The Syrian Sovereign Fund and UAE real‑estate developer Arada have concluded a $7 billion agreement on Monday for a large‑scale residential and commercial development in Damascus, according to SANA.
The “New Damascus” scheme will span roughly 4 million m² (43 million sq ft) and will comprise 11,000 housing units.
The masterplan also incorporates hotels, healthcare and education facilities, office spaces, commercial districts, and recreational areas.
This partnership represents Arada’s inaugural venture in Syria and was formalised in Damascus by Ahmed al‑Khushaybi, CEO of Arada, and Mohammed al‑Khayyat, head of the sovereign fund’s real‑estate development division.
Mazen al‑Salhani, chairman of the Syrian Sovereign Fund, noted that the deal also provisions sustainable residential neighbourhoods for residents of camps and for those whose homes have been destroyed.
He added that Syrian government agencies will supply the infrastructure needed to realise the project.
Al‑Khushaybi indicated that Arada intends to extend its refugee‑housing programme to Syria.
The programme will be implemented jointly with the sovereign fund under the “City for a City” initiative, he explained.
Al‑Khayyat explained that the development follows the “15‑minute city” model, ensuring that essential services and daily amenities are reachable within a short walk.
The project will feature hotels with over 500 rooms, hospitals with up to 300 beds, and schools serving 5,000 students, he said.
Additional components include government service centres, office blocks, retail areas, green spaces, and leisure facilities.
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