Syrian tourism and economic investment development

Syrian authorities have initiated efforts to boost tourism and urban investment, particularly in Damascus. Early coordination between the Syrian Investment Authority, the Ministry of Tourism, and the Sovereign Wealth Fund focused on establishing regulatory standards for large-scale projects. These include the ‘New Damascus’ development, a $7 billion agreement with the UAE-based Arada Group, and ‘The Monument Damascus,’ a $300 million project involving Ezdehar Holding. Concurrently, the Central Bank of Syria engaged with Germany’s Commerzbank to discuss strengthening international banking trust, facilitating trade, and improving monetary oversight.

Subsequent developments show a significant increase in tourism sector commitments. Tourism Minister Mazen al-Salhani reported that investment memorandums of understanding have transitioned into binding contracts exceeding $3 billion. International involvement has expanded to include the Saudi hospitality group Baudell, the UAE-based Eagle Hills, and expected entries from the French group Accor. To support projected visitor growth, which is expected to reach 8 million by the end of 2026, a new terminal is scheduled to open at Damascus International Airport in December.