Arada Enters Syria With $7 Billion Mixed-Use Development Near Damascus

DAMASCUS, SYRIA: UAE-based developer Arada has announced its entry into Syria through a joint venture with the state-owned Syrian Sovereign Fund, with plans to develop a $7 billion (AED25.7 billion) mixed-use community west of Damascus.

The project will occupy a four million-square-metre site in an area known as New Damascus, near the Mezzeh district. The site is approximately 10 minutes from Damascus city centre and 25 minutes from Damascus International Airport.

Arada and the Syrian Sovereign Fund will jointly develop the project, with the masterplan to be prepared in coordination with the relevant Syrian government authorities and aligned with national reconstruction and development priorities.

The two organisations are also working to identify further development sites across Syria.

The agreement was signed at the headquarters of the Syrian Sovereign Fund in Damascus by Arada Group CEO Ahmed Alkhoshaibi and Mohammed Al Khayyat, Board Member and Chief Executive Officer of the Real Estate Development Sector at the Syrian Sovereign Fund.

His Excellency President Ahmed al-Sharaa also received Alkhoshaibi at the People’s Palace.

Four Million-Square-Metre Masterplan

The development will include 11,000 homes, spanning apartments, villas, townhouses and branded residences.

Plans also include 500 hotel rooms, 1,000 serviced apartments, education facilities for 5,000 students and a 300-bed hospital, alongside offices, commercial space, retail, government service buildings and recreational facilities.

A 700,000-square-metre public park will form part of the wider four million-square-metre site.

Arada said the development model will draw on experience from its Aljada and Masaar masterplanned communities in the UAE.

Arada Expands to Fourth International Market

The move into Syria expands Arada’s development portfolio to four markets. The company now has a project pipeline valued at $42 billion, comprising more than 66,000 homes across the UAE, the United Kingdom, Australia and Syria.

HRH Prince Khaled bin Alwaleed bin Talal, Executive Vice Chairman of Arada, said: “Syria is at a pivotal moment in its history, and the scale of the opportunity to rebuild and invest in its future is significant. Arada has spent nearly a decade delivering high-quality communities at scale, across multiple markets and in complex environments. Working with the Syrian Sovereign Fund, our organisation is uniquely well-placed to bring that experience to bear here, creating jobs, developing local skills, supporting Syrian businesses and contributing to the local economy. Arada’s success has been shaped by our willingness to make long term investments where others might hesitate with partners who share our vision to create genuine communities.”

Joint Venture Targets Further Development Opportunities

The Syrian Sovereign Fund said the partnership forms part of efforts to attract international investment into the country’s reconstruction and development programme.

Mohammed Al Khayyat, Board Member and Chief Executive Officer of the Real Estate Development Sector at the Syrian Sovereign Fund, said: “Syria welcomes businesses and companies from around the world, and this strategic partnership with Arada is a powerful demonstration of what that means in practice. The Syrian Sovereign Fund’s mandate is to attract world-class investment that creates lasting value for the Syrian people, and we believe that this project represents exactly that. We’re grateful to Arada for their partnership and we look forward to working together to deliver projects that reflect the ambition and resilience of the Syrian people.”

The project will add residential, hospitality, healthcare, education and commercial uses within a single integrated masterplan, while the two partners continue evaluating additional development opportunities in Syria.