Syria tourism investments exceed $3 billion

Syrian Tourism Minister Mazen al-Salhani announced that investment memorandums of understanding for the tourism and hospitality sectors, previously valued at $1.5 billion, have been converted into binding contracts exceeding $3 billion. These projects include the construction of new hotels and the rehabilitation of existing facilities.

Key international investors include the Saudi hospitality group Baudell, operating through its Narciss brand, and the UAE-based Eagle Hills, which has contracted for two major projects in Latakia and New Damascus. Additionally, the UAE company Arada has partnered with the Syrian Sovereign Fund on a multi-use development project in New Damascus with an estimated value of $7 billion.

French group Accor is also expected to enter the Syrian market with two new hotel projects to be announced shortly. Regarding tourism growth, the ministry projects visitor numbers to rise from 4 million in 2025 to 8 million by the end of 2026, with a long-term goal of reaching 10 to 11 million visitors by 2027. This growth is supported by the upcoming opening of a new terminal at Damascus International Airport in December, which is expected to have a capacity of 10 million visitors.