Emaar Properties announced its decision to exit the joint venture structure with The Eighth Gate, its mixed-use development in Yafour, Damascus. This marks a significant milestone in Emaar’s longstanding relationship with Syria, as it will operate independently in the country without any partner.
The Eighth Gate was conceived in 2005 as Syria’s first master-planned community – a US$ 500mn integrated development spanning commercial, retail, hospitality, and residential zones across 300,000sqm in Yafour, 22km from the heart of Damascus.
Emaar’s confidence in Syria’s economic revival and the transformative potential of The Eighth Gate for the country’s built environment is evident in this transition. By taking on the project independently, the company can guarantee that The Eighth Gate meets the standards that define Emaar developments worldwide, said a statement.
The project will benefit from the same operational rigor and design philosophy that has shaped iconic destinations such as Downtown Dubai, Dubai Hills Estate, and Emaar Beachfront. The project aspires to be a modern eighth gateway, honoring Syria’s remarkable heritage, while paving the way for a new era of growth, commerce, and community.
Mohamed Alabbar, Founder of Emaar Properties said, “Our decision to exit the JV structure of The Eighth Gate is a statement of our unwavering belief in Syria and its people. Emaar was built on the conviction that great cities deserve great communities — and Damascus is one of the greatest cities in the world.”
The Eighth Gate holds significance in the national consciousness. Named in tribute to Damascus’s seven ancient gates, these enduring symbols represent a civilisation that embraced the world, the statement concluded.
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