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According to the Syrian Arab News Agency, the Syrian Sovereign Fund signed an agreement with UAE-based Arada Group on August 31, 2026, to execute a $7 billion real estate project in the New Damascus area. The development, Arada’s first in Syria, will cover four million square meters and feature residential complexes together with hospitality, entertainment, education and healthcare sectors. SANA reported that the agreement was signed by Arada Group CEO Ahmed Alkhoshaibi and Mohammad al-Khayyat, CEO of Real Estate Development at the fund, in the presence of fund chairman Mazen al-Salhani.
The state news agency added that the deal includes a humanitarian component under which Arada will construct parallel sustainable cities for camp residents and owners of destroyed homes in what it described as a first-of-its-kind initiative in Syria. 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 Fund to expand this program in Syria under the title “City for a City.” The project will implement the “15-minute city” concept ensuring all daily residential service health and recreational needs are accessible within minutes according to Mohammad al-Khayyat.
Arada was founded in 2017 and has grown into a major UAE master developer with a portfolio valued at more than AED 60 billion and over 10,000 homes delivered. Company figures show that the developer recorded AED 17.3 billion in sales during 2025 a 199 percent increase year on year while awarding AED 12.7 billion in construction contracts that same year. Its flagship Aljada project in Sharjah spans 24 million square feet as part of a broader pipeline that includes ventures in the United Kingdom and Australia.
The signing comes as Syria seeks foreign investment to rebuild an economy shattered by more than a decade of war with most Western sanctions now lifted. Reuters reported that Damascus has signed billions of dollars worth of deals and memoranda with Gulf investors from Saudi Arabia Qatar and the UAE as well as U.S. companies.[[1]](https://www.reuters.com/world/middle-east/syria-signs-agreement-with-uae-developer-arada-7-billion-real-estate-project-2026-08-31/) Gulf-linked projects announced since the change in government total approximately $24 billion when overlapping figures are counted once according to an Arabian Business compilation.[[2]](https://www.arabianbusiness.com/politics/syria-investment-gulf-damascus-recovery)
Saudi Arabia formed a joint bank with Syria this month to ease investment flows while concluding agreements on transport and tourism The National reported on August 27. Qatar has advanced a roughly $7 billion electricity programme and the UAE has backed port developments together with a proposed Damascus metro system. The World Bank has estimated the overall reconstruction cost at $216 billion against a current GDP of roughly $21 billion to $22 billion.[[3]](https://moderndiplomacy.eu/2026/07/28/washington-arrived-late-syrias-economic-reintegration-is-already-a-gulf-run-enterprise/)
Arada is backed by Sheikh Sultan bin Ahmed Al Qasimi and Prince Khaled bin Alwaleed bin Talal and maintains a development pipeline valued at AED 130 billion equivalent to about $35 billion. The Syrian initiative builds on the company’s record of delivering large-scale mixed-use communities that integrate residential commercial and public facilities. Both parties described the partnership as a step toward sustainable urban recovery in a country now actively courting regional capital for reconstruction.
