The Syrian Sovereign Fund and UAE real estate developer Arada signed a deal worth around $7 billion on Monday for a major residential and commercial project in Damascus, Syrian Arab News Agency (SANA) reported. The “New Damascus” project will cover some 4 million square meters (43 million square feet) and include 11,000 residential units, according to SANA. It will also include hotels, healthcare and educational facilities, offices, commercial spaces and recreational areas, the agency said. The deal marks Arada’s first project in Syria and was signed in Damascus by Ahmed al-Khushaybi, the company’s CEO; and Mohammed al-Khayyat, CEO of the sovereign fund’s real estate development sector. Mazen al-Salhani, chairman of the Syrian Sovereign Fund, said the agreement also includes plans […]
