Emaar founder Mohamed Alabbar is planning to invest as much as $18 billion in Syria in varied projects as Damascus seeks to attract investment to rebuild its economy.
The Dubai businessman is assessing projects worth between $5 billion and $7 billion on the Syrian coast and up to $11 billion in Damascus and its surroundings.
The construction of projects in Syria may start within six months in collaboration with Syrian investors, Sky News Arabia reported on Tuesday, quoting Mr Alabbar.
“In my real estate business, I think it's an amazing opportunity because the city of Latakia or Damascus have never been, have not had any real estate expansion, which I think is the time for somebody like me to come in and put my teeth in, and I'm really very positive on everything that I see in Syria,” Mr Alabbar told The National in Damascus.
The US removed its Syria sanctions programme by executive order in July last year and Congress repealed the Caesar Act in December, paving the way for more investments.
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Source: The National
