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FILTERED RESULTS
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Eagle Hills to start work on two projects in Syria
Abu Dhabi developer Eagle Hills plans to start work shortly on two mixed-use projects in Syria as the war-torn nation secures global reconstruction support.
The projects — Damascus Heights in the Syrian capital and Latakia Yachts & Marina on the Mediterranean coast — will move forward following the signing of the framework agreement with Syria’s Ministry of Public Works and Housing, the developer said in a statement.
A framework agreement sets the standard terms, pricing and legal requirements for real estate development.
“We are investing in Syria because we believe in the country, in the resilience and capabilities of its people, and in the genuine opportunities it holds for growth,” said founder and chairman Mohamed Alabbar.
President Ahmed Al Sharaa announced in March that the country’s GDP is estimated to reach $60-$65 billion this year and added that the economy could return to 2010 levels and improve services.
Damascus Heights will include residences, retail, hospitality and business facilities, alongside schools, healthcare facilities, green spaces and services for residents.
Latakia Yachts & Marina is planned as a waterfront destination centred on a marina, with residential, hotel, branded residence and leisure facilities.
Further reading:
- Maldives turn to ‘the man who built Dubai’ for $20bn development
- Alabbar: Emaar could sell nothing and still be in profit
- Five-star hotels are not a tourism strategy for Syria
No financial details were revealed.
Eagle Hills will also launch multiple residential and tourism community projects across various governorates in Syria, the statement said.
UAE developer Arada launched a joint venture in September with Syria’s sovereign wealth fund to build a AED25.7 billion ($7 billion) city outside Damascus.
Earlier this year, Dubai-based property billionaire Khalaf Al Habtoor said he was exploring options for a large-scale real estate project in Syria.
A number of Saudi companies have also promised to invest in real estate, tourism and industrial ventures in the country, including a $300 million tourism project, as Syria seeks foreign capital to rebuild an economy devastated by more than a decade of war.
Source: AGBI