New Damascus: Arada x Syrian Sovereign Fund partnership to develop $7 bn mixed-use megaproject
Arada's joint venture in Syria marks a pivotal investment in reconstruction, unveiling a $7 billion project to develop a new city near Damascus
UAE-based real estate developer Arada, supported by Saudi and UAE royals, has entered into an agreement to construct a $7 billion district in Damascus, Syria. This deal is part of a larger trend of Gulf investment flowing into Syria's reconstruction, in line with a US strategy to keep the country away from Iran's influence. The move also sees Arada's co-founder Khaled bin Alwaleed Al Saud, son of billionaire Prince Alwaleed bin Talal, returning to his region's top investment role.
Arada's co-founder's father owned the Four Seasons hotel in Damascus before selling it to a frontman for Syria's former president in 2018. For UAE property developers, Syria also presents a significant international growth opportunity, as evidenced by Dubai mogul Mohamed Alabbar's announcement of a $20 billion plan to develop housing and tourism infrastructure in Syria, including in Damascus and the coastal city of Latakia.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- UAE real estate developer Arada agrees to build $7B district in Damascus semafor.com
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