UAE Developer Arada Makes Syria Debut With Dh25.7 Billion City Project

(MENAFN- Khaleej Times) The UAE-based master developer Arada has entered the Syrian through a joint venture with the state-owned Syrian Sovereign Fund, marking one of the largest foreign real estate investments in the country since the start of its post-war reconstruction drive.

The first project will be a fully integrated new city on a four million square metre site west of Damascus, with an estimated gross development value (GDV) of $7 billion (Dh25.7 billion).

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Arada and the fund will act as partners on the project, with the master plan developed in coordination with Syrian government authorities and aligned with the country's national reconstruction priorities.

The two entities said they are working together to identify further development sites across the country.

The move makes Arada one of the first UAE developers to expand into Syria, and extends the company's project pipeline to four markets – the UAE, the UK, Australia and now Syria – with a total value of $42 billion (Dh154 billion) and a portfolio of more than 66,000 homes.

The agreement was signed at the Syrian Sovereign Fund's headquarters in Damascus by Ahmed Alkhoshaibi Arada Group's CEO, and Mohammed Al Khayyat, CEO of the Real Estate Development Sector at the Syrian Sovereign Fund.

New Damascus development

The project will rise in an area known as New Damascus, near the Mezzeh district, on a plateau roughly 10 minutes from Damascus city centre and 25 minutes from Damascus International Airport.

Spread across four million square metres, including a 700,000 square metre public park, the fully integrated mixed-use community will comprise:

The companies said 11,000 homes included apartments, villas, townhouses and branded residences. The project will also house 500 hotel rooms and 1,000 serviced apartments' education facilities for 5,000 students; a 300-bed hospital; office, commercial and retail space; and parks, recreational areas and government service buildings.

Prince Khaled bin Alwaleed bin Talal, Executive Vice Chairman of Arada, said Syria was“at a pivotal moment in its history,” adding that the company's near-decade of experience delivering large-scale communities in complex markets positioned it well to work alongside the Syrian Sovereign Fund on job creation, skills development and support for local businesses.

Al Khayyat said Syria“welcomes businesses and companies from around the world,” describing the partnership as a demonstration of the fund's mandate to attract investment that creates lasting value for the Syrian people.

He said the fund looked forward to delivering projects that reflect“the ambition and resilience of the Syrian people.”

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