Syria, UAE developer sign $7B Damascus project
Major development will span 4 million square meters and include homes, hospitals, schools, hotels, offices and commercial facilities
DAMASCUS, Syria (MNTV) — Syria’s Sovereign Fund and UAE-based property developer Arada have signed a $7 billion agreement to develop a major residential and commercial complex in Damascus, according to Syria’s state news agency SANA.
The project, named “New Damascus,” will cover approximately 4 million square meters, or about 43 million square feet, and is planned to include 11,000 residential units alongside a broad range of public and commercial facilities.
The development will feature hotels, healthcare centers, educational institutions, offices, retail and commercial areas, government service centers, green spaces and recreational facilities.
The agreement was signed in Damascus by Arada Chief Executive Officer Ahmed al-Khushaybi and Mohammed al-Khayyat, chief executive of the Syrian Sovereign Fund’s real estate development division.
The project represents Arada’s first major development in Syria as the country seeks to rebuild its infrastructure and economy following years of conflict and destruction.
Mazen al-Salhani, chairman of the Syrian Sovereign Fund, said the agreement also seeks to create sustainable housing communities for people living in refugee camps and Syrians whose homes were destroyed during the war.
He added that Syrian government institutions would provide the necessary support and facilities to enable the project’s implementation.
Arada CEO al-Khushaybi said the company intends to bring to Syria a housing initiative it has previously developed for refugee communities elsewhere.
The initiative, known as “City for a City,” will be implemented in cooperation with the Syrian Sovereign Fund, according to the company.
Mohammed al-Khayyat said the planned development would follow the “15-minute city” model, under which residents can access essential services and daily necessities within a short distance of their homes.
According to the project plans, the development will contain hotels offering more than 500 rooms, hospitals with capacity for as many as 300 beds and educational facilities designed to accommodate approximately 5,000 students.
The wider complex is also expected to contain government service centers, corporate offices, commercial districts, landscaped green areas and recreational facilities.
The agreement comes as Syria’s authorities seek major investment in reconstruction and urban development after years of war severely damaged housing, public infrastructure and essential services across the country.
The scale of the proposed Damascus project makes it one of the largest announced real estate investments in Syria since the country entered its post-war reconstruction phase.
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