$8 billion is being invested in two massive tourism projects, marking the start of the largest recovery effort in the region’s history after the industry plummeted from 8 million annual visitors before 2011 to virtually zero during the war years.
The syrian government has signed memorandums of understanding to implement the “Damascus Gate” and “Mashreq Gate Latakia” projects, at a combined cost of $8 billion.This is part of a larger investment push to rebuild the war-torn nation.
The impact on the tourism sector was severe: 1,468 tourist facilities were out of service, according to 2019 data.This included 365 hotels and 1,103 restaurants, with 403 establishments suffering complete or partial damage.Iconic archaeological sites like Palmyra and ancient Aleppo now stand largely abandoned.
Minister of Tourism Mazen Al-Salhani stated that “The tourism sector was the fastest to recover after liberation, and was able to recover during its first year.” He also emphasized that repealing the Caesar Act “represents a turning point that opens broad horizons for the economy.”
You may also like:
- 25,000 hotel rooms are needed, compared to the current availability of just 4,000.
- 600 direct jobs will be created by the “Hejaz Gallery Damascus” project alone.
- 200,000 job opportunities are anticipated from the “Damascus Towers” project, which carries a price tag of 2.5 billion euros.
- $1.5 billion is the total value of investment contracts already signed for progress.
Saudi company “Ajdan” recently signed a memorandum of understanding for a mixed-use tourism project in Damascus, covering an area of 800,000 square meters. The former “Seven Gates” Hotel is also undergoing redevelopment with a budget of $65 million.
The revival of tourism hinges on several key factors: the removal of economic sanctions, the restoration of access to the SWIFT financial system, and a return to security and stability. Experts predict a gradual recovery beginning in 2025, fueled by religious tourism from neighboring countries and ongoing negotiations with international tourism promotion companies.
You may also like:
