Arada and Syrian Sovereign Fund form $7 billion Damascus development venture

Arada, the UAE-based master developer, is moving into Syria through a joint venture with the state-owned Syrian Sovereign Fund. Their first project together is a $7 billion mixed-use scheme in New Damascus, west of the capital. That makes Arada one of the first UAE developers to enter the country.

The site covers four million square metres on a plateau near the Mezzeh district. It sits roughly 10 minutes from central Damascus and 25 minutes from Damascus International Airport. The estimated gross development value is $7 billion, equal to AED25.7 billion.

The development is planned as a fully integrated community. It will contain 11,000 homes, split between residential apartments, villas, townhouses and branded residences. It will also have 500 hotel rooms and 1,000 serviced apartments. Office space, commercial space, retail and recreational areas are included.

A large public park accounts for 700,000 square metres of the site. The plan also sets aside space for education facilities for 5,000 students, a 300-bed hospital and government service buildings. Other facilities will cover day-to-day community needs.

Arada and the Syrian Sovereign Fund will develop the master plan alongside Syrian government authorities, aiming to align it with national reconstruction priorities. The two partners are also exploring additional development sites across Syria, so this project may not be their only collaboration.

For Arada, the entry into Syria extends an international pipeline that already spans the UAE, the United Kingdom and Australia. The new project pushes the combined value of that pipeline to $42 billion, with more than 66,000 homes across the four markets.

The agreement was signed in Damascus at the Syrian Sovereign Fund's headquarters. Arada chief executive Ahmed Alkhoshaibi signed alongside Mohammed Al Khayyat, the fund's board member and chief executive for real estate development. President Ahmed al-Sharaa later received Alkhoshaibi at the People's Palace. The signing was described as one of the most significant foreign real estate agreements in Syria since the country entered a new reconstruction phase.

Arada says the project model draws on its earlier communities in the UAE, Aljada and Masaar. The company has spent nearly a decade delivering large residential projects in different markets, and it plans to bring that experience to Syria.

Alkhoshaibi described Syria as being at a significant moment for rebuilding and investment. He said the partnership would create jobs, help develop local skills, support Syrian businesses and contribute to the local economy. Al Khayyat said Syria welcomes international companies and that the sovereign fund's task is to attract investment delivering lasting value to Syrians. That, he said, is what this project represents.