Kuwaiti consortium to finance US$ 2 billion real estate project in Damascus
Kuwaiti Investment Aref Group announced Sunday that a consortium of Kuwaiti companies will finance an agreement with Syria to launch a US$ 2 billion project in the fields of real estates and services in Damascus.
“A project to establish a city of investment and development has exceeded the stage of memos of understanding, and it has entered negotiations on final details,” Ali Fahd al-Zumai, Aref Group’s Chairman of Board said in a statement, cited by Sana.
“The first phase of the project includes the establishment of a ‘finance and business district’ in a Damascus with a cost of $ 500 million by the end of 2007… and it will include, when ended in 2010, health, educational and entertainment facilities in addition to other facilities in the field of informatics,” Zumai added.
The Consortium includes 8 Kuwaiti companies specialized in the fields the project covers.