UAE developer Arada enters Syria with $7 billion 'New Damascus' mixed-use project

Dubai-based real estate firm Arada has announced a $7 billion ($25.7 billion) mixed-use development project near Damascus, marking one of its largest international expansions. The project, named New Damascus, is being developed in partnership with the Syrian Sovereign Fund, a state-owned institution, on a 4 million square meter site west of Damascus, near Mezzeh district.

The development will consist of 11,000 homes, 500 hotel rooms, 1,000 serviced apartments, educational facilities, a 300-bed hospital, offices, retail spaces, parks, and government buildings. Arada's master plan aligns with Syria's reconstruction priorities, and construction will be carried out in collaboration with Syrian authorities.

The project's scale positions it among large master-planned developments, with residential, hospitality, retail, education, and healthcare components integrated within the community. Arada's CEO, Ahmed Alkhoshaibi, emphasized the project's timing, stating that Syria is at a pivotal moment for reconstruction and investment. The Syrian Sovereign Fund's CEO, Mohammed Al Khayyat, highlighted the significance of the partnership in demonstrating Syria's efforts to attract international investment and create long-term value for the country.