Alabbar intends to implement $20  billion worth of housing and tourism projects in Syria

Emirati real estate tycoon Mohammed Alabbar, chairman of Emaar Properties and Eagle Hills, has announced a huge investment bet for the recovery of the Syrian economy, by planning to build two giant residential and tourism projects in the capital Damascus and the coastal city of Latakia, with a total investment value of at least $20 billion, according to Bloomberg News Network.

In an extensive report published on  Wednesday, the network explained that the projects to be established will include the construction of tens of thousands of housing units and affordable houses, in addition to the establishment of tourist resorts, shops, commercial offices, schools and modern hospitals, with the aim of stimulating economic and service movement in the targeted areas.

Al-Abbar said in an interview with the American network that  Syria has not witnessed major development works over the past five decades, indicating that Arab investors are seriously looking for real opportunities in the Arab world, recalling the promising tourism, agricultural and industrial components that Syria possesses, after it has a new system that welcomes foreign investment and facilitates its work.

Ownership Structure and the Role of Syrian Capital

Alabbar confirmed that the ownership and management of these projects will be transferred to a new company established and jointly owned by the Syrian government and investors from the Arab Gulf countries, in addition to opening the door for Syrians wishing to contribute directly in exchange for obtaining shares in the company, expecting the Syrian government to contribute the logistical lands allocated for the project, while the details of financing are still under final preparation.

The head of Abu Dhabi-based Eagle Hills indicated that his company will be the main investor in the new entity, but stressed that he wants the majority and ownership share to go to the Syrian citizens themselves to ensure their effective participation in the renaissance of their country and avoid the appearance of foreign investors as exploiters of the conditions of war.

The sources indicated that the new investment orientation received direct support and coordination following the holding of the first Syrian-Emirati Investment Forum last May, in the presence of the UAE Minister of State for Foreign Trade Thani Al-Zeyoudi and the new Syrian President Ahmed Al-Shara, where the Emirati side committed to supporting the efforts of economic recovery and unlocking the promising potential of the Syrian market.

The Challenges of Reconstruction and the Growing Gulf Flow

According to economic reports, the Gulf trend towards Damascus witnessed a remarkable acceleration following Washington's announcement of the cancellation of sanctions imposed on Syria and the cessation of its classification as a state sponsor of terrorism, coinciding with the meeting that brought together President Ahmed al-Sharaa with US President Donald Trump, which encouraged countries such as Saudi Arabia, Qatar and the United Arab Emirates to launch major projects to develop ports, airports and infrastructure.

Al-Abbar considered that the existing security risks, including the explosions in Damascus that resulted in the injury of 18 people during French President Emmanuel Macron's historic visit to the city this July, will not deter him from continuing his work, stressing that he is in almost daily contact with the concerned ministers to facilitate the launch of reconstruction workshops, in parallel with periodic calls he receives from President Al-Shara to follow up on housing plans and support funds for the most needy groups directly.

In a related context, the logistics data revealed that the arrival of giant cranes at the port of Tartous in July began, marking the start of DP World's investment of about $800 million to increase the port's capacity, in parallel with AD Ports Group's acquisition of a 20% stake in the Latakia International Container Terminal, and the Qatar National Bank's guarantee of a $7 billion loan for electricity and airport projects.