Arada Enters Syria With $4M-Square-Metre City Project Through Sovereign Fund Partnership

The partners’ first project will be a large, fully integrated city on a 4-million-square-metre site west of Damascus.

Arada and the Syrian Sovereign Fund will work together on the project. The master plan will be developed with Syrian government authorities and will support the country’s reconstruction and development plans.

The two organisations are also working to identify more locations across Syria for future real estate projects.

The agreement was signed in Damascus by Ahmed Alkhoshaibi, CEO of Arada Group, and Mohammed Al Khayyat, CEO of the Real Estate Development Sector at the Syrian Sovereign Fund. The project is described as one of the major foreign real estate investments in Syria since the country began its new phase of reconstruction and development.

HRH Prince Khaled bin Alwaleed bin Talal, Executive Vice Chairman of Arada, said: “Syria is at a pivotal moment in its history, and the scale of the opportunity to rebuild and invest in its future is significant. Arada has spent nearly a decade delivering high-quality communities at scale, across multiple markets and in complex environments. Working with the Syrian Sovereign Fund, our organisation is uniquely well-placed to bring that experience to bear here, creating jobs, developing local skills, supporting Syrian businesses and contributing to the local economy. Arada’s success has been shaped by our willingness to make long-term investments where others might hesitate with partners who share our vision to create genuine communities.”

Mohammed Al Khayyat, Board Member and Chief Executive Officer of the Real Estate Development Sector at the Syrian Sovereign Fund, said: “Syria welcomes businesses and companies from around the world, and this strategic partnership with Arada is a powerful demonstration of what that means in practice. The Syrian Sovereign Fund's mandate is to attract world-class investment that creates lasting value for the Syrian people, and we believe that this project represents exactly that. We’re grateful to Arada for their partnership and we look forward to working together to deliver projects that reflect the ambition and resilience of the Syrian people.”

Arada and the Syrian Sovereign Fund will work together to create the project’s master plan. They will coordinate closely with Syrian government authorities to ensure the development supports the country’s plans.

The two partners are also looking at other locations across Syria where they could develop more projects in the future.

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