Emaar launches mega projects in Syria
In a press conference marking the launching of the US$ 3.9-billion Eighth Gate and Damascus Hills Projects by United Arab Emirates-based Emaar Company and the Overseas Company, Syria's Deputy Prime Minister for Economic Affairs Abdullah al-Dardari said these two projects and other real-estate projects were aimed at reviving Syria's role as a regional, commercial and financial center.
For his part, Emaar CEO, Mohammed Ali al-Abbar, said Syria boasts "all aspects that make it a strategic option to our current and future real-estate projects."
Meanwhile, Chairman of the Board of Overseas Company Muwafaq Ahmad al-Qaddah expressed pleasure to invest in Syria.
Later, Mr. Dardari and Mr. Abbar, answering questions by reporters, indicated that the duration for carrying out the projects is 10 years and the reason for choosing Syria is its "new policy to encourage investments, the economic openness and the presence of huge investment opportunities in Syria."
On whether this projects affect the prices of real estate in Syria, Dardari stressed the supply and demand will control the prices in the Syrian market and the government will positively interfere in the local property market to lower the prices, particularly the public houses.
The US$ 3.9- billion projects launched by Emaar in cooperation with Overseas Investment Group include apartments, commercial offices and other services and utilities.
Damascus Hills Projects costs US$ 3.4 billion. It includes luxury flats, villas and a "Digital City," in addition to big areas for officies, trade markets, restaurants and other public utilities.
The Eighth Gate Project costs US$ 500 million and includes flats, villas, and a public square and commercial tower in addition to a group of markets and restaurants.