Gulf Developers Sign On
Abu Dhabi-based developer Eagle Hills signed a framework agreement with the Syrian government on 5 October 2026 at the People's Palace in Damascus, marking one of the largest foreign investment commitments since the end of the civil war. The accord was concluded with the ministries of public works and of housing and tourism.
It covers two flagship ventures: a residential complex known as Tadamun Towers in Damascus and a coastal tourism development called Eco Life in Latakia. The projects are expected to create more than 40,000 jobs.
Billions in Pledged Capital
Eagle Hills founder Mohamed Alabbar has said he could invest up to $18 billion across Syria, including $5 billion to $7 billion along the coast and as much as $11 billion in Damascus and its surroundings. The planned footprint spans roughly 10 million square meters in the capital and about 4.3 million square meters in Latakia.
Other Emirati firms are moving in parallel. Arada is preparing a $7 billion project, while Emaar is working on a separate development in the capital and may join the flagship schemes.
Hotel Chains Circle
International hospitality groups are weighing entry alongside the real-estate push. France's Accor is in advanced negotiations on two projects, and the United States chain Wyndham is scouting sites in Damascus and along the coast, signaling that a first contract could be announced soon.
Air links are expanding in step. Etihad Airways has moved to a daily Damascus service, raising its schedule from four to seven flights a week, as other regional carriers connect the country to Gulf hubs.
Tourism Rebounds
Government data show tourist arrivals more than doubled year on year in the first half of 2026, reaching 3.52 million. The recovery is unfolding against enormous rebuilding needs: a conservative estimate puts reconstruction costs at $216 billion, including $75 billion for residential buildings and $59 billion for non-residential structures.
Obstacles Remain
Significant hurdles persist. Electronic payments remain limited despite the launch of international card operations in September 2026, and foreign travel advisories still warn against visiting. Some communities on the outskirts of the capital have protested large government-backed projects, underscoring the social friction that can accompany rapid development.