The UAE-based company Arada has agreed to build a new district in Damascus, Syria, with an estimated cost of $7 billion. The deal is part of a larger trend of Gulf countries investing in Syria's reconstruction, which is aligned with a US effort to keep the country out of Iran's influence. Arada, backed by Saudi and UAE royals, partnered with Syria's newly formed sovereign wealth fund to make this investment. This marks a return for Khaled bin Alwaleed Al Saud, co-founder of Arada, whose father Prince Alwaleed bin Talal previously owned the Four Seasons hotel in Damascus before selling it to a frontman for Syria's former president in 2018. The deal also represents an opportunity for UAE property developers to expand internationally, as they face a slowing home market and are looking to invest in new markets like Syria. Dubai real estate mogul Mohamed Alabbar has already announced plans to develop infrastructure worth at least $20 billion in Syria, including homes, resorts, and schools in cities such as Damascus and Latakia.
aligned with a broader US effort to keep the country out of Iran’s orbit
| Signal | Value | Weight |
|---|---|---|
| Correction rate | 0.000 | 0.4 |
| Uncertainty density | 0.077 | 0.25 |
| Assertive mismatch rate | 0.000 | 0.35 |