Emirati Mohammed Al-Abbar plans to implement two projects in Syria worth $20 billion
Prominent Emirati businessman Mohamed Alabbar recently toured Syria’s Mediterranean coastline, where the beaches of Latakia appeared largely unaffected by the nearly decade-long civil war, in stark contrast to much of Syria, which has suffered widespread devastation.
Alabbar plans to develop two massive real estate projects in Syria, valued at $20 billion. The projects will include thousands of residential units, resorts, offices, shops, schools, and hospitals in Latakia and the capital, Damascus.
Bloomberg reported that Alabbar’s plans reflect a trend of Gulf investors moving toward investment in Syria after years of avoiding business in the country, which has a population of around 27 million. Although Syria has not yet fully stabilized, reconstruction projects there present good opportunities for investors to achieve economic and political objectives.
At the same time, Washington’s decision to lift sanctions on Syria and its intention to remove the country from the list of state sponsors of terrorism have encouraged international investors, particularly those from the Gulf, to enter the Syrian market. U.S. President Donald Trump also met with Syria’s new president, Ahmed al-Sharaa. Syria has seen a wave of announcements regarding foreign investments in ports, airports, and infrastructure from countries including Saudi Arabia, Qatar, and the United Arab Emirates.
In an interview with Bloomberg, Alabbar said, “Syria has not seen significant development over the past 50 years. Arabs were looking for investment opportunities in the Arab world. They remembered Syria for its potential in tourism, agriculture, and industry, but they did not find an investment-friendly system during those years.”
Alabbar chairs two leading real estate development companies in the UAE: Emaar Properties in Dubai and Eagle Hills in Abu Dhabi. The two companies have executed massive real estate development projects worth billions of dollars in Egypt and Saudi Arabia, as well as in Europe, such as the Belgrade Waterfront project.
Alabbar said that the areas he is working on in Syria will be owned and managed by a new joint venture company owned by the Syrian government and Gulf investors, along with Syrian citizens who wish to invest in exchange for shares in the company. He added that he expects the Syrian government to contribute land to the new company, and that financing details are still under study.
Alabbar further stated that his company, Eagle Hills, will be a major investor in the new company, but he wants the majority of its shares to be owned by Syrians. This is intended to enable their participation in this opportunity and ensure that foreign investors are not viewed as coming to exploit the country’s resources.
