The Abu Dhabi-based developer has signed a framework agreement covering major residential and tourism projects in Damascus and Latakia, with its first two developments moving towards implementation.
October 08, 2026 | Riya Malhotra | UAE | Real Estate | 2 Min Read
Image Courtesy: EnterpriseAM
Abu Dhabi-based Eagle Hills has signed a framework agreement with Syrian authorities to develop residential and tourism communities in Damascus and Latakia, advancing an investment push led by Mohamed Alabbar that could ultimately involve up to US$20 billion in projects.
The agreement was signed with Syria’s Ministry of Public Works and Housing, acting on behalf of government entities, and establishes a framework for the planning, development, construction and delivery of projects across several governorates. Eagle Hills said the first developments will be Damascus Heights in the capital and Latakia Yachts & Marina on the Mediterranean coast.
Damascus Heights is planned as a mixed-use community incorporating residential units, retail, hospitality and business facilities, alongside schools, healthcare facilities, green spaces and other community services.
The Latakia development will focus on a waterfront destination built around a marina, with plans for homes, hotels, branded residences and leisure facilities. Eagle Hills said both projects will now move into the implementation phase, with preparatory and construction works expected to begin in Damascus and Latakia.
The framework agreement was announced during the “Investing in Syria and Projects Underway” event in Damascus. Syrian state media reported that two projects covered by the agreement would move directly towards implementation, with additional urban developments expected to follow.
The developments come as Syria faces a significant housing requirement.
Mustafa Abdul Razzaq, Syria’s Minister of Public Works and Housing, said the country’s housing deficit could exceed two million units by 2030 without an immediate response.
The government is working on a national housing strategy spanning social, affordable, middle-income and investment housing, with the private sector expected to play a significant role in expanding supply.
Eagle Hills said Syrian contractors, suppliers, businesses and professionals would be involved in the development and operation of the projects, with an emphasis on strengthening local supply chains and transferring skills and expertise.
The Latakia component also forms part of plans to expand Syria’s coastal tourism economy.
Preliminary estimates cited by Syria’s Tourism Minister Mazen al-Salhani suggest the developments could support more than 40,000 direct and indirect jobs, including over 10,000 permanent positions.
The projects are expected to generate activity across construction, hospitality, services, tourism and related supply chains.
The latest agreement moves Eagle Hills’ Syria strategy closer to execution and represents one of the most significant international private-sector real estate commitments to the country’s redevelopment to date. The reported US$20 billion figure represents the potential scale of the wider investment programme, rather than the confirmed construction value of the two initial projects.
Source: Eagle Hills Official Website
