Syria and the United Arab Emirates are moving ahead with a closely watched private-sector investment project in the country’s postwar recovery, with Abu Dhabi-based developer Eagle Hills signing a framework agreement on Monday for major housing and tourism projects in Damascus and Latakia.

The deal advances a development push led by Emirati billionaire Mohamed Alabbar that could ultimately involve investments worth as much as $20 billion, putting one of the UAE’s most prominent bets on Syria’s economic revival closer to implementation.

What happened: Syria and Eagle Hills signed the framework agreement on Monday at an investment event in Damascus attended by President Ahmed al-Sharaa and Alabbar. The agreement covers urban and tourism projects in Damascus and the coastal city of Latakia, with two projects set to move directly into implementation, according to state news agency SANA.

Alabbar, the founder of Eagle Hills and Emaar Properties, identified the developments as Tadamon Towers in Damascus and Eco Life in Latakia. The projects are envisioned as integrated communities combining homes, tourism facilities, services and public spaces.