Dubai, October 18, 2005: Emaar Properties today unveiled a landmark development valued at US$500 million in the Syrian capital Damascus that will introduce the city’s first master planned community. The development known as Eighth Gate will include mixed use residential, commercial and retail units and offer lifestyle choices never before on offer in Syria.
Attending a high profile press conference to announce the launch in the Syrian capital were: Dr. Abdulla Al Dardari, Syrian Deputy Prime Minister, Emaar Chairman Mr Mohamed Ali Alabbar, Mr Moufaq Al Gaddah, Chairman of Investment Group Overseas (IGO) and Dr. Mohamed Anas A. Kozbari, CEO of IGO.
The Syrian Government and Emaar also signed a Memorandum of Understanding (MoU) to develop a second upcoming project in the capital.
Dr. Dardari said: “This marks an exciting new chapter in the history of the world’s oldest city, Damascus. These landmark developments will set the standards for future projects planned for Syria. It is our honour to be working with an internationally recognized company like Emaar and to offer our people new lifestyle choices and options.”
Emaar Chairman Mohamed Ali Alabbar said: “Damascus is undoubtedly one of the greatest cities in the world and it is a rare privilege to be able to contribute to its evolution. Syria has great potential for future development and is a remarkable location for Emaar to develop high quality real estate projects on an international scale. Syria is a key development market for Emaar.”
Eighth Gate is a joint venture between Emaar Properties and IGO, the offshore investment and property development company, and sets in motion plans to develop a mixed use residential, commercial and retail development in the Yafour area, approximately 15 minutes from the centre of Damascus. The US$500 million project will recreate the luxury and style that are features of Emaar’s world-class Dubai developments.
Mr Moufaq Al Gaddah, Chairman of IGO said: “We are pleased to be partnering with Emaar to develop a master planned community of this quality. The Eighth Gate is a stunning example of capturing the feel of bygone days and blending it with the benefits of the new world. The project will truly add value to both Damascus and the country as a whole.”
The Eighth Gate project builds upon the ancient history of Damascus in its architectural style of ornately decorated buildings influenced by traditional Islamic design and pays homage to the city’s ancient roots. A signature tall gate marks the access to the main plaza.
Dating back to its ancient history the city walls of Damascus have seven gates as access points. These gates have nurtured the rich culture of its people and were powerful emblems of the people of Damascus. Although only one of these monuments remain intact today the city remembers how the striking structures have welcomed those who walked through the archways into the city century after century. The people of Damascus will soon be able to experience an Eighth Gate - one that retains the best of the past, but in a modern context.
Divided into three zones, the Commercial Centre, The Waterfront and the Residential Zone the exclusive development contains both apartments and villas as well as a classical style piazza, commercial tower, plaza and a 450,000 sq. ft. retail mall inspired by the souks of Damascus as well as high street shopping and al fresco dining.
With rows of fountains, lush landscaped gardens combined with interconnected courtyards, Eighth Gate will be the ideal place to relax and take in the picturesque surroundings. Work on the Eighth Gate is expected to take approximately five years.
