Emaar JV to develop in Syria

Emaar Properties has signed a US $100 million (AED367 million) 50-50 joint venture agreement with Cham Holding Company in Syria, to develop mixed-use projects in the country.

Emaar Properties has signed a US $100 million (AED367 million) 50-50 joint venture agreement with Cham Holding Company in Syria, to develop mixed-use projects in the country.

An Emaar spokesperson told Construction Week that the new projects would be developed in key destinations in the country, details of which were currently being finalised.

"The joint venture with Cham Holdings is an equal equity participation with an initial capital base of $100 million," said the spokesperson.

"Emaar Cham will develop world-class master-planned communities that reflect Emaar's core competence in mixed-use developments.

"The locations of the projects are being finalised but will be in some of the fastest growing districts of the country, and will create flourishing neighbourhoods with residences, commercial space, hospitality and leisure components.

"The development will replicate Emaar's approach of creating integrated lifestyle neighbourhoods."

According to a news report published by Reuters, Emaar Cham is looking to develop neighbourhoods, mainly in Damascus, the Syrian capital.

 

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