Official Project Launch

On Thursday, 11 June 2026, Damascus Governor Maher Marwan Idlebi laid the foundation stone of the Damascus Financial Centre (DFC) in the Baramkeh district of central Damascus. The ceremony was attended by Tourism Minister Mazen Al-Salahani and Investment Authority Director Talal Al-Hilali.

Partnership and Implementation Framework

The project is being developed by Syria Holding Company in partnership with the Damascus Governorate under a public-private partnership (PPP) agreement, a model in which a public body and a private company jointly finance and operate a project. It is regarded as one of the most significant investment projects announced in the Syrian capital in the current period.

Reviving a Long-Stalled Site

The Baramkeh plot had remained an open excavation pit for roughly fifteen years. According to Enab Baladi, the site previously hosted the al-Karnak public transport company and the "Beirut Garage" that served the Damascus to Beirut route; the garage was relocated in 2007, after which Syria Holding acquired the land and began excavation in 2009. Work then halted with the onset of the Syrian conflict and the site stayed idle until the current launch. The new project therefore reactivates one of the most prominent dormant plots in central Damascus, although delivery now depends on sustained financing and execution over the announced multi-year timeline.

Specifications and Components

The project covers a total land area of 33,000 square metres, with a combined floor area of approximately 240,000 square metres. The centre comprises the following components:

• Six mixed-use towers encompassing residential, commercial, and tourism functions
• A fully integrated commercial mall
• Five underground levels dedicated to parking facilities and support services

Economic Impact and Employment

The project is expected to generate 6,500 jobs during the construction and implementation phase, in addition to 8,500 jobs upon entering the operational phase, bringing the total projected employment figure to approximately fifteen thousand positions. Enab Baladi reports that the developer set a target of allocating between 25% and 30% of the workforce to young people, a figure presented as a stated objective rather than a confirmed outcome.

Investment Cost

The chairman of Syria Holding estimated the total investment cost of the centre at approximately 452 million US dollars, as reported by Enab Baladi. This figure is an estimate stated at launch and may change as design and construction proceed.

Development Objectives

The Damascus Financial Centre aims to strengthen economic and investment activity in the capital and upgrade the urban and service infrastructure of the Baramkeh area. The centre is also designed to provide a modern business environment that consolidates financial and economic institutions under one roof, contributing to investment attraction and economic growth in the years ahead.

6 mixed-use towers, featuring:

• Tourism Tower: A 42-story skyscraper, standing as the tallest tower in Damascus.
• Residential Towers: 2 towers comprising 550 smart residential units.
• Financial and Commercial Towers: 3 towers including over 1,000 smart offices for major local and international financial and economic corporations, accommodating up to 350 companies.
• Tower Heights: Beyond the 42-story tourism tower, the remaining towers range between 20 and 39 floors, according to Enab Baladi.
• Parking Facilities: Basement parking spaces with a capacity for more than 2,500 vehicles.
• Green Spaces: 5,000 square meters of public green areas.
• Execution Period: 4 to 5 years.
• Infrastructure Upgrades: The project includes upgrading the surrounding infrastructure, encompassing water, sewage, electricity, and telecommunications networks, alongside road and traffic flow improvements.

Frequently Asked Questions

Where is the Damascus Financial Centre located?

The Damascus Financial Centre (DFC) is located in the Baramkeh district of central Damascus, Syria.

When was the foundation stone laid?

The foundation stone was laid on Thursday, 11 June 2026, in a ceremony led by Damascus Governor Maher Marwan Idlebi.

Who is developing the project?

It is being developed by Syria Holding Company in partnership with the Damascus Governorate under a public-private partnership (PPP) agreement.

What does the project include?

It comprises six mixed-use towers (residential, commercial, and tourism), including a 42-story tourism tower described as the tallest in Damascus, a fully integrated commercial mall, and five underground levels for parking and support services.

How large is the project?

It covers a total land area of 33,000 square metres with a combined floor area of approximately 240,000 square metres.

How many jobs is the project expected to create?

An estimated 6,500 jobs during construction and 8,500 jobs during operation, for a total of roughly fifteen thousand positions.

What is the estimated investment cost?

The chairman of Syria Holding estimated the cost at approximately 452 million US dollars, a figure reported by Enab Baladi as an estimate stated at launch.

What is the expected execution period?

The announced execution period is 4 to 5 years.

UPDATE 02.08.2026

Main contractor selected. On 6 July 2026 the developer, Souria Holding, signed a memorandum of understanding with Consolidated Contractors Company (CCC) naming it exclusive design-build contractor, at a reported value of 600 million US dollars. The memorandum was signed by Souria Holding chairman Haytham Joud and CCC chairman Samer Khoury, and was reported by MEED on 17 July 2026. This supersedes the earlier cost estimate carried in the description below, and it is the first time a contractor has been named for the project.

Status. The project is at pre-construction and contractor-appointment stage. The foundation stone was laid in Baramkeh on 11 June 2026 by Damascus Governor Maher Marwan Idlebi, alongside the Minister of Tourism and the Director of the Investment Authority. No source reports the start of structural works.

Site history and disclosure. The plot has stood as an open excavation in central Baramkeh for years. Its acquisition is the subject of an Enab Baladi investigation published on 2 October 2016, which examined the relocation of the Beirut Garage transport hub and the subsequent allocation of the plot. In 2026, Syrian commentary has called for publication of the partnership terms, including the revenue-sharing arrangement, the local-contractor share and the Syrian-employment share, on the grounds that public land is being committed to a private development. No reachable source establishes the current ownership structure of Souria Holding or whether the pre-2011 allocation contract with Damascus Governorate was reviewed or renegotiated after December 2024. Those questions are recorded here as open, in neither direction.