Emaar exits joint venture structure for Damascus mixed-use project
Dubai developer says it will independently oversee The Eighth Gate development in Syria
Dubai: Emaar Properties has announced plans to exit the joint venture structure linked to The Eighth Gate, its mixed-use development in Yafour, Damascus, marking a shift in the company’s operations in Syria.
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The Dubai-listed developer said it will operate the project independently without a local partner as it moves forward with the development.
The Eighth Gate was launched in 2005 as a $500 million master-planned community spanning 300,000 square metres in Yafour, around 22 kilometres from central Damascus. The project includes residential, retail, hospitality and commercial components.
Emaar said the move reflects its confidence in Syria’s economic recovery and its intention to deliver the project according to the company’s global development standards.
Project launched in 2005
The developer said the project would follow the same operational and design approach used in destinations such as Downtown Dubai, Dubai Hills Estate and Emaar Beachfront.
Mohamed Alabbar, founder of Emaar Properties, said the company’s decision to exit the joint venture structure reflected its long-term confidence in Syria and its people.
The project’s name references Damascus’s seven historic gates and was positioned as a modern gateway intended to support future growth, commerce and community development in Syria.
