Alabbar plans USD 18 bn fund to invest in Syria

Syria’s reconstruction effort is getting a USD 18 bn shot in the arm, with Emaar Properties founder Mohamed Alabbar announcing plans to set up a fund to invest in large-scale real estate, tourism, and infrastructure across the country (watch, runtime: 42:53). This would mark one of the largest Gulf private-sector pushes into Syria since the lifting of sanctions reopened the country to international investment flows.

The proposed investment includes USD 10-11 bn for real estate in and around Damascus and USD 5-7 bn for coastline tourism projects, Alabbar said. Work could begin within 6-12 months, he added, stressing that “the time for Syria is now … the smart move is to act fast before others jump [at the chance].”

REMEMBER- Reports last week suggested Alabbar’s international development arm Eagle Hills is weighing some USD 50 bn in developments in Syria, including major developments in Damascus’ Dummar area and Latakia. Alabbar didn’t outright deny the figure, but signalled he wasn’t aiming that high just yet.

Tourism is central to the pitch: Syria could attract as many as 8 mn tourists within 4-5 years — up from roughly 4 mn visitors last year — potentially generating USD 5-7 bn in annual foreign currency inflows, Alabbar said.

Alabbar joins a growing list of Emirati players betting on Syria. DP World is developingTartous Port under a 30-year agreement, AD Ports is acquiring a 20% stake in Latakia International Container Terminal, and the Investment Corporation of Dubai met with Syrian President Ahmed Al Sharaa during the Syrian-Emirati Investment Forum earlier this week to talk investments in real estate, tourism, and financial services.

The push mirrors UAE-backed reconstruction and megaproject plays elsewhere — from a planned residential complex in Gaza to the USD 35 bn Ras El Hekma project in Egypt.

The UAE isn’t alone in eyeing Syria: Qatar’s Estithmar Holding moved late last month to acquire 49% of Shahba Bank, becoming the first big-ticket foreign investment in Syria since the end of the war.