Mohamed Alabbar plans to invest up to $18 billion in Syria as the country accelerates efforts to rebuild its economy and attract Gulf investment after years of war and sanctions.
The founder of Emaar Properties said he is assessing projects worth between $5 billion and $7 billion along Syria’s coast, including in Latakia, and up to $11 billion in Damascus and surrounding areas. Construction could begin within six months in partnership with Syrian investors.
Mr Alabbar described Syria’s property and tourism sectors as major growth opportunities, saying the country could attract eight million tourists within five years. Syria’s government, led by President Ahmad Al Shara, is seeking to restore investor confidence after US and EU sanctions were lifted last year.
The UAE and Syria also held their first bilateral business forum in Damascus this week, with discussions covering energy, tourism, aviation, agriculture and digital transformation.
