Damascus, Aug. 31 (SANA) The Syrian Sovereign Fund signed an agreement on Monday with UAE-based developer Arada Group to execute a $7 billion real estate project in the “New Damascus” area.
The signing ceremony took place in the presence of Chairman of the Syrian Sovereign Fund Mazen al-Salhani. Covering four million square meters, the project marks Arada’s first venture in Syria and will feature residential complexes, hospitality, entertainment, education, and healthcare sectors.
Al-Salhani highlighted that the agreement incorporates a humanitarian component, under which Arada Group will construct parallel, sustainable cities for camp residents and owners of destroyed homes in a first-of-its-kind initiative in Syria.
Group CEO of Arada Ahmed Alkhoshaibi stated that through its “Home for a Home” initiative—which has provided housing for refugees globally—the group is eager to partner with the Syrian Sovereign Wealth Fund to expand this program in Syria under the title “City for a City.”
CEO of Real Estate Development at the Sovereign Fund, Mohammad al-Khayyat, explained that the “New Damascus” project will implement the “15-minute city” concept, ensuring all daily residential, service, health, and recreational needs are accessible within minutes.
M.Q.R/MZN
