UAE's Arada, Syria sign $7 billion real estate deal

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UAE’s Arada, Syria sign $7 billion real estate deal

August 31, 2026

DUBAI,— UAE-based developer Arada has signed a $7 billion deal with the Syrian Sovereign Fund to build a real estate project, Syria’s state news agency reported Monday.

It will be Arada’s first venture in the country and will include housing units along with health, education and entertainment facilities, the agency said.

The agreement comes as Syria works to strengthen ties with the UAE, which has been slower than other Gulf nations in building relations with the government of President Ahmed al-Sharaa.

Arada is backed by Gulf royal families.

Damascus has pushed to attract foreign investment to rebuild an economy weakened by more than ten years of conflict and sanctions, most of which have since been lifted.

Syria has reached numerous deals and agreements with Gulf and U.S. firms, including companies from Saudi Arabia and Qatar.

Arada Group CEO Ahmed Alkhoshaibi, August 31, 2026. Photo: SANA

According to reports the project covers 4 million square meters and will form a new, self-contained city in the New Damascus area.

It sits near Mezzeh, on elevated ground roughly 10 minutes from downtown Damascus and about 25 minutes from Damascus International Airport.

Plans call for a 700,000-square-meter central park at the heart of the development, along with 11,000 residential units ranging from apartments and villas to townhouses and branded homes.

The development will also include 500 hotel rooms and 1,000 serviced apartments, along with schools able to serve 5,000 students and a hospital with 300 beds.

Additional plans include office space, commercial areas for service businesses, retail shops, parks, large recreational zones, government service buildings and other facilities meant to meet residents’ everyday needs.

(With files from Reuters, Agencies)