Abu Dhabi-based Eagle Hills signed a framework agreement with Syria’s government to build a housing development in Damascus and a tourism project in the coastal city of Latakia, advancing founder Mohamed Alabbar’s plan to invest $18 billion in the country. Alabbar said he would prioritize using Syrian contractors and sourcing supplies locally for the projects, which are expected to create more than 40,000 jobs but the value of which wasn’t disclosed, according to The National.
Gulf developers are piling into Syria’s reconstruction, part of a broader effort that’s aligned with US interests to fill the gap left after Iran and Russia lost influence with the fall of the previous regime in 2024. It also offers the UAE’s real estate titans growth away from their saturated domestic market — Sharjah-based Arada plans a $7 billion project west of Damascus.