Eagle Hills signs framework deal for Damascus and Latakia projects as Syria pledge advances

One of the biggest Gulf pledges to Syria is taking steps towards becoming real. Mohamed Alabbar’s Eagle Hills, which announced plans to invest up to USD 18 bn across the country in May, has signed a framework agreement with Damascus that locks in two first developments — Tadamon Towers in Damascus and Eco Life on the Latakia coastline — moving straight to implementation, according to Syrian state news agency Sana.

The first phase is affordable housing, which is where Damascus most needs the private sector. Syria’s housing deficit could pass 2 mn units by 2030 without an immediate response, Abdul Razzaq said, citing ministry estimates. On the tourism side, the projects could create more than 40k direct and indirect jobs, including over 10k permanent positions, Tourism Minister Mazen al-Salhani said.

Skytall

The finish line for the world’s would-be tallest building has been pushed back. Jeddah Tower and the first phase of the city around it should be completed in “late 2028,” a few months behind last year’s August 2028 target, AGBI quotes Jeddah Economic Company CEO Fabien Toscano as saying at the Saudi Mega Projects summit in Riyadh. The tower reached 116 floors and about 466 meters high last month, with 41 of 157 still to be built. Apartment sales are now set for 2027, and JEC is opening phase-one land talks at Cityscape in Riyadh in November.

Another one

Syria gets another bilateral business council: Syria’s economy and industry ministry has announced the formation of the Syrian side of a Pakistan-Syria Business Council. The Syria side will be headed by businessman Mustafa Mohammed Jamil Moussa. Muath Al-Birmawi and Iyad Sulayq will act as vice presidents, with Suleiman Al-Haj Kardoush as secretary, Mohannad Sayed Ali as executive director, and Hamza Al-Abrash as director of public relations.

The move follows the establishment of the Syrian-Azerbaijani and Syrian-Uzbekistani Business Council late last month, signalling post-Assad Damascus’ push to diversify bilateral economic ties amid a growing line of interested partners. There are a total of 23 business councils operating under the oversight of the Syrian Council for Coordinating Joint Business Councils.