The Syrian Investment Authority and the Saudi real estate development company Ajdan signed a landmark Memorandum of Understanding (MoU) to establish a major tourism project in Damascus. This agreement is expected to strengthen economic cooperation between Syria and Saudi Arabia and contribute to revitalizing the tourism and housing sectors as the country continues its reconstruction efforts.
An Ambitious Agreement for a Mixed-Use Project
The MoU was signed at the General Secretariat of the Presidency of the Republic. Ismail Muqbl, the Investment Authority’s media director, explained that the agreement includes the launch of a feasibility study for a mixed-use tourism project covering approximately 800,000 square meters in the capital. The signing follows a series of intensive meetings during which both sides explored promising opportunities in Syria’s tourism sector and discussed mechanisms to advance joint investment.
Before the signing, the Director General of the Authority, Talal al-Hilali, met with the Saudi company’s delegation to discuss avenues of cooperation, particularly regarding the Ebla Hotel and Conference Palace projects. Hilali noted that Syria currently needs around 100,000 housing units across its governorates and affirmed the Authority’s full readiness to cooperate with Ajdan to ensure the success of the proposed initiatives. Members of the Saudi delegation described the Ebla project as a significant sovereign undertaking and a national pillar expressing their desire to participate in its development in a way that aligns with market needs.
A Promising Market for Tourism Investment
Deputy Minister of Tourism Ghiath al-Farah highlighted the considerable opportunities available in the tourism sector, emphasizing that the Investment Authority serves as the primary umbrella for any major investment in Syria. He confirmed that the Conference Palace is the largest facility of its kind in the country, with a capacity of up to 2,400 people. Farah also noted a substantial gap in hotel capacity, stating that the country requires 25,000 hotel rooms while only about 4,000 are currently available. He emphasized Syria nonetheless possesses a skilled workforce capable of supporting sector expansion and meeting future tourism needs.
A Leading Real Estate Partner
Established in 2016 in Khobar, Saudi Arabia, Ajdan Real Estate Development Company is recognized as a leading actor in the region. Its expertise includes the development of integrated residential, tourism, and entertainment projects ranging from luxury housing units to hotels and commercial complexes. This track record positions the company as a strong partner with the capacity to contribute meaningfully to large-scale development projects in the Syrian market.
This agreement constitutes an important milestone in attracting Arab investment to Syria while opening new horizons for the reconstruction and modernization of tourism infrastructure. It also contributes to addressing urgent housing needs, marking the beginning of a promising strategic partnership with significant economic potential.
