UAE developer Arada partners with Syria’s sovereign fund on 4-million-square-metre project.
Dubai: UAE-based developer Arada is expanding into Syria with a $7 billion (Dh25.7 billion) mixed-use development near Damascus, marking one of the company’s largest international expansion moves to date.
Arada has partnered with the Syrian Sovereign Fund, a state-owned institution, to develop the project on a four-million-square-metre site west of Damascus, near the Mezzeh district, the company announced on Tuesday.
Known as New Damascus, the development is planned as a fully integrated community featuring 11,000 homes, 500 hotel rooms, 1,000 serviced apartments, educational facilities, a 300-bed hospital, office and commercial space, retail outlets, parks and government service buildings.
Arada said the master plan will be developed in collaboration with relevant Syrian government authorities and will align with the country’s broader reconstruction priorities.
The company did not provide a construction timeline, expected completion date or details of the project’s financing structure in its announcement.
Arada said it is working with Syrian authorities on the master plan for New Damascus, while discussions are also under way regarding other potential development sites in the country.
New Damascus
The project will feature a 700,000-square-metre public park and will be located on a plateau approximately 10 minutes from Damascus city centre and 25 minutes from Damascus International Airport, according to the developer.
The residential component will include apartments, villas and townhouses, alongside branded residences.
Education facilities are planned to accommodate up to 5,000 students, while healthcare infrastructure will include a 300-bed hospital.
According to Arada, the development model draws inspiration from its UAE communities, Aljada and Masaar.
The scale of New Damascus positions it as a large master-planned development rather than a standalone residential project, bringing residential, hospitality, retail, education and healthcare facilities together within a single integrated community.
UAE expansion
The Syria project marks Arada’s entry into its fourth market, as the UAE-based developer continues to expand its international footprint.
Arada said its overall project pipeline is now valued at $42 billion, comprising more than 66,000 homes across the UAE, UK, Australia and Syria.
The developer also said it is working with the Syrian Sovereign Fund to identify additional development opportunities and potential sites across the country.
The announcement could therefore represent the beginning of a broader expansion in Syria rather than a single-project entry, although no further sites or project values have been disclosed.
Reconstruction role
The agreement was signed in Damascus by Arada Group CEO Ahmed Alkhoshaibi and Mohammed Al Khayyat, Board Member and CEO of the Real Estate Development Sector at the Syrian Sovereign Fund.
Arada Executive Vice Chairman Prince Khaled bin Alwaleed bin Talal said the project comes at a significant moment for Syria as the country looks to rebuild and invest in its future.
“Syria is at a pivotal moment in its history, and the scale of the opportunity to rebuild and invest in its future is significant.”
He said Arada plans to draw on its experience in developing large-scale communities, with a focus on creating jobs, building local skills and supporting Syrian businesses.
“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.”
He added: “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.”
State partnership
The Syrian Sovereign Fund was established under Presidential Decree No. 113 on June 24, 2025, with a mandate to manage and invest state assets and generate sustainable returns for the national economy.
Mohammed Al Khayyat said the partnership is intended to demonstrate Syria’s efforts to attract international investment.
“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.”
He added that the fund’s mandate includes attracting investment that creates long-term value and opportunities for Syrians.
“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.”
