Damascus Launches The Bowmont, $300 Million Tourism Project
Syria’s Ministry of Tourism announced on April 7 that it had signed an agreement with Izdihar Holdings to develop The Beaumont Damascus, with an investment value ranging from $250 million to $300 million.
The project will be implemented in partnership between the Ministry of Tourism and Izdihar Holdings.
Project details
The project will be built over a total constructed area of about 77,000 square meters, with an estimated investment value of between $250 million and $300 million.
According to the Tourism Ministry, this makes it one of the most prominent anticipated tourism and urban development projects in the country in the coming phase. It is expected to create between 1,500 and 2,500 direct jobs, in addition to about 3,000 to 3,500 indirect jobs.
The Beaumont Damascus will extend along a waterfront beside the Barada River and will include two main towers sharing a luxury reception lobby. The first tower will house a five-star hotel with about 150 hotel units spread across 22 floors. These will include rooms and suites with panoramic views, alongside elegant restaurants, a private members’ club, an integrated spa center, and facilities designed to receive tourists and businesspeople.
The second tower will be dedicated to luxury residential units and will include classified serviced apartments spread across 26 floors. They will range from one-bedroom apartments to five-bedroom units, as well as duplex penthouses, with each unit reaching up to 570 square meters and offering panoramic views of Damascus. The project will also include a two-story international shopping center featuring global brands alongside products by local artisans, as well as a shaded outdoor promenade lined with cafes and restaurants.
The project will also include a 10-story business center providing office spaces designed to attract major business figures and international companies. A prominent site will be allocated for the new headquarters of the Ministry of Tourism, to be located at the corner closest to central Damascus, with a private entrance and separate parking spaces.
The project will be carried out through the establishment of a joint company between the Ministry of Tourism and Izdihar Holdings.
The company will have legal personality and financial and administrative independence, and will be subject to the Companies Law issued under Legislative Decree No. 29 of 2011 and Investment Law No. 18 of 2021, and their amendments in force in Syria.
The project is scheduled to be completed in all its components within no more than four years from the date the company is officially announced, according to a phased implementation plan, while the partnership will extend for 50 years and may be renewed.
The signing ceremony was attended by senior officials, ambassadors, investors, decision-makers, and representatives of regional and international institutions and companies specializing in tourism and investment.
“A pivotal point” in sector development
Syrian Tourism Minister Mazen al-Salhani said in a press statement that the project represents a pivotal point in the path of developing Syria’s tourism sector. He said it marks a qualitative step toward reviving the sector and strengthening Syria’s appeal as a promising investment destination.
According to al-Salhani, developing integrated projects at this level helps stimulate economic growth, attract quality investments, and create sustainable jobs in a way that supports comprehensive development and reflects partners’ confidence in Syria’s future.
Al-Salhani said the Tourism Ministry places the highest importance on entrenching the principles of institutional governance in the management and investment of state-owned assets, based on a commitment to complete transparency at all stages of contracting and implementation.
He added that the ministry is working to apply an integrated oversight system, including continuous follow-up and post-implementation oversight, to prevent any form of tampering or violations and confront undisciplined practices, to preserve state rights and reinforce a reliable and attractive investment environment.
A driver of economic and social recovery
For his part, Izdihar Holdings founder and owner Wafic Rida Said said the tourism investment is one of the most important drivers of economic and social recovery, as it helps create jobs and energize local communities.
He added that The Beaumont Damascus is the first project of its kind in Syria in terms of both scale and leading international specifications, and that it represents an ambitious investment aimed at offering diverse tourism products.
Said said the project also keeps pace with global demand and boosts Syria’s competitiveness as a tourism destination. He added that it will help expand hotel capacity and diversify hotel accommodation options in a way that corrects the course of hotel room prices.
Projects across Syrian governorates
In remarks to journalists, al-Salhani announced the start of a new phase of investment projects, saying the coming period will see the launch of major projects in Damascus and across Syria’s governorates.
He said the ministry has begun reaping the results of efforts made during the past year, carried out in close coordination with the Investment Authority and a specialized team to study projects and assess investors’ seriousness.
Regarding medical tourism, the minister said the ministry has been in continuous contact for the past six months with specialized international companies, Syrian experts residing abroad, and experts in neighboring countries.
According to the minister, a new law regulating medical tourism is expected to be issued, ensuring the delivery of safe services in line with the highest international standards.
Addressing stalled projects
Al-Salhani said all stalled tourism projects in Syria have been identified since the first day the ministry assumed its duties. He said the ministry contacted investors to understand their problems, which led to resolving nearly 90% of the obstacles facing those projects.
He added that some hotels have already begun operating according to modern international standards, especially with regard to security, safety, and fire prevention systems, in addition to modifying plans to make them accessible to people with disabilities, in line with recommendations by the World Tourism Organization.
Al-Salhani also said the ministry launched a project to support two-star and three-star hotels, with coordination underway with banks to provide the financial support needed to develop them and improve their technical and service levels.
Based on presidential directives, a committee was formed to study the conditions of restaurants and food establishments damaged by the war, with the aim of granting them partial opening exemptions to help them generate income and gradually develop their facilities, with the possibility of attracting investors to support them, according to al-Salhani.
Investor seriousness
Regarding investor quality, al-Salhani said the ministry uses precise criteria before signing any contract, stressing that it will not tolerate any shortcomings. If an investor is found to lack seriousness, contracts will be terminated immediately to ensure the state does not lose opportunities.
In this context, Syria’s Ministry of Tourism terminated a contract signed with a Saudi company to redevelop, rehabilitate, and invest in the Seven Gates Hotel in Damascus, formerly the Sheraton.
The ministry said on April 6 that it had reached an amicable agreement with Saudi Arabia’s Le Park Concord to terminate the contract by mutual consent because the company had violated most of its terms.
Syrians build Syria
Talal al-Hilali, head of the Syrian Investment Authority, said the new project will provide a strong boost to the Syrian economy because it will employ a large workforce and stimulate the industrial sector through the involvement of cement and steel factories and the provision of raw materials, alongside the participation of ministries and governorates.
He said the Investment Authority began activating the decree supporting Syrian and non-Syrian investors last year, and that it has already yielded tangible results.
Al-Hilali told Enab Baladi that Syria’s investment climate currently holds strong appeal, and that the tourism sector represents one of the most important available investment pillars. He called on Syrian investors abroad to return and invest in their homeland.
Initiative to train national cadres
During the ceremony, Wafic Rida Said presented an initiative to train national cadres. He announced a training scholarship for 30 employees from the Ministry of Tourism, selected from full-time staff, to participate in intensive training programs at Said Business School at the University of Oxford, which he founded. The programs will cover hospitality, project management, and tourism investment.
Participants will be divided into six groups, each including five employees. The initiative will be carried out at Said’s personal expense, covering all costs. It aims to support and develop national competencies according to the highest international standards, helping strengthen the readiness of the tourism sector, raise its competitiveness, and reinforce international investors’ confidence in the presence of qualified cadres capable of keeping pace with the requirements of the coming phase.
Who is Wafic Rida Said?
Syrian businessman Wafic Rida Said was born in 1939. He is the son of Rida Said, the founder of Damascus University and a former Syrian minister of higher education. He also holds Saudi and British citizenship and is one of the most prominent Syrian businessmen to build wealth through overseas investments.
He began his career in Saudi Arabia in the 1980s before moving to Britain to expand his investments. Said has made major contributions to supporting scientific research, education, and charitable projects. After the outbreak of the Syrian revolution in 2011, he opposed Bashar al-Assad’s handling of protesters’ demonstrations.
Izdihar Holdings is a diversified group focused on real estate development and the financing of commercial projects, with a record of innovative projects and sustainable strategies, according to the Syrian Arab News Agency, SANA.
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