Damascus: Emaar Properties PJSC announced its decision to exit the joint venture structure for The Eighth Gate, a prominent mixed-use development located in Yafour, near Damascus. This move marks a significant shift in Emaar's operations in Syria, as the company will now proceed without a local partner.
According to Emirates News Agency, The Eighth Gate was initially envisioned in 2005 as Syria's inaugural master-planned community. The development, valued at US$500 million, encompasses commercial, retail, hospitality, and residential areas, spanning 300,000 square meters. Situated 22 kilometers from central Damascus, the project has been a substantial investment by Emaar in the region.
Mohamed Alabbar, the Founder of Emaar Properties, emphasized the company's commitment to Syria, stating that the decision to exit the joint venture structure signifies their confidence in the country and its people. Alabbar highlighted Emaar's foundational belief that significant cities merit exceptional communities, underscoring Damascus's status as one of the world's great cities.
The Eighth Gate project is significant in Syria's national landscape, named to honor Damascus's historical seven gates. It aims to respect the country's rich heritage while ushering in a new phase of development, commerce, and community engagement.