Emaar Properties, one of the world’s most valuable and admired real estate developers, today (May 18) announced that it is in the process of exiting the JV structure relating to The Eighth Gate, its landmark mixed-use development in Yafour, Damascus, thus marking a decisive new chapter in Emaar’s long-standing relationship with Syria. 

With this move, the Dubai master developer will be operating in the country without any partner.

The Eighth Gate was conceived in 2005 as Syria's first master-planned community - a $500 million integrated development spanning commercial, retail, hospitality, and residential zones across 300,000 sq m in Yafour, 22km from the heart of Damascus.

This transition reflects Emaar’s enduring confidence in Syria’s economic resurgence and the transformative potential of The Eighth Gate for the country’s-built environment. 

By moving unaided, the company will be able to ensure The Eighth Gate is delivered to the uncompromising standards that define Emaar developments worldwide. 

The project will also benefit from the same operational rigour and design philosophy that has shaped iconic destinations including Downtown Dubai, Dubai Hills Estate, and Emaar Beachfront, stated the Dubai developer.

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 deep significance in the national imagination. Named in homage to Damascus’s legendary seven ancient gates, the enduring symbols of a civilisation that welcomed the world, the project aspires to be a modern eighth gateway: one that honours Syria’s extraordinary heritage while opening the country to a new era of growth, commerce, and community, he added.-TradeArabia News Service