UAE Developer Arada Announces Massive $7 Billion Real Estate Project in Syria

UAE developer Arada has revealed plans to build a $7 billion mixed-use real estate project in Syria. The new project in the west of Damascus will feature 11,000 homes, including residential apartments, villas, townhouses, and branded residences, alongside 500 hotel rooms and 1,000 serviced apartments, Arada announced in a statement.

The development will also include educational facilities, a 300-bed hospital, office spaces, commercial zones, retail areas, and government service buildings. Additionally, a public park spanning 700,000 square metres will be built on a four million square metre plot of land.

Arada is partnering with the state-owned Syrian Sovereign Fund for this venture, with both entities actively identifying further sites for future development across Syria. Prince Khaled bin Alwaleed, executive vice chairman of Arada, stated that Syria is at a pivotal moment and noted that the project will create jobs, develop local skills, and support Syrian businesses.

This major announcement follows recent geopolitical shifts, including the US State Department removing Syria from its list of state sponsors of terrorism, the repeal of the Caesar Act, and the European Union lifting economic sanctions. The World Bank estimates total reconstruction costs for Syria at $216 billion following nearly 14 years of civil war.

Mohammed Al Khayyat, board member and chief executive of the real estate development sector at the Syrian Sovereign Fund, welcomed the partnership as a strong signal that Syria is open to global business. Meanwhile, other UAE figures such as Emaar founder Mohammed Alabbar are also exploring massive investments in the region, assessing projects ranging from $5 billion to $18 billion to help rebuild the Syrian economy.