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DubaiAAEs Emaar reports good progress at its Syrian development.

Despite the huge waves of unrest and regular deadly collisions between protesters and Syrian security forces, reports emerging from

Dubai-based Emaar Properties on 28th of June, say that its Eighth Gate project near Damascus has continued to progress well over

the past six months.

The project is being delivered by Emaar-IGO, a venture formed between Emaar Syria and IGO (Invest Group Overseas) a Syrian

investment and property development company.

In its statement on the subject, the developer responsible for the worldAAEs tallest building in Dubai in the United Arab Emirates

(UAE), the Burj Khalifa, said that it has sold 409 of the units at Eighth Gate and had in fact delivered 315 of the properties during the

past 6 months. This period obviously overlapped with the uprising which began in March 2011. AoThe revenue relating to such units

was recognized in the fourth quarter of 2010 and the first quarter of 2011,Ao Emaar revealed.

SyriaAAEs underdeveloped property market has attracted several developers from the Arabian Gulf states, keen to open up alternative

overseas revenue channels to counterbalance rapidly diminishing returns in their domestic markets.

Majid Al Futtaim Properties and Palmyra Real Estate, a subsidiary of property developer Belhasa International, also both from the

UAE, are among firms who have launched projects in the northern Arab state. Saudi ArabiaAAEs Al-Oula Development signed a

memorandum of understanding with the Syrian government some time ago, to form a joint-stock housing real estate company with

assigned capital of US$ 432.9 million, specifically to develop a variety Syria-based property projects.

QatarAAEs sovereign wealth property investment arm, Qatari Diar is also developing the Ibn Hani Bay Resort project in the Syrian seaport

city of Latakia, which will cost around US$ 350 million. The high-end property project kicked off in January 2010 and will stretch over

244,000 square meters on the Ibn Hani coast. In this case however, it is understood that work has been halted due to the

unrest.

By contrast, in an earlier update, Emaar confirmed that it had a workforce in excess of 600 present on the Eighth Gate site and that

work on the project was continuing at a Aobrisk paceAo.

Copyright Andy McTiernan. All rights reserved.

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Publication:Andy McTiernan Property & Economy Bulletin
Geographic Code:7SYRI
Date:Jul 1, 2011
Words:375
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