Business | Property
Majid Al Futtaim to develop 'town centre' in Syria
Majid Al Futtaim Group, the region's premier developer of shopping malls, has announced plans to invest an initial $1 billion to build Syria's largest ever mixed-use development.
- Staff Report
- Published: 00:02 October 5, 2008
Dubai: Majid Al Futtaim Group, the region's premier developer of shopping malls, has announced plans to invest an initial $1 billion to build Syria's largest ever mixed-use development.
Strategically located in a residential part of Damascus, known as 'New Damascus', the company plans to build a landmark master-planned development, which will serve as a new 'town centre'.
The project's site, located in the Sabboura Yafour district, is strategically positioned on the Beirut to Damascus highway and identified as a key growth corridor by the Syrian government.
Once complete, the development will cover a floor area of one and a half million square metres including a two-level shopping centre (200,000 square metres), hotels, serviced apartments, souq, offices, mosques, alongside a range of villas and apartments.
The mall, anchored by a Carrefour Hypermarket, will include a 14-screen cinema, Magic Planet, leading retailers, an international food court and a restaurant precinct.
The project's design, unique in Syria, is centred around a new 'town centre' concept, providing a focal point for local families.
Majid Al Futtaim Group has also announced that 30 per cent of the site will be kept for landscaped parks, gardens and pedestrian and cycle paths.
The group has already entered into discussions with leading international retailers to be a part of the first stage, which is due to complete in 2012.
Range of choices
Commenting on the announcement, Anders Moberg, CEO of Majid Al Futtaim Group, said: "Our commitment to Syria is significant and we plan to offer the people of Damascus the same fantastic choice in shopping and entertainment as everywhere else in the region.
"Our centres are places [where] people do more than shop; it's where they go to share time with family and friends.
"We have always cared to provide the highest standards in all our developments and Syria is no exception."
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
UAE companies in full force at WTM
Seventy-eight participants are from Dubai and 50 from Abu Dhabi
-
DIFC committed to high standards
Ensures an efficient process to serve the business community
-
Sweet life in the Middle East
A sweet look at the confectionary industry in the UAE and Middle East
-
UAE
Abu Dhabi's infrastructure spending
New road networks to reignite construction sector.
