UAE Arada Group Signs $7 Billion Deal for New Damascus Project
UAE-based Arada Group has partnered with the Syrian Sovereign Fund to develop a **$7 billion** real estate project spanning four million square metres in the “New Damascus” area.
The UAE's Arada Group and the Syrian Sovereign Fund have signed an agreement to undertake a substantial $7 billion real estate project in the “New Damascus” region. The development, which covers an expansive four million square metres, marks Arada’s inaugural venture into Syria and aims to create a comprehensive urban environment.
Project Scope and Features
The “New Damascus” project is designed to incorporate residential complexes, hospitality venues, entertainment facilities, educational institutions, and healthcare services. A key element of the master plan is the implementation of the “15-minute city” concept, which ensures that all daily residential, service, health, and recreational needs are conveniently accessible to residents within minutes.
Humanitarian Component
A notable aspect of the agreement is its humanitarian focus. Arada Group will construct parallel, sustainable cities for current camp residents and individuals whose homes were destroyed. This initiative is described as a first-of-its-kind in Syria, expanding upon Arada's existing “Home for a Home” program, which has previously provided housing solutions for refugees globally. The Syrian iteration will operate under the title “City for a City.”
Leadership Commentary
Mazen al-Salhani, Chairman of the Syrian Sovereign Fund, highlighted the humanitarian inclusion in the agreement. Ahmed Alkhoshaibi, Group CEO of Arada, expressed the group’s commitment to partnering with the Syrian Sovereign Wealth Fund to extend their humanitarian efforts in the region. Mohammad al-Khayyat, CEO of Real Estate Development at the Sovereign Fund, further detailed the project’s adherence to the “15-minute city” concept to enhance residents' quality of life.
Questions, answered
- What is the total value and size of the New Damascus project?
- The project is valued at **$7 billion** and spans an area of **four million square metres** in the “New Damascus” region.
- Which UAE developer is involved in this project?
- The UAE-based developer involved in the project is **Arada Group**, marking their first venture into Syria.
- What kind of facilities will the New Damascus project include?
- The project will feature residential complexes, hospitality services, entertainment venues, educational facilities, and healthcare sectors, all designed around the “15-minute city” concept.
- What is the humanitarian aspect of this agreement?
- Arada Group will build sustainable cities for camp residents and owners of destroyed homes, expanding their “Home for a Home” initiative into Syria as “City for a City.”
- Who signed the agreement on behalf of the Syrian Sovereign Fund?
- The agreement was signed by Mazen al-Salhani, Chairman of the Syrian Sovereign Fund, with details further explained by Mohammad al-Khayyat, CEO of Real Estate Development at the Fund.
This brief was summarised and rewritten by Gaia Living from public reporting. Figures and details reflect the original sources.
More in Development
- DevelopmentDataVolt and HUMAIN Begin Construction of NEOM's First AI Data Centre
- DevelopmentSaudi Arabia's New Murabba Project Extends Timeline to 2040, Appoints New Acting CEO
- DevelopmentKhalifa Fund Launches MZN Markets to Boost Emirati Startups in Abu Dhabi Retail
- DevelopmentPalm Jumeirah: A Comprehensive Look at Dubai's Iconic Artificial Archipelago