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Sun 26 Oct 2008 04:00 AM

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Syria's "Eighth Gate" sees rapid progess

Emaar-IGO, a joint venture between Emaar Syria and IGO, an offshore property and investment company, has announced it is making rapid progress on the US$500m Eighth Gate in Damascus.

Emaar-IGO, a joint venture between Emaar Syria and IGO, an offshore property and investment company, has announced it is making rapid progress on the US$500m Eighth Gate in Damascus.

The master-planned community, launched to boost the Syrian economy, will feature three zones - a commercial centre, waterfront and tourist area.

"Sarhad Haffar, general manager of Emaar Syria, said: "Emaar recently launched the commercial centre of Eighth Gate to strong investor response not only in Syria but also in several Gulf countries. We are now undertaking the construction work of the project at an accelerated pace to hand over the project and create a truly dynamic commercial environment near Damascas."

On completion, the project will feature a piazza, a commercial tower and a shopping mall. Construction work by companies ACC and Saudi Binladin Group will also be home to the Damascus Stock Exchange - expected to be complete in 2010.

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