A new landmark project was recently announced by UAE-based Emaar Properties to create a first-time ever luxury residential project valued at $500 million in Syria. The new 'Eighth Gate Development' represents Emaar's first project in a series of mulit-billion dollar investments in Syria.
'Eight Gate' is a joint venture between Emaar Properties offshore investment and property development company, IGO, according to Khaleej Times.
A ground-breaking ceremony was held in Syria to mark the event, which also highlighted the significance of the second Syrian Emarati Economic Forum held earlier this week. The Forum showcased new regional opportunities in property development and other markets, and was attended by top-ranking officials from both Syria and the UAE.
"Eighth Gate sets the standards for future projects planned for Syria," said Syrian Deputy Prime Minister, Abdullah Al Dardari.
"Emaar was the perfect partner for this project. As an internationally recognized company, their history of creating master planned communities is renowned. Eighth Gate will become a referral point for modern community living," Dardari added.
Emaar Board Director Majid Saif Al Ghurair, IGO Chairman Moufaq Al Gaddah, and Managing Director of Emaar Syria, Ibrahim Al Hashimi, were also in attendedance at the ceremony.