Arada partners with Syrian Sovereign Fund on $7 billion joint venture project

UAE-based real estate firm Arada has embarked on a $7 billion joint venture with the Syrian Sovereign Fund to construct a sprawling mixed-use development in New Damascus, Syria. Spanning four million square meters west of the capital, the project will comprise 11,000 residences, 500 hotel rooms, 1,000 serviced apartments, office and retail spaces, as well as a 700,000-square-meter public park, educational facilities for 5,000 students, a 300-bed hospital, and government buildings.

Arada and the Syrian Sovereign Fund will collaborate on the project's master plan, working closely with Syrian government authorities and aligning with national reconstruction goals. This development, valued at $7 billion in Gross Development Value, will be situated in New Damascus, near the Mezzeh district, and will contribute significantly to Syria's reconstruction and economic growth.

This marks one of the earliest expansions for a UAE developer in Syria, demonstrating Arada's commitment to creating long-term investments and a thriving community.