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DAMASCUS-Emaar Properties has unveiled a $500-million master-planned community development in the Syrian capital. Dubbed Eighth Gate, the development will be a joint initiative with IGO, an offshore investment and property development company in Syria.

This will be the first master-planned community in Damascus integrating mixed-use residential, office and retail units. “The project will be completed in six years,” says Emaar Syria MD Ibrahim Al Hashemi. “Syria is an emerging market offering great potential for growth for Emaar.”

The project is expected to generate employment opportunities as well as help build ancillary service sectors around, thus stimulating the host country’s economy. Emaar currently is on an ambitious expansion and has undisclosed projects in Saudi Arabia, Egypt, Morocco, Jordan, Turkey, Tunisia, India and Pakistan.

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