UAE investment fuels Syria's postwar economic recovery with $7B property deal

UAE-based developer Arada is moving ahead with its first investment in Syria, signing an agreement Monday with the country’s sovereign wealth fund to develop a $7 billion mixed-use project in Damascus, in the latest sign that Gulf-backed private investment is emerging as a pillar of Syria’s postwar economic recovery. 

What happened: The agreement was signed by Ahmed Al Khashibi, CEO of Arada Group, and Mohammed Al-Khayyat, head of the real estate development sector at the Syrian Sovereign Fund.

The “New Damascus” project will span 4 million square meters and include 11,000 residential units, more than 500 hotel rooms, hospitals with capacity for up to 300 beds, educational institutions for 5,000 students, government centers, office and commercial space and recreational areas, according to Syrian state news agency SANA.

Khayyat said the project will follow the “15-minute city” concept, an urban planning model allowing residents to access daily necessities and basic services within a short distance of their homes, SANA reported.