Arada Enters the Syrian Market with a $7 Billion Real Estate Project

The UAE-based real estate development company Arada has entered the Syrian market through a joint project with the Syrian sovereign fund to develop a $7 billion mixed-use project in the New Damascus area. The project spans 4 million square meters west of Damascus, near the Mezzeh area, and includes 11,000 residential units, 500 hotel rooms, and 1,000 serviced apartments, in addition to office and commercial spaces and shops. The project will also feature a public park covering 700,000 square meters, educational facilities accommodating 5,000 students, a hospital with a capacity of 300 beds, government service buildings, and recreational facilities. Arada and the Syrian sovereign fund will jointly develop the master plan for the project in coordination with Syrian government authorities, and both parties are working to identify additional sites for development projects across Syria. Arada's entry into Syria raises the value of its project portfolio in the UAE, the UK, Australia, and Syria to $42 billion, which includes more than 66,000 residential units.

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