Alabbar to invest $20 billion in Syrian reconstruction venture

UAE property developer Mohamed Alabbar is making the biggest private-sector investment yet in Syria’s reconstruction, unveiling plans for at least $20 billion of housing, tourism and business developments in Latakia and Damascus.

The Dubai-based founder of Emaar Properties plans to build tens of thousands of homes alongside resorts, offices, schools and hospitals, telling Bloomberg that years of war have created one of the region’s last large-scale development opportunities.

“There hasn’t been much development for the past 50 years in Syria,” said Alabbar, who built Dubai’s 162-story Burj Khalifa. “Arabs are looking for investments in the Arab world.”

Alabbar’s investment is one of several signs that Gulf companies are moving into Syria after Washington lifted sanctions and President Donald Trump met with Syrian President Ahmed al-Sharaa, dramatically changing the country’s investment outlook.

Saudi Arabia, Qatar and the UAE have also announced projects including ports, airports and infrastructure, as governments and investors race to secure an early foothold in the reconstruction effort.