The Syrian Sovereign Fund and UAE-based property developer Arada have signed an agreement valued at around $7 billion to develop a large residential and commercial project in Damascus, according to the Syrian Arab News Agency.
Named New Damascus, the development will span approximately 4 million square meters and is expected to contain around 11,000 housing units.
The project will also feature hotels, hospitals and other healthcare services, educational institutions, offices, shopping and business areas, as well as recreational and green spaces.
The agreement represents Arada’s first major development in Syria. It was signed in Damascus by Arada CEO Ahmed al-Khushaybi and Mohammed al-Khayyat, who heads the real estate development sector of the Syrian Sovereign Fund.
Syrian Sovereign Fund Chairman Mazen al-Salhani said the project would also support the creation of sustainable communities for people living in displacement camps and those who have lost their homes.
He added that Syrian government institutions would provide the necessary support and infrastructure required to facilitate the project.
Al-Khushaybi said Arada also intends to introduce to Syria a housing initiative it has previously developed for refugees in other countries. The program, known as City for a City, will be implemented in cooperation with the Syrian Sovereign Fund.
According to al-Khayyat, New Damascus will follow the 15-minute city model, allowing residents to access essential services and daily necessities within a short distance of their homes.
The planned development will include hotels with more than 500 rooms, hospitals offering up to 300 beds and educational facilities capable of accommodating about 5,000 students. Government service centers, offices, commercial districts, parks and entertainment facilities will also form part of the project.
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