Framework Agreement with Eagle Hills Signed in the Presence of President al-Sharaa to Develop Urban and Tourism Communities in Syria
Syria's Ministries of Public Works & Housing and Tourism signed a framework agreement with UAE-based Eagle Hills on Monday, in the presence of President Ahmed al-Sharaa, to develop urban and tourism communities in Syria, during the "Investing in Syria and Launched Projects" event hosted at the People's Palace in Damascus.
Damascus – 5 October 2026
According to the Syrian Arab News Agency (SANA), the agreement covers two projects: “Damascus Hills Real Estate” in the Damascus area, and “Latakia Tourism” on the Syrian coast.
The official parties did not announce the value of the agreement, while SANA ended its coverage with “to be continued…”, indicating that full details will be published later.
Update (5 October 2026): Mohamed Alabbar, founder of Eagle Hills, announced the official names of the two projects: “Abraj Al-Tadamon” in Damascus and “Eco Life” in Latakia, following the signing in the presence of President al-Sharaa.
According to Al Jazeera, the Damascus project (Damascus Hills) comprises 26,000 residential units. (Sources: Al Jazeera Net, Al-Eqtisadiah website)
Project Figures
According to Al Jazeera, citing the official Al-Eqtisadiah magazine and SANA, the figures for the two projects break down as follows:
Damascus Hills (Abraj Al-Tadamon):
- 26,000 residential units.
- 4,000 hotel units.
Latakia Tourism (Eco Life):
- 10,000 apartments.
- 1,000 villas.
- 4,000 hotel units.
- 1 million m² of green space.
- 20,000 trees.
- 35 km of cycling and jogging tracks.
- Marina and seaside promenade along a 3 km beachfront.
Initial estimates:
- $9 billion in investments.
- $16 billion in economic activity.
- 95,000 jobs during construction and operation.
- 23,000 permanent jobs.
(Source: Al Jazeera, citing SANA)
From Planning to Partnership and Implementation
Public Works and Housing Minister Mustafa Abdul Razzaq said in a speech after the signing that the agreement marks an important milestone in rebuilding the new Syria, reflecting a real shift from the vision and planning phase to the partnership and implementation phase — going beyond mere signing to launching two actual projects.
The minister added that the agreement is the fruit of sustained institutional work involving several government bodies and investment institutions, aimed at balancing development requirements with protecting the public interest and attracting capital and expertise.
Abdul Razzaq noted that housing and urban development are among the biggest challenges Syria will face in the coming years, pointing to the ministry’s estimates that the housing deficit could exceed two million housing units by 2030 unless immediate action is taken.
He explained that the ministry is working on a comprehensive national housing strategy that moves from dealing with individual housing units to managing an integrated system.
The strategy starts with land, planning and legislation, moves through infrastructure, financing and investment, and reaches implementation and building viable urban communities — including social, affordable, mid-range and investment housing.
Context of the Agreement
The signing comes at the end of a field tour conducted by Eagle Hills founder Mohamed Alabbar in Syria over the past few days, which included Aleppo, Idlib, Deir ez-Zor and Damascus countryside.
During the tour he met the Minister of Public Works and Housing and the governors to discuss investment opportunities in the housing sector.
Alabbar had told CNBC Arabia on 21 September that the company intended to sign agreements for two projects in Syria worth a total of around $15 billion during the first week of October.
He described investment in Syria as a “good, calculated risk”.
Today’s official signing was preceded by widespread circulation on social media since yesterday of posts citing “private sources” about an imminent signing worth over $10 billion.
The agreement signed today is a framework agreement whose value has not been officially announced yet, making any figure currently circulating unconfirmed by official parties.
What Next?
The official announcement did not set a timeline for the start of works or details of implementation phases, with SANA only indicating that coverage would be completed later.
Still pending follow-up: the final official value of the agreement, and the timeline for the start of works and implementation phases.
Sources:
– Syrian Arab News Agency (SANA): https://sana.sy/economy/syrian-economy/2597871/
– Alikhbariah Syria: https://alikhbariah.com/
– Syria TV: https://www.syria.tv/tag/أخبار-سوريا