibility studies and that the largest projects could take about 20 years to complete, requiring transparency and engagement with local communities.
Two Flagship Projects
Syria's Ministry of Public Works and Housing and Ministry of Tourism signed a framework agreement with Eagle Hills, the development firm Alabbar chairs, at a ceremony attended by President Ahmed al-Sharaa. The agreement covers a residential development known as "Talal Damascus" in the Damascus countryside and a yacht and marina tourism project on the coast at Latakia.
In July, Alabbar had described two large projects in Damascus and Latakia valued at $20 billion, featuring thousands of housing units alongside resorts, offices, schools and hospitals.
Groundwork in Aleppo
The announcement followed a meeting on 3 October in Aleppo, where Alabbar discussed reconstruction and investment with Public Works and Housing Minister Mustafa Abdulrazzaq and Aleppo Governor Azzam al-Ghareeb. He pointed to Syria's agricultural land, water, oil and gas, and its workforce as the basis for his interest, and praised the competence of the officials he met during his recent visit.
Housing for Lower Incomes
For affordable housing, Alabbar outlined two options: reserving part of each project for low-cost homes, or setting aside $5,000 to $10,000 from every home sold to finance a fund that would rebuild housing for the most vulnerable. He said investment would first be opened to Syrians at home and abroad before others.
Scale and Caveats
Eagle Hills has previously built large developments in Egypt and Saudi Arabia, as well as the Belgrade Waterfront in Serbia. The projects in Syria remain at the framework and planning stage, with any construction dependent on the feasibility studies Alabbar said must come first.