UAE’s Arada enters Syria with $7 billion real estate project

The Syrian Arab News Agency (SANA) has released detailed information regarding a significant development in the realm of real estate investment, marking a pivotal collaboration between the UAE-based Arada Group and the Syrian Sovereign Fund.

On Monday, these entities formalised a substantial agreement aimed at spearheading a sweeping $7 billion real estate project within the region.

This ambitious initiative, setting a new precedent for Arada as its inaugural venture in Syria, promises to dramatically reshape the landscape with an array of integrated facilities. The project will span a vast area of four million square meters, encompassing an impressive array of amenities including residential complexes. In addition to these living spaces, there will be cutting-edge hospitality venues, engaging entertainment options, educational institutions, and state-of-the-art healthcare facilities.

The timing of this agreement is particularly noteworthy as Syria strives to become a more attractive destination for Emirati investors, seeking to bolster economic growth through foreign capital infusion.

The official signing ceremony saw key figures in attendance, including Ahmed Al Khashibi, the CEO of Arada Group, alongside Mohammed Al Khayyat, who serves as the CEO of the Real Estate Development Sector at the Syrian Sovereign Fund.

Further illustrating the comprehensive scope of this agreement is a statement by Mazen Al Salhani, Chairman of the Board of Directors of the Fund. He highlighted a unique and humanitarian component embedded within the project’s framework. This facet involves the construction of sustainable residential cities, which are specially designed to provide for current camp residents and those whose homes have been ravaged by conflict. This aspect of the agreement stands as a groundbreaking initiative within Syria, paving the way for sustainable development that aligns with humanitarian needs.

Al Khashibi mentioned that the group has launched an initiative called "House for House," which aims to provide housing for refugees globally. He expressed his aspiration to extend this program in Syria in collaboration with the sovereign wealth fund, under the new title "City for City." Meanwhile, Al-Khayyat elaborated on the "New Damascus" project, designed around the "15-Minute City" concept. This idea enables residents to meet their daily needs and access vital services, including health and recreation, within a short walking distance, eliminating the need to travel outside the city.