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Emaar signs contract with Saudi Binladin Group for infrastructure work on Eighth Gate

  • Work to be completed in 30 months
  • Master-planned project gains strong investor response

Damascus, Syria; December 05th, 2007: Emaar - IGO has contracted Saudi Binladin Group to undertake the infrastructure work of the SYP26 billion (US$500 million) Eighth Gate project. Al Marasem, the Syria-based company of Binladin Group, will undertake works related to plumping, electricity, roads and telecom.

Dr. Nader Mohammed, Regional Managing Director, Emaar International; Mr. Sarhad Haffar, General Manager, Emaar Syria; and Dr. Anas Kozbari Executive Manager of IGO, an offshore investment and property development company and joint venture partner in the Eighth Gate project, signed the SYP700 million (US$13.6 million) contract with Engr M. Omar Choura, General Manager, Al Marasem; and Managing Director, Saudi Binladin Group, Syria, today, in Damascus.

Dr. Nader Mohammed said: "Eighth Gate, our flagship project in Syria, has gained strong investor response, and we are on schedule with the construction. Saudi Binladin Group has proven expertise in undertaking world-class infrastructure developments, and will start work at Eighth Gate very soon."

Dr. Anas Kozbari Executive Manager of IGO added: "The signing of the infrastructure contract - one of the important considerations in any project development - reiterates our commitment to completing Eighth Gate on schedule and create a new lifestyle environment in Damascus. Saudi Binladin Group has undertaken several prestigious projects in the region and the Eighth Gate will be another remarkable addition to their development portfolio."

Al Marasem will complete the infrastructure work in 30 months and the entire project will be completed in six years.

"We recently launched the sale of two office towers within the Commercial Centre of Eighth Gate to strong investor response. A dedicated Presentation Centre gives potential investors an overview of the various components of the project," said Mr. Sarhad Haffar.

Eighth Gate has a mix of touristic, commercial, leisure and retail components, and is located in Yafour, some 15 minutes away from the Damascus city centre. Eighth Gate is inspired by the legendary seven gates that were access points to Syria's rich civilization. A signature tall gate marks the access to the main plaza. The project is divided into three zones - Commercial Centre, Waterfront and Residential.

Emaar's expansion into Syria is in line with its Vision 2010 to become one of the most valuable companies in the world. The company today has a significant presence in 36 markets globally and has also diversified into education, healthcare, malls, financial services, and hospitality & leisure.

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