The Syrian Sovereign Fund and UAE-based real estate developer Arada signed an agreement worth approximately $7 billion on Monday to develop a vast residential and commercial district in the Syrian capital, state news agency SANA reported.
The project, named “New Damascus,” will cover around 4 million square metres and include approximately 11,000 residential units, alongside hotels, hospitals, schools, offices, retail areas and recreational facilities.
The agreement represents Arada’s first development in Syria and was signed in Damascus by company CEO Ahmed al-Khushaybi and Mohammed al-Khayyat, CEO of the Syrian Sovereign Fund’s real estate development sector.
According to the plans, New Damascus will incorporate the “15-minute city” concept, under which essential services, workplaces and everyday amenities are located within a short journey of residential areas.
Al-Khayyat said the development would include hotels offering more than 500 rooms, hospitals with capacity for up to 300 beds and educational facilities capable of serving around 5,000 students. Government service centres, offices, commercial districts, parks and other recreational spaces are also planned.
The agreement also includes a housing component aimed at Syrians displaced by years of conflict.
Syrian Sovereign Fund Chairman Mazen al-Salhani said sustainable residential communities would be developed for people currently living in camps as well as families whose homes had been destroyed. He added that government agencies would provide the necessary support and facilities for implementation.
Arada also plans to introduce to Syria a housing initiative it has previously used to support refugee communities elsewhere.
Al-Khushaybi said the initiative, to be implemented jointly with the sovereign fund under a programme called “City for a City,” would form part of the company’s broader involvement in the country.
The multibillion-dollar agreement represents a significant proposed investment in Damascus as Syria seeks large-scale capital for housing, infrastructure and reconstruction after years of conflict.