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Emaar-IGO unveils The Eighth Gate Mall, Syria’s first premium shopping and leisure destination

  • With 65,000 sq m of net leasable retail space, the mall will have 250 leading retailers
  • Total built up area of over 200,000 sq m, equivalent to some 26 football fields
  • A key component of The Eighth Gate integrated lifestyle community
  • Scheduled to open in 2013; hand over of offices in Commercial Centre progressing

Damascus, Syria; November 8, 2010: Emaar-IGO, the joint venture Emaar Syria, the country subsidiary of global property developer Emaar Properties PJSC, and Invest Group Overseas Company (IG), has unveiled Syria’s first world-class shopping and entertainment destination, The Eighth Gate Mall.

An integral part of the mixed-use Eighth Gate community in Yafour, some 20 minutes away from the Damascus city centre, The Eighth Gate Mall will sprawl over an area of over 200,000 sq m - equivalent to over 26 standard football pitches - and the largest in the country. It will offer a net leasable space of 65,000 sq m, and feature 250 retail outlets including flagship stores of leading global brands.

In addition to two levels of parking space that can accommodate over 2,300 vehicles, the mall will have a wide range of leisure and entertainment attractions, and a large food court – all tailored to attract family audiences not only from Syria but the wider Levant region, which is home to over 40 million people.

Mr Sergio Casari, Chief Executive Officer, Emaar International, said: “The Eighth Gate Mall is positioned to become the world-class retail and leisure hub in the Levant region. Syria is one of the fastest growing emerging markets in the region and the recent structural and economic reforms have lent considerable growth momentum to the economy.”

He added: “As the first of its kind shopping mall development, The Eighth Gate Mall will offer an unprecedented opportunity for retailers who can reach out to a large catchment population. They can also take advantage of the value created by Emaar-IGO at The Eighth Gate development that once completed will host 600 residential units, 200-room 5 star hotel, 380,00 sq m of built up modern office space, the new Damascus Stock Exchange building and a variety of state-of-the-art amenities and infrastructures.”

Emaar has already set global benchmarks by developing and operating the world’s largest shopping and entertainment destination, The Dubai Mall, explained Mr Casari. “We will leverage our mall development and retailing competencies to ensure that The Eighth Gate Mall will be a true trend-setter for Syria.”

 

Mr. Anas Kozbari, Chief Executive Officer of Invest Group Overseas IGO, said: “The Eighth Gate is a strong testament to the project development capabilities of Emaar-IGO. The shopping mall will be a strong value addition to the Syrian business community offering to retailers a new avenue for growth and for the public the option of shopping and leisure at a truly world-class shopping mall.”

He added that IGO has always focused on the need to create retail destinations in Syria as to accommodate the growing demand. “The Eighth Gate mall will meet the requirements of the various retailers in the market.”

The US$500 Million Eighth Gate development features four key components: the Office District, Waterfront, Retail Mall and Touristic Area. The first buildings in the Office District – Eight Rouya Office Buildings - have been completed, and work on the Damascus Stock Exchange building is in the final stages.

The tourist apartments, hotel and serviced apartments precincts along the Waterfront will provide premium accommodation options with a total built-up area of 196,000 sq m. The community also features landscaped gardens, community spaces with interlinking plazas, promenades, pedestrian walkways ample parking and advanced telecommunication facilities. Work on The Eighth Gate Mall will begin shortly and is scheduled for completion in 2013.

The Eighth Gate builds upon the ancient history of Damascus and blends modern and functional architectural style with traditional design to pay homage to the city’s ancient roots. Syria is one of the most promising retail markets in the Middle East with a young population and fast growing economy.

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