An Emirati business delegation led by property developer Mohamed Alabbar discussed investment opportunities in Syria with President Ahmad Al Shara and other senior officials during an exploratory trip to the country this week.
The meeting with Mr Al Shara in Damascus reviewed investment and development opportunities in Syria. The Syrian state news agency Sana said the discussions focused on property.
Syria's Foreign Minister Asaad Al Shibani also took part in the meeting. Sana did not provide further details on the discussions. The five-member delegation also met Syrian Economy Minister Mohammad Nidal Al Shaar and “reviewed available opportunities in all sectors”, the ministry said.
The post-Assad government has been offering concessions, particularly to Turkey and Gulf states, as a way to accelerate the reconstruction process after the 2011-2024 civil war. This is particularly focused on infrastructure, telecoms and transport, as well as housing and commercial projects.
Mr Alabbar, a prominent Emirati businessman, is the founder of Dubai's largest listed developer, Emaar Properties. Before the civil war, Emaar started building Eight Gate, one of Syria's biggest property projects, in the Yafour area, west of Damascus. Parts of the project were completed before the war, and some tenants, including the Syrian bourse, moved in.
Mr Alabbar also visited Latakia, Syria's main port city on the Mediterranean coast. Talal Helali, head of Syria's Investment Authority, said the trip showed the “province’s natural richness and exceptional geographic diversity that pave the way for promising investment prospects”.
Mr Alabbar posted a video on his X account of what appeared to be the coast in Latakia.
Foreign investment in Syria during the rule of Bashar Al Assad mostly revolved around property mega-projects and power plants. Almost none of these projects were realised because of infighting among the ruling elite, graft and bureaucratic delays built into the system, and US sanctions.
Jumeirah Hotels and Resorts, a division of Dubai Holding, was awarded a contract to manage a five-star hotel that was part of a $375 million commercial project, called Abraj Souria, in central Damascus. Construction was due to start in 2009, but never did.
In October, the World Bank estimated Syria's reconstruction costs at $216 billion. However, very few new projects have started under the new government, as the country is still in a stabilisation phase.
However, construction began on a new terminal at Damascus Airport, part of multi-billion-dollar contracts awarded to Qatar's UCC Holding, which is headed by the Syrian businessman Samer Al Khayyat. The construction is being carried out by Turkish companies Kalyon Insaat and Cengiz Insaat.
Mr Al Shara has positioned himself as the country's business frontman, pitching Syria at international conferences as a strategically located country with a skilled labour force that has made rapid improvements on the security front and on opening up to foreign investors.
After a rebel offensive in December 2024, led by Mr Al Shara, ousted Bashar Al Assad and his regime, the Syrian government has departed the Russian and Iranian orbit and become friendly with the US, which removed almost all of the its sanctions on the country at the end of last year.
