Eagle Hills enters Syria with Damascus, Latakia deals

Dubai: Abu Dhabi developer Eagle Hills has signed a framework agreement with Syria for two residential and tourism projects. The schemes sit in Damascus and Latakia. Total investment has not been disclosed.

Eagle Hills and Syria's ministries of Public Works and Housing, and Tourism, signed the deal at the People's Palace in Damascus on October 5. President Ahmad Al Shara attended, alongside Mohamed Alabbar, Eagle Hills founder and chairman.

Alabbar, who also chairs Emaar Properties, announced the move on X. "A new beginning for Eagle Hills in Syria" his post read. It also had a link to the projects website which shows how the project connects Damascus centre to the Latakia shoreline. At the ceremony, he promised homes, services and jobs built with Syrian companies and skilled professionals.

Eagle Hills is marketing its capital scheme as Damascus Heights. It will sit on the hills above the city, according to the website. Buyers can pick villas with three to five-plus bedrooms, apartments with one to three, or townhouses with three or four bedrooms.

During the signing, the project was also refered to as Tadamun Towers. The project boasts of 11,000 homes in west Damascus, with 500 hotel rooms and 1,000 serviced apartments. Two schools, a hospital, offices and retail units complete the list. Umayyad Square will be 13 minutes away, while the Old City would take 20 minutes to reach.

Latakia Yachts & Marina will be a deep-water marina and yacht club. Reports of the signing called the project Eco Life. Its website lists the same showing a mix of villas, apartments and townhouses, with private pools and marina views in some units.

Hotels, a beach club, a waterfront promenade, a theme park and water sports round out the plan. Residents are promised concierge service, a spa and a Syrian hammam. The Latakia Corniche sits 12 minutes away, while the port is 15 minutes away.

Eagle Hills is giving Syrians priority. Its "Invest with us" page says opportunities in Syria go first to qualified Syrian individuals, companies and institutions. That covers residents, returnees and Syrians investing from abroad.

The agreement carries no price tag yet. Bloomberg had reported in July that the group was planning two projects worth at least $20 billion (Dh73.4 billion). Earlier regional reports in May went higher, stating that the investment was above $50 billion (Dh183.6 billion)

Alabbar founded Eagle Hills in 2014. It operates separately from Emaar, though he leads both.

In Bahrain, it develops Marassi Al Bahrain, a waterfront district in Muharraq, with Diyar Al Muharraq. In the UAE, its portfolio includes Maryam Island in Sharjah and Ramhan Island in Abu Dhabi. It also announced the Bvlgari Resort & Mansions Abu Dhabi in 2025. The developer has also entered Oman with a Mandarin Oriental project.