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Khaled Zubeidi... A new economic arm collaborating with an advisor in the Presidential Palace
Nirvana Tourism" Project in Damascus Sparks Controversy.. New Investment Highlights Zubeidi’s Name as a Major Partner
About a month ago, the head of the Syrian regime’s government, Hussein Arnous, laid the foundation stone for the "Nirvana Tourism" project in the Al-Hijaz area in central Damascus. This step sparked significant discussions and criticisms. The project is built on the ruins of the famous Al-Hijaz café, which was demolished last year, and aims to become a tourism and commercial complex comparable to international models, with an investment estimated at approximately 105 billion Syrian pounds.
The Nirvana project focuses on promoting luxury tourism, including the construction of a five-star hotel on an area of about 5,133 square meters, in addition to commercial and multi-story buildings covering up to 25,000 square meters. The project is expected to take around 47 months to complete, with a return on investment projected to last 45 years. According to the official SANA agency, this project is among the largest tourism endeavors in the country, aiming to revive a tourism sector that has suffered for many years from crises, and to restart the efforts to revive prosperity and development.
However, despite its significance, the announcement of the project faced widespread criticism, mainly due to its symbolic and historical importance linked to the site of Al-Hijaz café, which is considered one of the landmarks of the old city and a cultural heritage site. Some Syrians saw replacing it with a modern building as a cultural and historical loss.
The most controversial aspect is the identity of the investor company, which remained unclear for years before being officially revealed during the groundbreaking ceremony. In previous years, media reports indicated that the project tender was awarded to "Al-Hijaz Syrian Private Investment Company," which was not widely known or publicly recognized. Sources suggest that the main investors in the company are Fadi Mowafaq Hammada and Ahmed Farouk Abbas, each holding 50%. However, in February, new information emerged contradicting these claims and revealing the true investor’s identity.
At the beginning of June, SANA Agency announced that the main investor for the project is a rising businessman named Khaled Zubeidi, a prominent economic figure with increasing influence in the local arena. The agency described him as “the head of the company investing in the Nirvana project.” During his statement, Zubeidi affirmed that “the project represents a nucleus for the revival of the tourism sector in Syria and will play a pivotal role in driving economic development in the country.”
Zubeidi’s Background
The Zubeidi family was previously not widely known in the Syrian economic scene until recent years when Zubeidi emerged as one of the major investors and a new face in real estate projects and partnerships, through establishing multiple companies in the real estate and investment sectors.
Zubeidi is considered one of the sons of the Al-Midan neighborhood in Damascus. He is 46 years old and started his economic career by founding various real estate and investment companies, including "Ibtikar Investments," "Zubeidi Development," and "Aqar Investment." He also owns several tourism projects, including the "Grand Town" tourist complex near the exhibition city in Damascus, which encompasses an integrated tourist city on a vast area of up to 2.5 million square meters.
He emphasizes the importance of real estate development projects and is currently executing large residential and commercial projects, such as a residential project in the Damascus countryside near Damascus International Airport. This project involves developing 350 apartments out of an initial 650, with plans to expand to around 3,000 apartments, including facilities like hospitals, schools, malls, and service centers.
Additionally, Zubeidi is involved in other projects, including "Al-Salam Mall," villa projects along the airport road, and Eblal Hotel and amusement park. His investments are characterized by partnerships with influential political and economic figures, and reports indicate that Zubeidi’s name has been on U.S. sanctions lists since 2020 as a supporter of the Assad regime, involved in relationships with figures tied to the regime.
