MAF starts work on $1bn Syria project
Damascus , September 7, 2010
Majid Al Futtaim Properties, a leading developer and operator of shopping malls, hotels and mixed-use projects, said it has begun the ground works for “Khams Shamat,” its first mega tourism project in Syria.
Located in SabbouraYafour area on the Damascus-Beirut highway, Khams Shamat is set to become the Levant region’s landmark mixed-use community including tourism, shopping and entertainment, said a MAF Properties statement.
The project will occupy a total land space of 1 million sq m and will contain the biggest shopping and leisure destination in the Levant region, numerous hotels, a town square with outdoor shopping and restaurants, commercial office space and touristic accommodations, said a top official.
'We have spent a lot of time and money with the world’s best consultants carefully studying all aspects of this mixed use development' said Peter Walichnowski, CEO of Majid Al Futtaim Properties.
'With the new investment offerings the Syrian economy is providing and the zest towards foreign investment, we found an outstanding opportunity to enter the Syrian market in a big way and be a major player in pushing the tourism, hospitality and retail sectors forward.'
'We will bring to Syria international standard facilities that will be as good as anything else in the Middle East,' he added.
Waddah El Solh, regional head of Lebanon and Syria, said 'Today is a big day for Majid Al Futtaim Properties in Syria. The start of the ground works shows our commitment towards the Khams Shamat project and our seriousness in getting things done.'
“We take this opportunity to express our appreciation and gratitude to the Syrian Government for the support and for facilitating to accomplishment of this project. We are confident that Khams Shamat will play a major role in the overall development of the tourism sector in the country,” the official said.
International hotels, business districts, touristic apartments and other civic amenities, such as schools, medical facilities, public parks, art galleries, and amphitheatres, will be part of the Khams Shamat project along with the shopping and entertainment mall.
Located 17 km west of Damascus, can be easily reached from the city centre in 20 minutes, the MAF statement said.
Majid Al Futtaim Properties will soon announce the names of the leading companies to operate the major hotels in Khams Shamat. The first phase of the project will be completed in 2014, it added.-TradeArabia News Service