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Construction of The Eighth Gate makes rapid progress

  • Pioneering master-planned community is energizing Syrian economy
  • Ideal platform for commercial entities to prosper
  • Strong investor response to Commercial Centre launch

Work in progress on Eighth Gate, Emaar Syria’s pioneering master-planned community in Yafour.

Damascus, Syria; October 15th 2008: Emaar-IGO, a venture between Emaar Syria and IGO, is making rapid progress on the US$500 million Eighth Gate, the pioneering master-planned community that creates a new commercial nerve-centre near Damascus. Construction of the project is progressing at a fast pace with leading contractors and engineers undertaking the work.

The pioneering commercial community which will eventually feature the Damascus Stock Exchange building, The Eighth Gate is now taking shape with several hundred workers currently employed on site. ACC and Saudi Binladin Group are leading the construction works.

Mr Sarhad Haffar, General Manager, Emaar Syria, said: “Emaar recently launched the Commercial Centre of Eighth Gate to strong investor response not only in Syria but also in several Gulf countries. We are now undertaking the construction work of the project at an accelerated pace to hand over the project and create a truly dynamic commercial environment near Damascus.”

Developed in association with IGO, an offshore investment and property development company, Eighth Gate project builds upon the ancient history of Damascus in its architectural style of ornately decorated buildings influenced by traditional design and pays homage to the city’s ancient roots. A signature tall gate marks the access to the main plaza of the project located in Yafour, easily accessible from Damascus. The Eighth Gate features three distinct zones – Commercial Centre, Waterfront and Touristic Area.

When completed The Eighth Gate will feature a classical styled piazza, commercial tower, and a mall inspired by the souks of Damascus as well as high-end shopping experiences. The shopping mall will be one of the largest in the country while the Commercial Centre will house the Damascus Stock Exchange complex. Work on the stock exchange building has commenced already and is expected to be completed in January 2010.

The Commercial Centre buildings feature Arab architectural elements and have large floor space. All buildings will be equipped with high-speed Internet and entertainment connectivity. Emaar-IGO has already completed a modern Sales Centre, which drives the sales process for The Eighth Gate.

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