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UAE-based company Eagle Hills plans to invest between $16 billion and $17 billion in Syria, as part of a plan to develop two large real estate and tourism projects in Damascus and Latakia, in a move that will put the company among the most prominent foreign investors in the Syrian market during the reconstruction phase.
Mohammed al-Abbar, founder of Emaar Properties, founder of Eagle Hills and chairman of its board of directors, revealed on Wednesday that the company aims to employ these investments in two projects, one in the capital Damascus and the other in the coastal city of Latakia.
The move comes after Eagle Hills announced in early October the signing of a framework agreement with the Syrian Ministry of Public Works and Housing to develop residential and tourism projects, including the Damascus Hills project and a tourist project in Latakia that includes facilities for yachts and marinas, as part of the company’s expansion within the Syrian market.
Damascus and Latakia are particularly important in their development plans; the first is the main political, administrative and economic center of the country, while Latakia is one of the most important coastal cities in Syria
Founded in 2014, Eagle Hills works in the development of cities and mixed-use real estate projects, and has activities in a number of markets, including the UAE, Serbia, Albania, Bahrain, Morocco and Ethiopia, with a focus on residential, commercial, tourism and waterfront projects.
Damascus and Latakia are of particular importance in development plans; the first is the main political, administrative and economic center of the country, while Latakia is one of the most important coastal cities in Syria and a major center of commercial and tourism activity on the Mediterranean.
The move coincides with the growing interest of Arab and international companies in investment opportunities in Syria, especially in the sectors of tourism, housing and urban development.
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