The Syrian Sovereign Fund and UAE-based Arada Group have launched “City for a City,” an investment model designed to link major development projects with long-term social and economic impact in Syria.
Under the model, each major investment will be paired with a parallel development contribution for communities most in need. The first phase will support camp residents and people whose homes were destroyed by developing sustainable residential communities alongside the main investment.
The initiative aims to create jobs, strengthen local economic activity and involve residents, Syrian companies and suppliers in the value chains generated by major projects. The approach builds on Arada’s “House for a House” initiative, which has supported refugees in several countries.
Its first application will come through the “New Damascus” agreement between the fund and Arada, valued at approximately $7B and covering 4M square meters. The project is planned to include 11,000 residential units, as well as hospitality, entertainment, education and healthcare facilities. It will also follow the “15-minute city” concept, with daily services located within a short distance of residents.
The fund said it will announce the project’s location details, components, implementation phases, beneficiary groups, timeline and official launch date in due course.
Source: GCC Startup News
