UAE-based master developer Arada has expanded into Syria after forming a joint venture with the state-owned Syrian Sovereign Fund. The partnership will deliver a four million square metre mixed-use city in New Damascus, marking one of the largest foreign real estate investments in Syria during its current national reconstruction phase.

The scheme carries an estimated gross development value of $7 billion (AED 25.7 billion). Located near the Mezzeh district, the site sits roughly 10 minutes from central Damascus and 25 minutes from Damascus International Airport.

The development will include 11,000 homes, featuring residential apartments, villas, townhouses and branded residences. Plans also incorporate 500 hotel rooms, 1,000 serviced apartments, a 300-bed hospital, office space, commercial units, retail outlets and government service buildings. Educational facilities designed for 5,000 students and a 700,000 square metre public park will also form part of the master plan. The design model builds on concepts used in Arada’s Aljada and Masaar developments in the UAE.

The deal was signed in Damascus by Arada Group CEO Ahmed Alkhoshaibi and Mohammed Al Khayyat, Chief Executive Officer of the Real Estate Development Sector at the Syrian Sovereign Fund. Following the signing, President Ahmed al-Sharaa met with Alkhoshaibi at the People’s Palace. Both organisations are evaluating additional sites across Syria for future joint developments.

The project increases Arada’s global development pipeline to $42 billion, covering more than 66,000 homes across the UAE, the UK, Australia and Syria.

HRH Prince Khaled bin Alwaleed bin Talal, Executive Vice Chairman of Arada, said: “Syria is at a pivotal moment in its history, and the scale of the opportunity to rebuild and invest in its future is significant. Arada has spent nearly a decade delivering high-quality communities at scale, across multiple markets and in complex environments. Working with the Syrian Sovereign Fund, our organisation is uniquely well-placed to bring that experience to bear here, creating jobs, developing local skills, supporting Syrian businesses and contributing to the local economy. Arada’s success has been shaped by our willingness to make long term investments where others might hesitate with partners who share our vision to create genuine communities.”

Mohammed Al Khayyat, Board Member and Chief Executive Officer of the Real Estate Development Sector at the Syrian Sovereign Fund, said: “Syria welcomes businesses and companies from around the world, and this strategic partnership with Arada is a powerful demonstration of what that means in practice. The Syrian Sovereign Fund’s mandate is to attract world-class investment that creates lasting value for the Syrian people, and we believe that this project represents exactly that. We’re grateful to Arada for their partnership and we look forward to working together to deliver projects that reflect the ambition and resilience of the Syrian people.”