Majid Al-Futtaim to invest $1bn in Syrian development

ROAD TO DAMASCUS: An artist's impression of the Sabboura development (photo supplied).

Dubai-based Majid Al-Futtaim Group said on Saturday it plans to invest an initial $1 billion to build Syria's largest ever mixed-use development.

Located in the residential part of Damascus known as 'New Damascus', the plan is for "a landmark master-planned development, which will serve as a new 'town centre' for local residents," the company said in a statment.

The project's site in the Sabboura Yafour district, is on the Beirut to Damascus Highway which has been identified as a key growth corridor by the Syrian government, it said. 

When completed, the development will cover a floor area of one and half million square metres including a two-level 200,000 square metre shopping centre, hotels, serviced apartments, Souk, offices, mosques, as well as villas and apartments.

The mall will be "anchored by a Carrefour Hypermarket", and will include a 14-screen cinema, leading retailers, an international food court and a restaurant precinct, the statement said. 

Roughly a third 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.

"We plan to offer the people of Damascus the same fantastic choice in shopping and entertainment as everywhere else in the region," Anders Moberg, Majid Al-Futtaim Group's CEO said. 

The Majid Al-Futtaim Group operates a number of shopping malls around the region including Mall of the Emirates, which it describes as "the largest shopping resort outside North America".

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (0)

Have your say

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM