Official Project Launch

On Thursday, 11 June 2026, Damascus Governor Maher Marwan Idlibi laid the foundation stone of the Damascus Financial Centre (DFC) in the Baramkeh district of central Damascus. The ceremony was attended by Tourism Minister Mazen al-Salhani and Syrian Investment Authority Director Talal al-Hilali. Earlier that day, Damascus Governorate announced that construction of the centre would begin soon, according to Syria TV.

At the launch, the governor said the preparation and infrastructure phase had already begun and would last about two months, to be followed by construction work on site, as reported by Golan Times on 12 June 2026. CNN Business Arabic reported the same day that Damascus Governorate had begun implementing the project after laying the foundation stone.

Partnership and Implementation Framework

The project is being developed by Souria Holding Company (named “Syria Holding Company” by SANA) in partnership with Damascus Governorate under a public-private partnership (PPP) agreement, a model in which a public body and a private company jointly finance and operate a project. Governor Idlibi described it as one of the largest investment and development projects in the capital, according to SANA.

At the launch, Souria Holding chairman Haytham Joud said the company would design the project with specialist firms from the region and abroad, and was seeking an Arab strategic partner to join once the project's legal procedures are complete (SANA). In July 2026 the developer named Consolidated Contractors Company (CCC) as its design-build contractor; see the update above.

Reviving a Long-Stalled Site

The governor said the Baramkeh site had stood idle for fifteen years despite its central location (SANA). According to Enab Baladi, the plot previously housed the al-Karnak public transport company and the “Beirut Garage” that served the Damascus–Beirut route; the garage was relocated in 2007, excavation began in 2009, and work then halted with the onset of the conflict in Syria, leaving the site an open pit until the current launch.

Specifications and Components

According to SANA, the project covers a land area of 33,000 square metres, with a total floor area of approximately 240,000 square metres. The centre comprises:

• Six mixed-use towers with residential, commercial and tourism functions
• An integrated shopping centre
• Five underground levels for parking and support services

Other published figures differ. Construction and Investment Prime (CIP) magazine, in an article dated 12 June 2026 and updated on 4 October 2026, cites Souria Holding's management for a total built-up area of about 400,000 square metres. MEED, reporting the contractor agreement in July 2026, gives a site of about 32,000 square metres, about 380,000 square metres of built-up area and four basement levels.

Economic Impact and Employment

According to SANA, the project is expected to generate 6,500 jobs during the construction phase and 8,500 jobs in the operational phase, about fifteen thousand in total. A target of allocating between 25% and 30% of the jobs to young people and new graduates was also announced at the launch, according to Enab Baladi and Golan Times; it is a stated target, not a confirmed outcome.

Investment Cost

At the launch, Souria Holding chairman Haytham Joud put the total investment cost at approximately 452 million US dollars, as reported by Enab Baladi and Golan Times. In July 2026, reporting CCC's appointment as design-build contractor, MEED described the project as worth 600 million US dollars (MEED, 17 July 2026).

Development Objectives

According to Damascus Governorate's announcement, reported by Syria TV, the centre is intended to give investors a modern place of business that houses financial and economic institutions in one location. The governor added that the plan also covers the project's surroundings, including infrastructure, public services, roads, networks, sewerage and telecommunications (SANA).

6 mixed-use towers, featuring:

• Tourism Tower: a 42-storey tower announced at the launch as the tallest in Damascus (Al-Thawra), with a five-star hotel and hotel apartments (SANA).
• Residential Towers: 2 towers with 550 smart residential units (Al-Thawra).
• Financial and Commercial Towers: 3 towers with more than 1,000 smart offices for major local and international companies, accommodating up to 350 companies (Al-Thawra).
• Tower Heights: At the launch, the governor said the remaining towers would range between 20 and 30 floors (Golan Times, 12 June 2026). CIP gives up to 40 floors for the hotel tower, 33 for the residential towers and 26 for the office towers.
• Parking Facilities: parking for more than 2,500 vehicles (Al-Thawra); CIP gives about 4,500 spaces.
• Green Spaces: 5,000 square metres of public green areas (Al-Thawra).
• Execution Period: 4 to 5 years, as announced at the launch (Al-Thawra); MEED gives the fourth quarter of 2028 as the completion deadline for the first phase.
• Infrastructure Upgrades: upgrading the surrounding water, sewage, electricity and telecommunications networks, with road and traffic improvements (Al-Thawra).

Frequently Asked Questions

Where is the Damascus Financial Centre located?

In the Baramkeh district of central Damascus, Syria.

When was the foundation stone laid?

On Thursday, 11 June 2026, in a ceremony led by Damascus Governor Maher Marwan Idlibi.

Who is developing the project?

Souria Holding Company, in partnership with Damascus Governorate under a public-private partnership (PPP) agreement.

Who is the contractor?

Consolidated Contractors Company (CCC), named exclusive design-build contractor under a memorandum of understanding signed on 6 July 2026, according to MEED.

What does the project include?

Six mixed-use towers (residential, commercial and tourism), including a tourism tower with a five-star hotel, an integrated shopping centre, and underground levels for parking and support services.

How large is the project?

According to SANA, a land area of 33,000 square metres and a floor area of about 240,000 square metres. CIP and MEED publish higher built-up area figures, about 400,000 and 380,000 square metres respectively.

How many jobs is the project expected to create?

About 6,500 during construction and 8,500 during operation, roughly fifteen thousand in total, according to SANA.

What is the estimated investment cost?

Souria Holding's chairman put it at about 452 million US dollars at the launch in June 2026. In July 2026, MEED described the project as worth 600 million US dollars.

What is the expected execution period?

4 to 5 years, as announced at the launch. MEED reports a fourth-quarter 2028 completion deadline for the first phase, three office buildings.

UPDATE 02.08.2026

Main contractor selected. On 6 July 2026 the developer, Souria Holding, signed a memorandum of understanding with Consolidated Contractors Company (CCC) naming it exclusive design-build contractor for the project, according to MEED on 17 July 2026, which described the project as worth 600 million US dollars. The memorandum was signed by Souria Holding chairman Haytham Joud and CCC chairman Samer Khoury, and covers design management, engineering, procurement, construction, testing and commissioning, handover and defects liability.

First phase. According to MEED, the first construction phase covers three office buildings with a total above-ground built-up area of 72,000 square metres, with a completion deadline in the fourth quarter of 2028.

Cost figures. Two figures have been published at different dates: about 452 million US dollars, the investment cost given by Souria Holding chairman Haytham Joud at the launch in June (Enab Baladi, Golan Times), and 600 million US dollars, the value MEED gave for the project in July. Both are set out under Investment Cost in the description below.

Update — 2026-08-05

Damascus Governorate has announced a detailed zoning plan within the western Baramkeh planning area, according to SANA on 5 August 2026. The decision reclassifies property 1715 Qanawat Basatin (parcel 90) from "public built" to "mixed residential" — combining residential and commercial use — and permits service stairwells that allow the commercial ground floor to be served independently.

In the same item, SANA restated the Damascus Financial Centre's parameters: a 33,000-square-metre site with 240,000 square metres of floor area, comprising residential, commercial and tourism towers plus a shopping centre, alongside upgrades to surrounding infrastructure, services, roads, sewerage and telecommunications networks.

Sources

• https://sana.sy/locals/2546258/