Agreement at the Palace
Syria's ministries of public works and housing and of tourism signed a framework agreement on 5 October 2026 with Eagle Hills, an Abu Dhabi real estate developer, to build two large projects in Damascus and Latakia. The signing took place at the People's Palace in Damascus.
President Ahmad al-Sharaa attended the ceremony, alongside Mohamed Alabbar, founder and chairman of the developer, the minister of public works and housing, Mustafa Abdul Razzaq, and the minister of tourism, Mazen al-Salhani.
Two Flagship Developments
The first project, Tadamon Towers, is a residential development in Damascus planned to include homes, hotels, branded residences and leisure facilities. The second, named Eco Life, is a coastal tourism project on the Mediterranean in Latakia.
The total value of the two developments was not disclosed. The agreement sets the framework under which detailed plans and construction timelines are to follow.
Jobs and Housing
Officials said the tourism component alone is expected to generate more than 40,000 direct and indirect jobs, including over 10,000 permanent positions, with further employment across construction, manufacturing and services as the projects advance.
The developments are framed as part of Syria's reconstruction, which faces a national housing shortfall estimated at roughly two million units. More than 1.7 million Syrians have returned to the country since December 2024.
A Wider Investment Push
The agreement adds to a growing flow of Gulf capital into Syria's property and tourism sectors. Another Emirati developer is planning a $7 billion mixed-use project in Damascus with about 11,000 homes, and the chairman of Eagle Hills has previously spoken of investing up to $18 billion in the country.
"We hope these projects will become communities where people can find suitable homes, good services, job opportunities and a decent life," Alabbar said during the ceremony.
Reconstruction Milestone
Officials cast the deal as a turning point for the economy, with the minister of public works and housing describing it as "an important milestone in Syria's new reconstruction process."