Business Services Industry
SYRIA: Joint venture construction plans for proposed $3,900,000,000 real estate development project, EMAAR PROPERTIES PJSC [UAE] Order #: 113905.
WWP-Business Opportunities in Africa & the Middle East, November, 2005
PROJECT OVERVIEW:
An Emirates/Syrian joint venture was recently established in view of undertaking a major real estate development project in Syria. The partners in the planned undertaking include UAE-based EMAAR PROPERTIES PJSC and undisclosed Syrian expatriates.
Construction plans under consideration call for completing 2 projects in Damascus within the next decade. According to EMAAR Chairman Mohamed, Ali Alabbar, the first project will be built in the Yafour area, near the heart of the old city. The five-year project covering 3.2 million square meters will include residential property and a retail mall. The cost to complete this project has been estimated at $500,000,000.
The larger development scheme will be built over 10 years at...
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