Framework Agreement Signed
An Abu Dhabi-based real estate developer signed a framework agreement on 26 October 2026 to build large housing and tourism projects in the Syrian cities of Damascus and Latakia. The agreement was concluded at an investment event held in Damascus.
The signing was attended by President Ahmed al-Sharaa and the developer's founder, Mohamed Alabbar, who also founded one of the region's largest property firms. The deal extends the developer's activity into the Syrian market and covers both residential and tourism construction in the two cities.
Investment Up to $20 Billion
The development program could ultimately involve investment of as much as $20 billion (USD), based on figures presented around the signing. No breakdown of that sum by project or by sector was given.
The framework nature of the agreement sets a broad arrangement for the projects rather than a final construction contract, with the headline figure describing the program's potential ceiling.
Two Projects Move Ahead
Two developments are set to move directly into implementation under the agreement. In Damascus, the plan centers on a project known as Tadamon Towers, while on the coast the city of Latakia is slated for a development called Eco Life.
Both are envisioned as integrated communities combining homes, tourism facilities, services and public spaces, as described in details released at the event. Each pairs residential space with tourism and public amenities rather than standing as a single building.
Focus on Housing and Tourism
The plan concentrates on Damascus, the capital, and Latakia, the country's principal Mediterranean port city, directing the housing and tourism work toward two of Syria's main urban centers. Both sectors are central to urban development in those areas.
The president's presence at the signing pointed to government backing for the plan. Further details on the timelines and financing for the individual projects were not announced.