MAF unveils $1bn Syria investment plans
Dubai, October 4, 2008
Majid Al Futtaim Group (MAF), the region’s premier developer of shopping malls, has announced plans to invest an initial $1 billion to build Syria’s largest ever mixed-use development.
Strategically located in a residential part of Damascus, known as ‘New Damascus’, the company plans to build a landmark master-planned development, which will serve as a new ‘town centre’ for local residents.
The project’s site, located in the Sabboura Yafour district, is strategically positioned on the Beirut to Damascus Highway and identified as a key growth corridor by the Syrian government.
Once complete, the development will cover a floor area of one and half million square metres including a two-level shopping centre (200,000 sqm), hotels, serviced apartments, Souk, offices, mosques, alongside a range of villas and apartments.
The mall, anchored by a Carrefour Hypermarket, will include a 14-screen cinema, Magic Planet, leading retailers, an international food court and a restaurant precinct.
The project’s design, unique in Damascus and Syria, is centered around a new ‘Town Centre’ concept, providing a focal point for local families.
Majid Al Futtaim Group has also announced that 30 per cent of the site will be kept for landscaped parks, gardens and pedestrian and cycle paths.
The group has already entered into discussions with leading international retailers to be a part of the first stage, which is due to complete in 2012.
Commenting on the announcement Anders Moberg, Majid Al Futtaim Group CEO said, “Our commitment to Syria is significant and we plan to offer the people of Damascus the same fantastic choice in shopping and entertainment as everywhere else in the region.'
“Our centres are places people do more than shop, it’s where they go to share time with family and friends. We have always cared to provide the highest standards in all our developments and Syria is no exception,' he remarked..
“We are very proud to have this opportunity and once finished I am sure the centre will provide the best that Majid Al Futtaim can offer,” Moberg added.-TradeArabia News Service