Two Gulf real estate developers to announce Syria projects
Emaar and Kuwait's Aref Investment Group will soon announce the launching of huge investments in Syria through, reported Al-Sharq al-Awsat newspaper on October 10.
The first of these projects is called "Al-Bawaba al-Thamina" (The Eighth Gate). Emaar's share in this project will be 40%, while Bank of Syria and Overseas (BSO) will have the reminder 60% of this $700 million project's capital.
The project will include construction of a services, finance and tourism complex in Yafur area near Damascus. The complex will supply high technology infrastructure and will form an international tourism attraction.
The second project, which is called "Talal Damascuss" (Damascus Hills), will be accomplished on a 5 million square meters area near Damascus to serve as Damascus Digital City similar to Dubai Internet City. The project will include commercial and marketing services area and a luxury residential area. This investment is owned completely by Emaar. It will cost $4 billion and will be accomplished within 8 years. The land for the project has already been selected and the group is currently dealing with the procedures of purchasing it.
As for the project of the Kuwaiti Investment Group Aref, the group aims to establish a finance district in one of Damascus' suburbs, which will host the stock exchange, banks' branches, financing companies and financing-
related IT companies.
Another project will be constructed close to Aleppo on a two million square meters area. It will include technological area, medical area, educational area, industrial zone and residential area. The investment costs in this project are estimated at $3 billion.
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