Saudi Arabia’s Abyat Real Estate Investment and Development Company has launched two major residential projects in the Damascus countryside with a combined estimated investment exceeding $1.2 billion, highlighting growing investor interest in Syria’s reconstruction and urban development sectors.
According to Abyat General Manager Mohammed Al Salloum, the flagship “Modern Urban Community” project carries an estimated value of around $1 billion, while the “Abyat Hills” development is expected to require approximately $200 million in investment. Both projects will be implemented in partnership with Syria’s Ministry of Public Works and Housing and the General Housing Establishment.
Funding will be deployed in phases, beginning with an initial investment of around $50 million. Future financing will be supported through a combination of company resources, shareholder contributions, and off-plan property sales.
The Modern Urban Community project will be developed in Al Bajaa, Rural Damascus, covering nearly six million square meters and comprising approximately 20,000 residential units. Construction is expected to take eight years. Meanwhile, Abyat Hills will be built in Qudsaya on a site spanning roughly 380,000 square meters and will include more than 2,000 housing units, with completion targeted within four years.
Syrian Minister of Public Works and Housing Mustafa Abdul Razzaq stated that the two projects will contribute around 22,000 housing units to the market. He noted that Syria requires an estimated two million additional homes and emphasized the government’s support for new residential developments across all market segments.
The projects will introduce modern gated-community concepts to the Syrian housing market while supporting job creation and stimulating construction-related industries.
Officials noted that the selected sites were chosen partly because the land is fully owned by the Ministry of Housing, facilitating licensing procedures and accelerating project implementation. In contrast, reconstruction projects in areas with overlapping ownership claims or war-related damage continue to face legal and administrative challenges linked to property rights, documentation, and compensation mechanisms.
The announcement comes amid increasing regional interest in Syria’s reconstruction opportunities. Recent months have seen a number of major real estate and infrastructure initiatives announced by Gulf investors, including projects by UAE-based developers Emaar and Eagle Hills.
Syria is seeking to transform investment agreements into concrete development projects as it rebuilds its economy and infrastructure. According to World Bank estimates, the cost of reconstructing damaged physical assets in the country could reach approximately $216 billion, including housing, infrastructure, and non-residential buildings.
The focus on Rural Damascus reflects one of the country’s key reconstruction priorities, with the governorate among the areas expected to require significant investment following years of conflict-related damage.
Source: asharqbusiness.com
