UAE's Eagle Hills Studies Two Urban Development Projects Over $50 Billion

UAE Investment Interest in Syria

UAE-based real estate developer Eagle Hills is studying the launch of two major urban development projects in Syria, under two master plans with a combined development cost exceeding $50 billion, according to Saudi outlet Asharq, which cited an unnamed source. The announcement coincided with a high-level UAE delegation visit to Damascus, comprising businesspeople and representatives of major companies, led by Eagle Hills founder and Chairman Mohamed Alabbar.

Syrian Investment Authority head Talal al-Hilali publicly welcomed the delegation via the X platform, noting that the visit is official in nature and aims to explore investment opportunities, as well as to participate in the inaugural Syrian-Emirati Forum.

The Damascus Project: Dumar District

The first project is located in the Dumar area of Damascus, covering a total area of approximately 33 million square meters, and encompasses integrated residential, hospitality, and commercial components. The proposed master plan includes:

• Approximately 73,000 residential units
• Around 3,200 hotel rooms
• Green spaces exceeding 7 million square meters designated for parks and public recreational facilities
• A road network ranging from 220 to 320 kilometers in length

Economic projections over a 20-year horizon estimate the creation of more than 100,000 jobs during construction phases and over 40,000 permanent positions upon full operation. The project's cumulative contribution to GDP is estimated at more than $63 billion, with foreign cash inflows of approximately $25 billion, foreign direct investment of around $20 billion, and spillover effects on related sectors including aviation, logistics, hospitality, education, and healthcare estimated at approximately $25 billion.

The Latakia Project

The second project is situated in Latakia, covering a total area of approximately 15 million square meters, and features an integrated residential and tourism development. The proposed master plan includes:

• More than 29,000 residential units
• 2,800 hotel rooms
• 5.5 million square meters of parks and public facilities
• A road network ranging from 90 to 150 kilometers in length

The economic impact period for this project is estimated at approximately 10 years, with projections of more than 70,000 jobs during the construction phase and around 25,000 permanent positions during operation. Cumulative GDP contribution is estimated at over $18 billion, with foreign cash inflows of approximately $7.5 billion, foreign direct investment of nearly $5.5 billion, and annual tourism revenues exceeding $550 million.

Early-Stage Discussions

The unnamed source cited by Asharq clarified that both projects remain at the proposals and preliminary discussions stage, with forthcoming meetings expected to focus on the regulatory framework, implementation mechanisms, and potential financing arrangements. In a related development, Syrian President Ahmed al-Sharaa held separate meetings with Arab and international business figures on 4 May 2026, presenting investment opportunities in Syria, particularly in the real estate and tourism sectors.

About Eagle Hills

Eagle Hills is a UAE-based real estate investment and development company founded in 2014 by Mohamed Alabbar, who also founded Emaar Properties, the developer behind Burj Khalifa in Dubai, the world's tallest building. Eagle Hills specializes in large-scale, mixed-use master-planned communities and maintains a broad project portfolio spanning the Middle East, Africa, and Europe, with developments in Bahrain, Jordan, Serbia, Ethiopia, and Albania.