Damascus Mixed-Use Project: Joint Venture Dissolved
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Emaar Properties is restructuring its operations in Syria by exiting the joint venture for The Eighth Gate, a mixed-use development in Yafour, Damascus. The Dubai-listed developer will now independently manage the project, signaling its confidence in Syria's economic recovery.
Launched in 2005, The Eighth Gate is a $500 million master-planned community spanning 300,000 square meters. The project includes residential, retail, hospitality, and commercial spaces, aiming to create a modern gateway for growth and community development.
Emaar plans to apply its global development standards, mirroring the operational and design approaches used in successful projects like Downtown Dubai. Mohamed Alabbar, the founder of Emaar Properties, emphasized the company's long-term commitment to Syria through this strategic shift.
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