Alabbar plans to invest up to USD 18 bn in Syria

Mohamed Alabbar plans USD 18 bn fund for Syria rebuild: Mohamed Alabbar has just confirmed he’s the latest Emirati name making a major push into Syria’s reconstruction. The Emaar Properties founder said he plans to invest up to USD 18 bn in large-scale real estate, tourism, and infrastructure projects across Syria, according to comments (watch, runtime: 42:53) made by Alabbar at the first Syrian-Emirati Investment Forum in Damascus.

Why it matters: The plans 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 plan: The proposed investment includes USD 10-11 bn earmarked for real estate developments in and around Damascus, alongside USD 5-7 bn for tourism-focused projects on Syria’s coastline, Alabbar said. Work could begin within 6-12 months once planning and structuring are completed, he added.

“The time for Syria is now,” Alabbar said, explaining that any investment inherently carries risk — even the ones in the UAE or Egypt — but that “the smart move is to act fast before others jump [at the chance].”

REMEMBER- Reports had circulated last week that Alabbar’s international development-focused firm, Eagle Hills, is weighing some USD 50 bn in developments in Syria, though Alabbar — without outright denying the figure is true — pointed to slightly smaller investment estimates as of now. The projects mentioned included a major development in Damascus’ Dummar area and another in Latakia.

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.

It won’t all be Emirati capital. Alabbar plans to open up his projects to Syrian partners who could own shares in the company set up to develop these projects.

The broader push mirrors UAE-backed megadevelopment and reconstruction plays elsewhere in the region. Earlier this year, we covered reports of the UAE’s funding plans for a residential complex in Gaza to house displaced Palestinians. UAE names like ADQ-backed Modon and Miran Hills Real Estate are also involved in developing the USD 35 bn Ras El Hekma project in Egypt.

Back to Syria: Alabbar wouldn’t be the first Emirati player getting involved in Syria’s reconstruction. DP World will develop Tartous Port under a 30-year agreement, while AD Ports is acquiring a 20% stake in Syria’s Latakia International Container Terminal. Dubai sovereign wealth fund Investment Corporation of Dubai also met with Syrian President Ahmed Al Sharaa during the forum to discuss potential investments across real estate, tourism, and financial services.