Damascus on Thursday witnessed the laying of the foundation stone of the "Damascus Financial Center" project in the Baramkeh area, in a strategic step aimed at transforming the sites of failure into centers of economic achievement.

The launch of this mega project came as a vital partnership between Damascus Governorate and Syria Holding Company, and the project extends over an area of 240,000 square meters above ground, in addition to 137,000 square meters underground.

It consists of a 42-storey tourist tower that includes royal and presidential hotel rooms and suites, as well as two residential towers, three smart commercial and administrative towers, and an integrated commercial complex.

Development dimensions and promising job opportunities for youth

Damascus Governor Maher Marwan Idlibi stressed during the laying of the foundation stone of the project that the project represents a message of confidence in the future of the capital and the potential of the national capital.

Idlibi pointed out that the development impact will not be limited to the urban boundaries of the center, but extends to a comprehensive modernization of infrastructure, road networks, sewage, and communications in the entire surrounding area, as well as the rehabilitation of facilities and parking lots that can accommodate more than 2,500 vehicles to ease traffic congestion.

According to Al-Idlibi, the project is expected to provide about 6,500 direct and indirect job opportunities during the construction phase, and 8,500 jobs during the operation phase, with the governorate and the company's commitment to allocate between 25% and 30% of these opportunities to the category of youth, recent graduates and national competencies.

Financing details and a strict timeline

For his part, the Chairman of the Board of Directors of "Syria Holding" Company, Haitham Joud, revealed that the estimated investment cost of the project is about $452 million, explaining that the company will rely on the investors' own resources in its current start-up, while opening the door for the entry of an Arab strategic partner in the future.

For his part, the company's CEO, Omran Al-Khalaf, indicated that the total implementation period specified in the contract is five years for the entire project, with a commitment to a five-month timetable to complete the executive plans, prepare the pit and the initial construction works in cooperation with the "Khatib & Elmi" company, which designed and supervise the project, revealing that there are negotiations to manage the hotel by a prestigious 5-star international brand.

Hospitality Sector Surprises and Real Estate Mobility

The Minister of Tourism, Mazen Al-Salhani, explained that advanced understandings are currently underway with a leading global operator in the hospitality sector, which has a wide portfolio of 52 hotel brands covering various ratings from 3 to 5 stars, expecting the official agreement to be signed in the near future.

This project coincides with an accelerated movement witnessed by Syria in the sectors of real estate, tourism and commercial development, as the governorate announced that the years 2026 and 2027 will be the years of implementation and actual completion of many stalled projects to restore modernity to the urban and heritage identity in Damascus and promote the local economy.

The roots of the project go back to 2007

The history of the project's land (Al-Baramkeh neighborhood) dates back to 2007, when the Damascus Governorate took a decision to move the "Beirut Garage" and the gathering of internal transport companies (Karnak) to the Sumaria area, so that "Syria Holding" Company (established in 2006 with a capital of 4 billion Syrian pounds) acquired the site to establish towers and commercial markets.

Despite the start of excavation work in 2009 and the signing of a participatory banking financing agreement led by Banque Bemo Saudi Fransi in late 2010, the project was completely halted and turned into a neglected pit surrounded by a wall and scattered around popular stalls for about 15 years due to the security and political conditions witnessed in the country since 2011, before it was reorganized, amended and relaunched as one of the most prominent fruits of the amendment of the new investment law in Syria.