{
  "id": 4808760,
  "title": "UAE developer Arada to build $7 billion mixed-use project in Syria",
  "url": "https://urgent.news/2026/09/01/uae-developer-arada-to-build-7-billion-mixed-use-project-in-syria",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-01T06:33:39.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/property/2026/09/01/uae-developer-arada-to-build-7-billion-mixed-use-project-in-syria/"
  },
  "original_language": "en",
  "account": "UAE developer Arada announced plans for a $7 billion mixed-use real estate project in Syria, which will span 4 million square meters on land in Damascus. The development will include 11,000 residential units, such as apartments, villas and townhouses, as well as 500 hotel rooms and 1,000 serviced apartments. The project will also feature educational facilities, a 300-bed hospital, office space, commercial areas, retail outlets, and government buildings. A public park spanning 700,000 square meters will be part of the development. Arada is collaborating with the Syrian Sovereign Fund to deliver the project. Prince Khaled bin Alwaleed, Arada's executive vice chairman, stated that Syria is at a critical juncture for reconstruction and investment. The US State Department recently removed Syria from its list of state sponsors of terrorism, facilitating increased investment. Additionally, the repeal of the Caesar Act and the EU lifting of economic sanctions have further opened opportunities for foreign businesses. The Syrian economy has suffered greatly due to the 14-year civil war, with the gross domestic product declining and per capita income dropping to $830 in 2024. Reconstruction costs are estimated at $216 billion by the World Bank. Mohammed Al Khayyat, a board member and CEO of the Syrian Sovereign Fund, expressed his country's openness to welcoming businesses. Arada, a joint venture between KBW Investments and the Sharjah-based Basma Group, is also expanding in other markets, including Australia and the UK. Emaar, led by Dubai businessman Mohamed Alabbar, plans to invest $18 billion in Syria, focusing on projects worth $5 to $11 billion in Damascus and its surroundings.",
  "summary": "UAE developer Arada has revealed plans to build a $7 billion mixed-use real estate project in Syria. The new project in the west of Damascus will have 11,000 homes, including residential apartments, villas and townhouses, branded residences, 500 hotel rooms, and 1,000 serviced apartments, Arada said in a statement. There will also be educational facilities, a 300-bed hospital, office space,…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The National UAE",
        "title": "UAE developer Arada to build $7 billion mixed-use project in Syria",
        "url": "https://urgent.news/2026/09/01/uae-developer-arada-to-build-7-billion-mixed-use-project-in-syria-4808922",
        "published": "2026-09-01T06:33:39.000Z"
      },
      {
        "outlet": "Gulf News",
        "title": "UAE developer Arada enters Syria with $7 billion 'New Damascus' mixed-use project",
        "url": "https://urgent.news/2026/09/01/uae-developer-arada-enters-syria-with-7-billion-new-damascus-mixed",
        "published": "2026-09-01T07:11:58.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}