$7 Billion Signed in Damascus
The Syrian Sovereign Fund and Emirati developer Arada signed an agreement on 31 August 2026 to build a real estate project known as New Damascus, valued at about $7 billion in US dollars (USD). The signing took place at the fund's headquarters in Damascus in the presence of its board chairman, Mazen al-Salhani.
The agreement was signed by Arada's chief executive, Ahmed Alkhoshaibi, and the head of real estate development at the fund, Mohammad al-Khayat. It was described as the developer's first project in Syria.
Scope of the Development
New Damascus is planned to cover four million square meters and to combine residential compounds with facilities for hospitality, entertainment, education, and health care. The agreement channels Emirati capital into Syria's construction and services sectors rather than a single line of business.
The development is planned as a single integrated site rather than scattered plots, placing housing and services within one master plan from the outset.
Housing for Displaced Families
Al-Salhani said the agreement carries a humanitarian component: the construction of parallel, sustainable residential cities offered to people living in camps and to owners of destroyed homes. He described the arrangement as the first of its kind in the country.
Alkhoshaibi pointed to an existing "home for home" program through which the group has provided housing to refugees in other countries. He said he hoped to expand it in Syria, in partnership with the fund, under the name "city for city."
A 15-Minute City
Al-Khayat said the project is built on the "15-minute city" concept, which is meant to let residents reach daily needs and basic services within a few minutes. He said the design would cover service, health, and leisure functions without requiring travel outside the city.
The concept concentrates housing and services within one planned area, reducing the need for residents to cross the capital for routine errands. The parties said further details would follow.