Syria signs agreement with UAE developer Arada for $7 billion real estate project

UAE ​developer Arada signed ‌an agreement with ​the Syrian Sovereign Fund on Monday to build a real estate ‌project valued at $7 billion, the Syrian state news agency reported.

The project, which will be Arada's first in Syria, ‌will include residential complexes and health, education and entertainment ‌facilities, the agency said. The deal with Arada, which is backed by Gulf royals, comes as Syria seeks warmer ties with ⁠the ​UAE, which ⁠has moved more slowly than other Gulf countries in expanding ⁠ties with the new Syrian government, led by President Ahmed ​al-Sharaa.

Damascus has been seeking foreign investment to support ⁠an economy devastated by more than a decade of war ⁠and ​Western sanctions, most of which were lifted. It has signed billions of dollars' worth of deals ⁠and memoranda of understanding with Gulf investors, including companies from ⁠Saudi Arabia ⁠and Qatar, as well as U.S. companies.