Alabbar plans USD 20 bn Syria developments in Latakia and Damascus with Syrian majority ownership

Mohamed Alabbar wants the majority of his planned USD 20 bn Syria play to be Syrian-held. The two flagship developments under the investment — a Latakia beachfront and a mixed-use scheme in Damascus — will be led by Abu Dhabi’s Eagle Hills as anchor investor but ultimately owned by a new company bringing together the Syrian government, Gulf investors, and Syrians themselves, Alabbar told Bloomberg in a televised interview. The Syrian government is expected to contribute the land.

What’s inside: The developments will include tens of thousands of homes as well as hotels, retail space, offices, schools, and hospitals. Construction could begin within months as funding arrangements are made, Alabbar said. Separately, the b’naire is considering setting aside part of the developments for affordable housing or contributing USD 5k-10k from every home sold toward rebuilding housing for lower-income Syrians.

Room to grow

The China-Egypt Suez Economic and Trade Cooperation Zone (TEDA) has requested additional land inside the Suez Canal Economic Zone to accommodate rising investor demand, according to statements made by TEDA marketing and promotion head Mohamed Gabrial. The zone reached over 10 sq km following a July 2025 expansion agreement that added 2.86 sq km to its previous 7.34 sq km footprint, and around 200 industrial and service companies are now operating inside.

TEDA is targeting higher-value manufacturing in renewables, solar components, green hydrogen-linked industries, advanced engineering, auto components, and electrical appliances, Gabrial said. The land request signals that Egypt’s China-led manufacturing pipeline is turning into a denser industrial cluster.

One step closer to RIZ

Russia is moving forward with its long-delayed industrial zone inside Egypt’s Suez Canal Economic Zone, after selecting an industrial developer for the zone, according to a statement by the Egyptian Foreign Ministry. Choosing a developer moves the RIZ closer to execution after years in the planning phase. The Madbouly government approved decades-long tax and customs incentives for companies operating in the zone under the Egypt-Russia intergovernmental agreement. The RIZ has been pitched as a manufacturing base for Russian companies targeting Egypt, Africa, and the wider region, with prior public reporting citing investment potential in the multi-bn-USD range.

Green light

The US State Department approved potential foreign military sales to Saudi Arabia and Kuwait. Saudi Arabia’s sale, valued at USD 1.96 bn, includes up to 20k Advanced Precision Kill Weapon Systems, rocket launchers, explosive warheads, rocket motors, practice warheads, and other support equipment, according to a statement. Kuwait’s USD 484 mn sale is for the “purchase of C-17 Sustainment and related equipment,” as well as non-major defense equipment, a separate statement said.