UAE-based real estate developer Arada has entered Syria through a joint venture with the state-owned Syrian Sovereign Fund to develop a $7 billion mixed-use project in New Damascus.
The development will span four million square metres west of Damascus, near the Mezzeh district, and will include 11,000 homes, 500 hotel rooms, 1,000 serviced apartments, and offices, retail and commercial space.
The project will also include a 700,000-square-metre public park, education facilities for 5,000 students, a 300-bed hospital, government service buildings and recreational facilities.
Arada and the Syrian Sovereign Fund will jointly develop the project’s master plan in coordination with Syrian government authorities and are also exploring additional development sites across Syria.
The Syria expansion brings Arada’s project pipeline across the UAE, UK, Australia and Syria to $42 billion, encompassing more than 66,000 homes.
