Emaar sells 409 units at Syrian project

UAE developer says work ongoing despite political unrest in Arab state

Emaar's projects in Syria are forging ahead despite political unrest in the country. Photo: ITP
Emaar's projects in Syria are forging ahead despite political unrest in the country. Photo: ITP

RELATED ARTICLES: Qatari Diar commits to completing Syrian projects | Site visit: Yasmeen Rotana, SyriaDeveloper to sign Syrian interchange contract soon

Emaar Properties, the UAE’s biggest developer by market value, confirmed Tuesday it had sold 409 units in a property project in Syria.

Emaar-IGO, a venture between Emaar Syria and IGO, delivered 315 units at the Eighth Gate project near Damascus in the past six months, the company said in a statement to Dubai bourse, despite widespread political unrest in the Arab state.

“The revenue relating to such units was recognized in the fourth quarter of 2010 and the first quarter of 2011,” it said.

In a previous statement, the company said work continued to progress at a “brisk pace” with more than 600 workers on site.

The builder of the world’s tallest tower said in May that revenue from apartment sales declined 81 percent in the first quarter and 50 percent from villa sales, amid weak property demand.

Syria’s underserved real estate market has attracted a number of Gulf companies keen to expand beyond their domestic markets in the wake of decreasing returns.

Palmyra Real Estate, a unit of UAE property developer Belhasa International, and Majid Al Futtaim Properties are among firms that have announced projects in the Arab country.

But weeks of violent unrest in Syria aimed at ousting long-term President Bashar Al Assad has forced a number of projects to be scaled back or suspended.

Qatari Diar, the real estate arm of the Gulf state’s sovereign wealth fund, said in May it had frozen its projects in the country, pending an end of protests.

The company’s portfolio includes a $350m beach resort in the coastal town of Lattakia.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020