Majid Al Futtaim Properties commences the Ground Works for its 1 billion dollar Project in Syria
Majid Al Futtaim Properties commenced the ground works for its first mega tourism project in Syria, "Khams Shamat" that will become the Levant's landmark mixed-use community including tourism, shopping and entertainment.
Located in Sabboura\Yafour area on the Damascus-Beirut highway, Khams Shamat will be 17 Km west of Damascus and can be easily reached from the city centre in 20 minutes. The project will occupy a total land space of 1 million square meters and will contain the biggest shopping and leisure destination in the Levant region, numerous hotels, a town square with outdoor shopping and restaurants, commercial office space and touristic accommodations.
"We have spent a lot of time and money with the world's best consultants carefully studying all aspects of this mixed use development" Said Peter Walichnowski, CEO of Majid Al Futtaim Properties, who added "With the new investment offerings the Syrian economy is providing and the zest towards foreign investment, we found an outstanding opportunity to enter the Syrian market in a big way and be a major player in pushing the tourism, hospitality and retail sectors forward. We will bring to Syria international standard facilities that will be as good as anything else in the Middle East".
Waddah El Solh, Regional Head of Lebanon and Syria, said "Today is a big day for Majid Al Futtaim Properties in Syria. The start of the ground works shows our commitment towards the Khams Shamat project and our seriousness in getting things done." He added: "We take this opportunity to express our appreciation and gratitude to the Syrian Government for the support and for facilitating to accomplishment of this project. We are confident that Khams Shamat will play a major role in the overall development of the tourism sector in the country."
International hotels, business districts, touristic apartments and other civic amenities, such as schools, medical facilities, public parks, art galleries, and amphitheatres, will be part of the Khams Shamat project along with the shopping and entertainment mall. Majid Al Futtaim Properties will soon announce the names of the leading companies to operate the major hotels in Khams Shamat. The first phase of the project will be completed in 2014.
- How to avoid turning your dream home into a nightmare
- The Kingdom will sure 'look different' by 2030: Saudi Arabia has 80 mega-projects up its sleeve
- Too pricey? MENA property hikes are off-putting for new buyers
- Fleeing war? UAE is the safe haven: Dubai property market is safe and secure according to a top banker
- CEO of the UAE's top developer, MAF Properties talks money and retail
- Majid Al Futtaim Properties to invest USD 3.5 billion in four new shopping malls
- Mall of the Emirates to be launched soon
- Top Dubai developer Majid Al Futtaim has big plans for Oman with a $70 million retail expansion project underway
- Bahrain: Biggest retail complex to be built by Majid Al Futtaim Investments
- Landmark deal for Mall of the Emirates