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UAE developer Arada is undertaking its first project in Syria to the tune of USD 7 bn, after inking an agreement with the Syrian Sovereign Fund for a real estate development, according to the Syrian state news agency Sana.
What’s being built: The 4 mn sqm project will include residential complexes alongside healthcare, education, and entertainment facilities and will be built in the New Damascus area.
Why it matters: Arada is the latest Gulf investor lining up capital for Syria’s reconstruction as Damascus looks abroad to rebuild an economy battered by more than a decade of war and sanctions. Syria has already signed bns of USD worth of agreements and MoUs with Gulf and US investors.
And there’s plenty more UAE real estate money on the table: Mohamed Alabbar is separately planning up to USD 18 bn in investment through Abu Dhabi-based Eagle Hills, including a mixed-use development in Damascus and a beachfront project in Latakia that spans tens of thousands of homes alongside hotels, retail spaces, offices, schools, and hospitals.
IN CONTEXT- UAE capital is already moving into other parts of Syria’s rebuild. DP World began implementing its USD 800 mn investment in Tartus port late last year, while AD Ports Group agreed to acquire a 20% stake in the Latakia International Container Terminal — widening the Emirati footprint from ports into large-scale property development.
