The company is working on the new $7bn New Damascus city which is set to span more than four million square feet.
UAE developer Arada has entered Syria with plans for a $7bn (AED25.7bn) fully integrated city west of Damascus, marking one of the most significant foreign real estate projects in the country since the beginning of its new chapter of national reconstruction and development.
The four million square metre New Damascus development will include 11,000 homes, 500 hotel rooms, 1,000 serviced apartments, a 300-bed hospital and education facilities for 5,000 students. Arada will develop the project through a joint venture with the state-owned Syrian Sovereign Fund.
Arada and the Syrian Sovereign Fund will act as partners on the development, with the master plan to be prepared in close partnership with the relevant Syrian government authorities.
Office and commercial space, retail, extensive parks and recreational areas, government service buildings and other facilities designed to serve the community’s day-to-day requirements are also planned. The development model draws on the combined strengths of Arada’s Aljada and Masaar communities in the UAE.
