Emaar Properties Exits JV for The Eighth Gate in Damascus

Emaar Properties PJSC has announced its decision to withdraw from the joint venture structure for The Eighth Gate, their significant development in Yafour, Damascus. This strategic move signifies a renewed focus on operating independently within Syria. The Eighth Gate, initiated in 2005, is a $500 million project designed to encompass commercial, retail, hospitality, and residential sectors, covering 300,000 square metres.

This decision reflects Emaar's confidence in Syria's economic recovery and the project's potential impact. Emaar aims to ensure the project's standards align with their global developments such as Downtown Dubai. The project draws its name from Damascus's historical gates, symbolizing a bridge between the old and a modern era of economic and community growth.