Emaar Properties strengthens its presence in Damascus through a project "Eighth gate"
DUBAI, May 18 / WAM / Emaar Properties, listed on the Dubai Financial Market, announced today that it is in the process of terminating the joint project model associated with the “Eighth Gate”, in Yafour, Damascus, beginning a new chapter in its extended relationship with Syria, where the company will continue its operations in the country independently, without any partner.
The “Eighth Gate” project was launched in 2005 as the first integrated master-planned complex in Syria, with investments amounting to $500 million, and an area covering 300,000 square meters in the Yafour area, 22 kilometers from the heart of the capital, Damascus, and includes commercial, retail, and hospitality facilities, in addition to integrated residential areas.
Mohamed Alabbar, founder of Emaar Properties, said: “Our decision to leave the framework of the joint project for the ‘Eighth Gate’ represents an affirmation of our firm belief in Syria and its people. Emaar was founded on the conviction that great cities deserve exceptional communities, and Damascus is one of the greatest cities in the world.
The “Eighth Gate” project carries symbolic connotations, as its name was inspired by the seven historical gates of Damascus, which throughout the ages formed a symbol of an ancient civilization that opened to the world.
The project aspires to be the modern “eighth gate” that honors the Syrian heritage and opens new horizons for an era of growth, trade and belonging.
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