Damascus, Syria, June 11, 2006: UAE-based Emaar Properties, one of the world’s largest real estate developers, will create a modern landmark in the rich cultural heritage of Syria with the ground-breaking ceremony of the SYP 26 billion (US$500 million) Eighth Gate development.
Inspired by the legendary seven gates that were access points to Syria’s rich civilization, Eighth Gate is a mixed use development in Yafour, approximately 15 minutes from the Damascus city centre. The development offers a unique lifestyle choice in Syria and is the first foray of Emaar’s multi-billion investment in the country.
A joint venture between Emaar Properties and IGO, an offshore investment and property development company, Eighth Gate recreates the luxury and style that characterise Emaar’s world-class Dubai developments.
The ground-breaking ceremony also highlighted the significance of the second Syrian Emarati Economic Forum held in Syria on June 10 and 11. The Forum, addressed by top-ranking officials from Syria and the UAE, showcased new regional opportunities in the entire economic spectrum including property development.
Mr Abdullah Al Dardari, Syrian Deputy Prime Minister, Emaar Board Director Majid Saif Al Ghurair, Mr Moufaq Al Gaddah, IGO Chairman and Mr Ibrahim Al Hashimi, Managing Director, Emaar Syria attended the forum and the ground-breaking ceremony.
“Eighth Gate sets the standards for future projects planned for Syria,” observed Mr 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.”
Mr Al Ghurair said: “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. The Eighth Gate is our first project in Syria and we are pooling in all our capabilities as well as tapping local and international talent to make it the best start.”
Mr Moufaq Al Gaddah, Chairman of IGO added: “We are pleased to be working with Emaar in developing a community of this quality. The new Eighth Gate will recreate the magic of a bygone era but in a modern context.”
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.
The city walls of Damascus have had seven gates as access points. These gates nurtured the rich culture of the region and were powerful emblems of the people of Damascus. Although only one of these monuments remains intact today, the city remembers how those imposing structures had welcomed all who walked through the archways into the city, century after century.
Divided into three zones – the Commercial Centre, the Waterfront and the Residential – the exclusive development comprises apartments as well as a classical style piazza, commercial tower, plaza and a retail mall inspired by the souks of Damascus. A new lifestyle address, Eighth Gate would offer high-street shopping experiences and al fresco dining out options.
The Eighth Gate retail mall will be the biggest ever in Levant and has been designed by a world-class designer with extensive expertise in developing spectacular shopping malls. The mall will derive synergy from Emaar’s current plans of building over 150 shopping malls around the Middle East and North Africa and Subcontinent markets, and is poised to become a landmark on its own might apart from offering a new shopping experience for the country.
Eighth Gate office buildings will sprawl over 1 million sq. ft. Apart from a modern ambience, the office development will feature basement parking. When finished, the Eighth Gate office will fulfil the entire cross-section of business needs in a vibrant environment in the heart of Damascus.
As part of the first phase, Eighth Gate will introduce more then 200 serviced apartments. Designed to meet the demanding requirements of both the Syrian clientele as well as international visitors, the apartments will feature all modern amenities. Emaar is currently undertaking a market study to evaluate the various consumer preferences and incorporate them to enhance the appeal of the apartments.
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.
Emaar’s innovative offering of self-contained, amenities-rich communities have created lifestyle options that have been the first choice for many investors. The integration of landscaped environs and retail centres within theme-based luxury lifestyle communities has proven to be a big attraction for the home buyer.
With joint ventures and projects covering Saudi Arabia, Turkey, Morocco, Egypt, India, Pakistan and Tunisia, Emaar is taking its winning formula first conceived in its home base Dubai to the rest of the world.
