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The Syrian Sovereign Fund and Emirati real estate developer Arada have signed an agreement worth approximately $7 billion to build a sprawling residential and commercial development in Damascus, Syria's state news agency SANA reported Monday.
The project, known as "New Damascus," is planned to span roughly 4 million square meters, about 43 million square feet, and will include 11,000 residential units, according to the report. It marks Arada's first venture into the Syrian market.
The agreement was formalized in Damascus by Arada CEO Ahmed al-Khushaybi and Mohammed al-Khayyat, who heads the real estate development sector of the Syrian Sovereign Fund.
Beyond housing, the development is set to include hotels, healthcare and educational facilities, office space, commercial areas and recreational zones, SANA reported.
Mazen al-Salhani, chairman of the Syrian Sovereign Fund, said the agreement includes provisions for sustainable housing communities aimed at people currently living in camps as well as those whose homes were destroyed. He said Syrian government bodies would supply the infrastructure and support needed to carry out the plan.
Al-Khushaybi said Arada intends to bring to Syria a housing model it has previously used for refugee populations elsewhere, describing the effort as part of a program called "City for a City" that will be run jointly with the sovereign fund.
Al-Khayyat said the project would follow the "15-minute city" planning approach, an urban design model in which residents can reach most daily needs, such as shops, schools and services, within a short walk or ride of their homes.
According to al-Khayyat, the development will include hotels with more than 500 rooms, hospitals with up to 300 beds, and educational facilities capable of serving 5,000 students. Plans also call for government service centers, office and commercial space, and green and recreational areas.
The project represents one of the largest announced foreign-backed real estate investments in Syria since the end of the Assad government's rule, though further details on financing, construction timelines and site location were not disclosed in the report.
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