Eagle Hills unveils $17B real estate investment plan for Syria

The plans involve two major developments covering a combined area of 14.3 million sq.m. and incorporating residential properties, hotels, commercial facilities and a marina for recreational vessels.

The announcement was made at the RISE Summit 2026 in Dubai, just days after Eagle Hills signed a framework agreement with the Syrian government on 5 October.

The agreement covers two projects: Damascus Heights in the capital and Latakia Yachts & Marina on Syria’s Mediterranean coast. The company aims to capitalise on the anticipated increase in demand for housing, tourism facilities and modern infrastructure as the country embarks on its reconstruction.

Damascus Heights – A 10 Million sq.m. Development

The larger of the two projects is planned for the greater Damascus area and covers approximately 10 million sq.m. of land, equivalent to 1,000 hectares, according to information published by Reuters on 8 October.

The project is conceived as an integrated, mixed-use residential development comprising:

Apartment complexes, detached houses and residential properties.
Retail outlets, offices and business facilities.
Hotels and hospitality facilities.
Schools, healthcare facilities and public infrastructure.
Parks, green spaces and amenities serving residents.
Eagle Hills presents the project as a new residential community combining contemporary urban planning with elements of Damascus’s traditional architectural heritage.

According to previous statements by Alabbar, investments in the capital and its surrounding areas could reach $11 billion. This figure represents a preliminary estimate rather than a finalised budget for Damascus Heights.

Latakia Yachts & Marina – A 4.3 Million sq.m. Tourism Development

The second project is located in the coastal area of Latakia and extends across approximately 4.3 million sq.m., equivalent to 430 hectares. Its primary objective is to establish a new Mediterranean tourism destination centred on a marina for recreational vessels.

The development is expected to include hotels, branded residences, coastal residential complexes, leisure facilities and designated dining areas. The marina will serve as the focal point of the project, with the aim of attracting higher-spending tourists and promoting activities associated with marine leisure.

How Will the Investments Be Financed?

Eagle Hills is a privately owned real estate development company headquartered in Abu Dhabi, with operations in markets including Serbia, Albania, Morocco, Bahrain and Croatia. Its business model focuses on large-scale developments combining residential, commercial and tourism uses.

In Syria, the company has signed a framework agreement with the Ministry of Public Works and Housing, acting on behalf of government entities. Eagle Hills has also invited Syrian investors, both domestic and members of the diaspora, to participate in the projects.

However, no detailed financing structure has been announced. The amount of equity to be committed, the participation of potential co-investors and the extent to which external financing may be required remain undisclosed.

Syria’s Reconstruction Represents a Market Worth Hundreds of Billions of Dollars

The investment forms part of a broader effort to attract foreign capital for the restoration of the country’s infrastructure and building stock.

According to a World Bank estimate cited by Reuters, the total cost of Syria’s reconstruction is estimated at approximately $216 billion. Of this amount, $75 billion relates to residential buildings and $59 billion to non-residential buildings.

Syria’s Ministry of Public Works and Housing estimates that, without immediate intervention, the housing deficit could exceed two million units by 2030. Meanwhile, the government aims to build or restore two million homes by 2035.

Eagle Hills Is Not Alone: Arada Announces $7 Billion Investment

Eagle Hills’ entry into the Syrian market coincides with the announcement of other major investment plans by Gulf-based investors.

Arada, another company headquartered in the United Arab Emirates, is planning an investment of approximately $7 billion in western Damascus. The project is expected to include around 11,000 residential units, 500 hotel rooms, 1,000 serviced apartments, schools, a hospital, offices and commercial facilities.

The development is expected to be implemented in phases over a ten-year period. Meanwhile, international hotel groups, including Accor and Wyndham Hotels & Resorts, are exploring opportunities to enter the Syrian market.