UAE developer Arada has signed an agreement with the Syrian Sovereign Fund for a $7 billion real estate development in New Damascus, marking the company’s first project in Syria. The 4 million square metre development will include 11,000 homes, hotels, serviced apartments, healthcare, education, offices, retail, parks and recreational facilities.
The project is expected to have an estimated Gross Development Value (GDV) of $7 billion (AED25.7 billion) and forms part of Arada’s expansion into Syria.
Key Overview
- Developer: Arada
- Project value: $7 billion
- Site area: 4 million square metres
- Location: New Damascus, Syria
- Homes: 11,000
- Hotel rooms: More than 500
- Serviced apartments: 1,000
- Hospital: 300 beds
- Education capacity: 5,000 students
- Public park: 700,000 square metres
- Arada project pipeline: $42 billion
Arada Enters Syria With $7 Billion Development
UAE developer Arada is undertaking its first real estate project in Syria after signing an agreement with the Syrian Sovereign Fund for a major mixed-use development in New Damascus.
The agreement was signed at the headquarters of the Syrian Sovereign Fund in Damascus by Arada Group CEO Ahmed Alkhoshaibi and Mohammed Al Khayyat, Board Member and Chief Executive Officer of the Real Estate Development Sector at the Syrian Sovereign Fund.
The project has an estimated Gross Development Value (GDV) of $7 billion (AED25.7 billion), and will cover approximately 4 million square metres.
The development is planned near the Mezzeh district, on a plateau approximately 10 minutes from Damascus city centre and 25 minutes from Damascus International Airport.
11,000 Homes Planned
The development will be designed as an integrated mixed-use community with 11,000 homes.
The residential component will include apartments, villas and townhouses, as well as branded residences.
The site will also include a dedicated public park of 700,000 square metres, alongside extensive parks and recreational areas.
Arada said the development model draws on the combined strengths of its Aljada and Masaar communities in the UAE.
The project will also incorporate commercial and community facilities intended to provide residents with services and amenities within the development.
Healthcare and Education Facilities
Healthcare and education will form part of the wider development.
Plans include a 300-bed hospital and education facilities capable of serving 5,000 students.
The project will also feature 500 hotel rooms and 1,000 serviced apartments.
Additional components will include office space, commercial areas, retail facilities, government service buildings, green spaces and recreational facilities.
According to Al Khayyat, the development will follow the “15-minute city” concept, with essential services and everyday needs available to residents within a short distance.
Sustainable Housing and Reconstruction
The agreement also includes plans to provide residential communities for people living in camps and those whose homes have been destroyed.
Mazen al-Salhani, chairman of the Syrian Sovereign Fund, said government bodies would provide the necessary facilities to support implementation of the project.
Arada CEO Ahmed Alkhoshaibi said the company plans to expand to Syria a housing initiative it has implemented for refugees elsewhere.
The initiative will be carried out in cooperation with the Syrian Sovereign Fund under a programme called “City for a City.”
This component adds a housing focus to the broader mixed-use development planned for New Damascus.
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Arada Expands Its Global Development Pipeline
The Syria project represents another step in Arada’s international expansion.
Following its entry into Syria, the company has a project pipeline valued at $42 billion across four markets.
Its portfolio includes more than 66,000 homes across the UAE, the United Kingdom, Australia and Syria.
The Syrian project therefore becomes part of a broader development portfolio spanning multiple markets and residential communities.
The company is bringing its experience in developing large-scale communities to the New Damascus project, with the planned development combining residential, commercial, hospitality, healthcare, education and recreational facilities.
New Damascus Development
The project will be located in an area known as New Damascus, close to the Mezzeh district.
The four million square metre site is planned as a large integrated community rather than a standalone residential development.
Alongside the 11,000 homes, the development will include hotels, serviced apartments, healthcare facilities, education infrastructure, offices, commercial space, retail facilities and government services.
The extensive green areas will include the 700,000-square-metre public park and additional parks and recreational spaces.
Partnership With Syrian Sovereign Fund
The agreement establishes cooperation between Arada and the Syrian Sovereign Fund on the development.
The signing was described as one of the significant foreign real estate projects in Syria since the beginning of what was described as a new chapter of national reconstruction and development.
Syrian government bodies are expected to provide the facilities required to support the implementation of the development.
The partnership therefore combines Arada’s development capabilities with the Syrian Sovereign Fund and government support for the project.
Outlook
Arada’s $7 billion New Damascus development represents the UAE developer’s first project in Syria and introduces a large-scale mixed-use community covering four million square metres.
The planned development combines 11,000 homes, healthcare, education, hospitality, commercial space, retail, government services and green areas.
The inclusion of housing for people living in camps and those whose homes have been destroyed also gives the project a broader residential component through the “City for a City” initiative.
With the project now added to Arada’s international portfolio, the development expands the company’s $42 billion project pipeline and marks its entry into the Syrian real estate market.
FAQs
1. What is the value of Arada’s development agreement in Syria?
The agreement with Syria’s Sovereign Fund has an estimated gross development value of $7 billion (AED25.7 billion).
2. Where will Arada’s Syria project be located?
The 4 million-square-metre mixed-use development will be located in New Damascus, near Mezzeh, about 10 minutes from Damascus city centre.
3. What will the New Damascus development include?
The project will include 11,000 homes, more than 500 hotel rooms, 1,000 serviced apartments, education facilities for 5,000 students, a 300-bed hospital, offices, retail, government services and a 700,000-square-metre public park.
4. How does the project support Syria’s reconstruction?
The development includes plans for sustainable residential communities for people living in camps and those whose homes were destroyed, alongside healthcare, education, housing and public infrastructure.
Sources: EnterpriseAM, ARADA, Anadolu Ajansı
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