Arada has announced a joint venture with the state-owned Syrian Sovereign Fund for a planned city development west of Damascus, with an estimated gross development value of $7 billion.
The proposal covers four million square metres in New Damascus near the Mezzeh district, according to reporting by Clayton Vallabhan for Middle East Construction News. Arada said the master plan would be developed with the relevant Syrian authorities.
Homes and public facilities
The announced plans include 11,000 homes, a 700,000-square-metre public park, 500 hotel rooms and 1,000 serviced apartments. Education facilities for 5,000 students and a 300-bed hospital are also proposed.
The mixed-use development is intended to include offices, shops, recreational areas and government-service buildings. The reported travel times are approximately 10 minutes from central Damascus and 25 minutes from Damascus International Airport.
Joint venture agreement
Arada Group chief executive Ahmed Alkhoshaibi and Mohammed Al Khayyat, board member and chief executive of the fund’s real estate development sector, signed the agreement at the fund’s Damascus headquarters.
The report separately said Syrian President Ahmed al-Sharaa received Alkhoshaibi at the People’s Palace.
Arada said the Syrian expansion brings its project pipeline to $42 billion across the UAE, the UK, Australia and Syria, with more than 66,000 homes in its portfolio. The company and the fund are also examining additional development sites in Syria.
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