Damascus, Oct. 5 (SANA) In the presence of President Ahmad al-Sharaa, Syria signed a framework agreement with UAE-based real estate developer Eagle Hills on Monday to develop urban and tourism projects in Damascus and Latakia, with officials saying the projects could create tens of thousands of jobs.
The agreement was signed during the “Investing in Syria and Projects Underway” event at the People’s Palace in Damascus.
Public Works and Housing Minister Mustafa Abdul Razzaq said the agreement marked a shift in Syria’s reconstruction efforts from planning toward implementation and partnership with investors.
“We are honored today to witness the signing of a major framework agreement with Eagle Hills Group, marking an important milestone in Syria’s new reconstruction process,” Abdul Razzaq said.
“This milestone represents a genuine transition from the vision and planning stage to the partnership and implementation stage,” he added.
Abdul Razzaq said the agreement followed sustained work involving government bodies, national infrastructure entities and investment institutions, with the aim of balancing development needs and the public interest while attracting capital and expertise.
Housing deficit could exceed 2 million units by 2030
Housing and urban development will be among Syria’s biggest challenges in the coming years, Abdul Razzaq said, citing ministry estimates that the country’s housing deficit could exceed 2 million units by 2030 without an immediate response.
He said the government was working on a comprehensive national housing strategy covering land, planning, legislation, infrastructure, financing and investment through to construction and the development of viable urban communities.
The strategy encompasses social, affordable, middle-income and investment housing, he said, with projects designed to expand housing supply, stimulate economic activity and allow the state to direct more resources toward those most in need.
“The goal is to transform the housing sector from a pressing challenge for the state and citizens into a driver of economic growth and social stability in Syria,” Abdul Razzaq said, adding that the private sector was expected to make the largest contribution in the next phase.
He said two projects under the agreement would move directly into implementation, while other urban development projects would follow. The first phase would include affordable and economical housing aimed at meeting the needs of different income groups.
Preliminary estimates indicate that the projects could create thousands of jobs and generate activity across construction, industry, services, tourism and supply chains, Abdul Razzaq said.
Tourism projects could create more than 40,000 jobs
Tourism Minister Mazen al-Salhani said the framework agreement was intended to establish a model for developing integrated and sustainable urban and tourism communities while creating opportunities and stimulating local economies.
Al-Salhani said tourism projects could generate economic activity across hospitality, entrepreneurship, restaurants, entertainment and other services.
He said the Syrian coast had significant natural and tourism assets and that integrated developments combining tourism facilities, residential areas and services could strengthen the region’s position on the global tourism map.
Preliminary estimates suggest the projects could generate more than 40,000 direct and indirect jobs, including more than 10,000 permanent positions, al-Salhani said.
He added that partnerships with investors and international experts could help transfer knowledge and build capacity while giving priority to Syrian expertise and workers.
Abdul Razzaq said the projects would also provide opportunities for Syrian contractors, consultants, suppliers and professionals, while international partnerships could help transfer expertise and improve planning and implementation standards.
Eagle Hills outlines Damascus, Latakia projects
Mohamed Alabbar, founder of Eagle Hills, said the company was working on the “Tadamon Towers” project in Damascus and the “Eco Life” project in Latakia.
“We hope these projects will become communities where people can find suitable homes, good services, job opportunities and a decent life,” Alabbar said.
He said the company would work with Syrian authorities and its partners to contribute to the return of Syrians and the country’s rebuilding process.
“We encourage Syrian investors at home and abroad to invest in their country and contribute to rebuilding it,” Alabbar said.
R.D/ T.S / ABD
