By Sean Cronin
The Tiger Group plans to develop a US $120 million commercial centre in the Syrian capital of Damascus.
The Tiger Group plans to develop a US $120 million commercial centre in the Syrian capital of Damascus.And more Gulf construction companies are set to follow Tiger’s lead as Syria begins to open up to increased levels of foreign investment.
The project is called The Damascus World Trade Centre and is expected to create in the region of 3600 jobs.
The Syrian government has already approved plans for the scheme — one of the largest commercial developments to have been launched in the city in recent years.
It is understood that the project will include a hotel and two 50-storey towers as well as a retail component and cinema.Tiger is in the process of forming a company to take the project forward, and the company is also currently developing four other projects.
The Tiger Group is run by Syrian expatriates and is active in the UAE real estate development sector.
Several other UAE-based real estate firms are now eyeing up the residential and retail opportunities in the country, which is expected to attract increased interest from overseas developers.
The government of Syria is also currently in the process of finalising new real estate investment laws.
These are aimed at attracting more inward investment in the real estate sector.