The Syrian capital, Damascus, witnessed the laying of the foundation stone for the Damascus Financial Center project in the Baramkeh district on Thursday, June 11, in a partnership between Damascus Governorate and Syria Holding.
Damascus Governor Maher Marwan Idlibi, Tourism Minister Mazen al-Salhani, Syrian Investment Authority Chairman Talal al-Hilali, and representatives of Syria Holding attended the launch event.
Enab Baladi attended the launch and observed that the project consists of a tourism tower, two residential towers, three commercial towers, a fully integrated commercial complex, and five underground floors allocated for parking and services.
The project is expected to provide around 6,500 direct and indirect job opportunities during the implementation and construction phase, and 8,500 jobs during the operation and services phase.
Damascus Governor Maher Marwan Idlibi said the project is a strategic step to turn stalled sites into sites of achievement, replacing signs of stagnation with workshops that open doors to investment.
According to the governor, the site, which has major economic and urban value, had remained neglected and stalled for about 15 years.
The governor added that the announcement of the project coincides with a clear implementation plan, stressing that the Damascus Financial Center is one of the largest investment and development projects witnessed by the capital, Damascus, in recent times.
According to Idlibi, the project is not merely tourism, financial, and commercial towers, but a message of confidence in the future of Damascus, in the potential of the national capital, and in Syrian youth.
The project has been reorganized with full focus on preserving the urban and heritage identity of the area, bringing together modernity and authenticity, and development with respect for the city’s history, according to the governor of Damascus.
Idlibi said the project falls within Damascus Governorate’s goals to stimulate the economic cycle, activate stalled projects, and create new job opportunities.
The governor of Damascus stressed that the developmental impact of this project will not be limited to its built area, but will extend to comprehensive and radical development of the entire surrounding area.
According to Idlibi, development work will include a comprehensive upgrade of infrastructure and public services, and the development of road, sewage, and telecommunications networks, in full alignment with the city’s future growth requirements.
The project also includes preparing and rehabilitating parking areas and facilities that can accommodate more than 2,500 vehicles, directly contributing to improved traffic movement and easing congestion in the heart of the capital, according to the governor of Damascus.
Investment Cost of About $425 Million
For his part, Syria Holding Board Chairman Haytham Joud revealed that the investment cost of the project is estimated at around $452 million.
Joud added that the project includes three smart and modern administrative towers, two residential towers, and a tourism tower containing fully serviced hotel apartments.
According to Joud, the project will also provide an integrated environment that brings together administrative offices, commercial companies, malls, and residential units in one location.
Joud explained that the project will rely on designs by leading regional companies, while global companies will handle implementation, noting that the studies paid close attention to traffic solutions in the surrounding area through precise planning of entrances and exits to ensure there are no traffic bottlenecks or congestion.
At the end of his speech, the Syria Holding chairman said the company will begin by relying on investors’ own resources, with the possibility of bringing in an Arab strategic partner after completing all legal and administrative procedures.
In this context, the governor of Damascus told Enab Baladi that the tallest tower, the tourism tower, will consist of 42 floors and will include hotel rooms and apartments, as well as presidential and royal suites.
The remaining towers will range between 20 and 39 floors to keep pace with the area’s urban identity.
The project extends over an area of 240,000 square meters, while the floor area of the residential units totals 72,000 square meters.
Idlibi also said the initial plans were amended in cooperation with the implementing company, and that the amendment was made to fit the nature of the surrounding area, noting that there are other areas in the future that may allow for greater heights.
Regarding the timetable, the governor of Damascus told Enab Baladi that work has started on preparing the site, including infrastructure, equipment, logistics, and required materials. This preparatory phase will continue for two months, during which plans, the implementation file, and required details will be prepared, after which the project will move to field work and execution.
The governor of Damascus said other projects will be launched successively in the near future, noting that Syria is witnessing accelerated activity in the sectors of real estate development, construction, tourism, office, and commercial projects, reflecting a new phase of building and development.
Idlibi explained that Syrian labor will remain the most important pillar in this process, making these projects a real economic driver that contributes to stimulating the national economy from today until their completion in the coming years. He said 2026 and 2027 will be years of implementation and achievement.
He explained that Damascus Governorate, in cooperation with Syria Holding, is committed to agreeing on allocating a share of job opportunities to young people within employment plans. The share of young workers is expected to range between 25% and 30% of the total required staff, according to the governor, with priority given to recent graduates and national talent, allowing them to gain experience and contribute to developing these projects and growing with them.
He stressed that the Damascus Financial Center is one of the most prominent results of amending Syria’s investment law, as it represents an important step toward strengthening the investment environment and attracting capital.
240,000 Square Meters Above Ground
For his part, the director of Khatib & Alami in Syria, Hussam Jalouk, told Enab Baladi that the company has been responsible for the project since its launch, in terms of design and supervision of implementation. He noted that the project may see some minor and limited changes in areas during the coming period, by only about 10%.
Meanwhile, Syria Holding Executive Director Omran al-Khalaf told Enab Baladi that the project extends over a floor area of 240,000 square meters above ground, in addition to 137,000 square meters underground.
Regarding the project timetable, al-Khalaf affirmed the company’s commitment to complete the executive plans, prepare the pit, and carry out initial construction works, while the total implementation period specified in the contract is five years for the entire project.
Al-Khalaf also revealed that negotiations are continuing with several major global and regional companies interested in joining the project as partners, in addition to broad requests and expressions of interest from entities and individuals seeking to purchase apartments and full floors in the towers.
Coordination is also underway for a five-star hotel to be managed by a prestigious global brand, according to al-Khalaf.
Tourism Minister Mazen al-Salhani revealed that a surprise will be announced soon, represented by understandings reached with a leading global operator in the hospitality sector that has a portfolio of 52 hotel brands covering various categories and classifications.
According to the tourism minister, these brands include all levels of hotel services, from luxury five-star hotels to three-star hotels, meeting the needs of different segments and enhancing the diversity of the tourism sector.
Al-Salhani expected the official agreement to be signed in the near future.
An Old Project Frozen for Years
The site is located in the middle of the Baramkeh neighborhood in Damascus, in a pit surrounded by a large wall and lined along its edges with small stalls and tea and coffee vendors, a scene that has continued since 2009.
This pit, located opposite the official news agency SANA, was previously a gathering place for local transport companies, known as al-Karnak, and vehicles operating on the Damascus-Beirut route. It was known as the Beirut Garage area, which was moved in 2007 to al-Sumariyah area, at the end of the Mezzeh highway, by a decision from the Damascus Governorate.
But only three months after the garage was moved, on October 29, 2007, the German Press Agency, DPA, quoted economic sources as saying that Syria Holding, which was announced in 2006 by a group of Syrian residents and expatriate businessmen with capital of only 4 billion Syrian pounds, had acquired the Baramkeh garage land to establish commercial markets and offices.
The time gap between the relocation of the garage and Syria Holding’s acquisition of the land prompted economic analysts to say that moving the garage to the Somariyeh area was driven by the desire of Syria Holding to acquire the garage land and build the tower project on it.
In 2009, Syria Holding began excavation work. In late 2010, the company signed an agreement with Banque Bemo Saudi Fransi, Bemo Securitisation, and Bemo Saudi Fransi Finance to secure bank financing for the tower project through a syndicated loan involving local and regional banks.
The agreement came after the financing studies for the project were completed, and amid confidence in its importance in activating the role of the private sector in Syria’s development process and attracting domestic and foreign investment.
However, the project stopped with the beginning of the Syrian revolution, and reports circulated at the time that Syria Holding had abandoned it.
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