Syria has signed a framework agreement with UAE-based real estate developer Eagle Hills to develop urban and tourism projects in Damascus and Latakia, as the country seeks to draw private investment into reconstruction.
The agreement was signed on October 5 by Syria’s ministries of Public Works and Housing and Tourism during the “Investing in Syria and Projects Underway” event in Damascus, in the presence of President Ahmad al-Sharaa, state agency SANA reported.
The deal covers the Damascus Hills real estate development and the Latakia Tourism project, both of which are moving towards implementation, according to the report.
Eagle Hills founder Mohamed Alabbar said the company was working on the Tadamon Towers project in Damascus and the Eco Life project in Latakia.
Public Works and Housing Minister Mustafa Abdul Razzaq said the agreement marked a shift from planning to implementation and investment partnerships. He said the government was developing a national housing strategy covering land, planning, legislation, infrastructure, financing and construction.
The ministry estimates that Syria’s housing deficit could exceed 2mn units by 2030 without faster increases in supply. SANA separately reported last month that the deficit stood at about 1.9mn units in 2025 and could rise to 2.5mn by 2030 if supply does not accelerate.
Tourism Minister Mazen al-Salhani said the projects could generate more than 40,000 direct and indirect jobs, including over 10,000 permanent positions, while supporting activity in hospitality, construction, services and related supply chains.
The agreement comes as Damascus seeks to use tourism, housing and mixed-use real estate projects to support reconstruction, employment and private-sector investment. It also adds to wider Middle East tourism and infrastructure activity tracked by Emerging Travel’s coverage of new regional destination links.