Damascus: The Syrian Sovereign Fund and UAE real estate developer Arada have entered into a significant agreement, signing a deal valued at approximately $7 billion for the launch of a substantial residential and commercial project in Damascus, as reported by the Syrian Arab News Agency (SANA).
According to Anadolu Agency, the ambitious "New Damascus" project is set to span an area of around 4 million square meters (approximately 43 million square feet) and will feature 11,000 residential units. The comprehensive development plan also includes the construction of hotels, healthcare and educational facilities, offices, commercial spaces, and recreational areas, as detailed by SANA.
This collaboration marks Arada's inaugural venture in Syria, with the agreement being officially signed in Damascus by Ahmed al-Khushaybi, CEO of Arada, and Mohammed al-Khayyat, CEO of the real estate development sector of the Syrian Sovereign Fund. Mazen al-Salhani, chairman of the Syrian Sovereign Fund, highlighted that the agreement encompasses plans to establish sustainable residential communities, aimed at providing housing for those living in camps and individuals whose homes have been destroyed.
The Syrian government has pledged to provide the necessary facilities to facilitate the project's implementation. Al-Khushaybi expressed the developer's intention to extend a housing initiative to Syria, which has been successfully implemented for refugees in other regions, in collaboration with the sovereign fund under a program titled "City for a City."
Al-Khayyat elaborated that the development's design would adhere to the "15-minute city" concept, ensuring that essential services and daily necessities are accessible to residents within a short distance. The project blueprint includes hotels with over 500 rooms, hospitals with a capacity of up to 300 beds, and educational facilities accommodating 5,000 students. Additionally, the development will feature government service centers, offices, commercial areas, green spaces, and recreational facilities as integral components of the plan.