Arada and Syrian Sovereign Fund reveal $7 billion New Damascus masterplan near Mezzeh

UAE developer Arada has unveiled plans for a $7 billion (Dh25.7 billion) mixed-use masterplan named New Damascus on a four million square metre site west of Damascus, near the Mezzeh district. The project, in partnership with the Syrian Sovereign Fund, is designed as a fully integrated community with 11,000 homes, 500 hotel rooms, 1,000 serviced apartments, education facilities, a 300-bed hospital, offices, retail and commercial space, parks and government service buildings. Arada said the master plan will be prepared in coordination with relevant Syrian government authorities and aligned with the country’s reconstruction priorities. The announcement did not include a construction timeline, project completion date or financing structure. Arada is working with Syrian authorities on the master plan for New Damascus and is also discussing other potential development sites. Sited on a plateau about 10 minutes from Damascus city centre and 25 minutes from Damascus International Airport, the development will feature a 700,000-square-metre public park. Residential offerings will include apartments, villas, townhouses and branded residences, while education capacity is planned for 5,000 students. Drawing on Arada communities Aljada and Masaar, the scheme marks the developer’s entry into a fourth market as it expands internationally. Arada said its overall project pipeline is now valued at $42 billion, with more than 66,000 homes across the UAE, UK, Australia and Syria. The agreement was signed in Damascus by Arada Group CEO Ahmed Alkhoshaibi and Mohammed Al Khayyat, Board Member and CEO of the Real Estate Development Sector at the Syrian Sovereign Fund. Arada Executive Vice Chairman Prince Khaled bin Alwaleed bin Talal and Mr Al Khayyat said the partnership aims to attract long-term investment, create jobs and support Syrian businesses.