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MENAFN- Mid-East Info)
Joint venture to deliver 4 million sqm project near Mezzeh district
Development to include residential, hospitality, retail, education and healthcare
Damascus, Syrian Arab Republic: September 2026 – Arada, one of the world's fastest-growing master developers, has announced its entry into the Syrian Arab Republic through a joint venture with the state-owned Syrian Sovereign Fund. The joint venture's first project will be the development of a major new fully integrated city on a four million square metre site west of Damascus.
Arada and the Syrian Sovereign Fund will act as partners on the project, with the master plan to be developed in close partnership with the relevant Syrian government authorities and fully aligned with the country's national reconstruction priorities and development goals. Both entities are currently working together to identify further sites for development across Syria.
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, in a ceremony that represented one of the most significant foreign real estate projects in Syria since the beginning of the new chapter of national reconstruction and development.
His Excellency President Ahmed al-Sharaa also received at the People's Palace Arada Group CEO Ahmed Alkhoshaibi.
The entry into Syria, which makes Arada one of the first UAE developers to expand into the country, is the latest step in the company's rapid global expansion. The company now has a project pipeline valued at $42 billion across four markets, with a portfolio of more than 66,000 homes spanning the UAE, the United Kingdom, Australia and - with this announcement - Syria.
With an estimated Gross Development Value (GDV) of $7 billion (AED25.7 billion), the development will be in an area known as New Damascus, near the Mezzeh district, on a plateau approximately 10 minutes from Damascus city centre and 25 minutes from Damascus International Airport.
The site encompasses four million square metres, including a dedicated public park of 700,000 square metres, and will deliver a fully integrated mixed-use community comprising 11,000 homes, including residential apartments, villas and townhouses, branded residences, 500 hotel rooms, 1,000 serviced apartments, education facilities for 5,000 students, a 300-bed hospital, office space, commercial space, retail, extensive parks and recreational areas, government service buildings and other facilities serving the day-to-day needs of the community. It is a development model that draws on the combined strengths of Arada's Aljada and Masaar communities in the UAE.
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.”
About Arada:
One of the world's fastest-growing master developers, Arada was created to build spaces people connect with for healthier, happier and more meaningful lives.
Arada's scope of operation covers property development, retail, education, healthcare, fitness, wellness and hospitality.
The master developer has projects valued at $42 billion, with operations in the UAE, the UK, Syria and Australia.
Arada also operates a portfolio of complementary brands and experiences, which includes large-scale gyms, F&B and retail assets, social initiatives and visitor destinations.
About the Syrian Sovereign Fund:
The Syrian Sovereign Fund is a state-owned economic institution established by Presidential Decree No. 113, dated 24 June 2025. It aims to manage and invest state assets efficiently in order to achieve sustainable returns that contribute to supporting the national economy and preserving the wealth of future Syrian generations.
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