Syrian Sovereign Fund, UAE developer sign $7B deal for major Damascus project: Report

The Syrian Sovereign Fund and UAE real estate developer Arada signed a deal worth around $7 billion on Monday for a major residential and commercial project in Damascus, Syrian Arab News Agency (SANA) reported.

The "New Damascus" project will cover some 4 million square meters (43 million square feet) and include 11,000 residential units, according to SANA.

It will also include hotels, healthcare and educational facilities, offices, commercial spaces and recreational areas, the agency said.

The deal marks Arada's first project in Syria and was signed in Damascus by Ahmed al-Khushaybi, the company’s CEO; and Mohammed al-Khayyat, CEO of the sovereign fund's real estate development sector.

Mazen al-Salhani, chairman of the Syrian Sovereign Fund, said the agreement also includes plans to provide sustainable residential communities for people living in camps and those whose homes have been destroyed.

He said Syrian government bodies would provide the necessary facilities to help implement the project.

Al-Khushaybi said the developer plans to expand to Syria a housing initiative it has implemented for refugees elsewhere.

The initiative will be carried out in cooperation with the sovereign fund under a program called "City for a City," he said.

Al-Khayyat said the development would be based on the "15-minute city" concept, with essential services and everyday needs available to residents within a short distance.

The project will include hotels with more than 500 rooms, hospitals with capacity for up to 300 beds and educational facilities serving 5,000 students, he said.

Government service centers, offices, commercial areas, green spaces and recreational facilities are also planned as part of the development.