Emaar signs MoU with Syrian firm

DAMASCUS (Syria) — Emaar Properties yesterday signed a Memorandum of Understanding (MoU) with the Syrian General Organisation for Housing to float a new company that will initiate several socio-economic developmental projects in Syria.

By A Staff Reporter

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Published: Mon 12 Jun 2006, 10:37 AM

Last updated: Sat 4 Apr 2015, 3:24 PM

The landmark community-focused initiative was formalised on the sidelines of the Syrian-Emarati Economic Forum.

At a ceremony attended by the Syrian Prime Minister Muhammad Naji Al Otri and Deputy Prime Minister for Economic Affairs Abdullah Dardari, Emaar Chairman Mohammed Ali Alabbar and Syrian General Organisation for Housing Chairman and Director-General Engineer Omar Ghalaounji signed the MoU, which will be finalised in six months.

The incorporation rules for the new company and equity participation of Emaar and the Syrian General Organisation for Housing will be decided soon. Representation to the board of directors will be commensurate with the equity held. Initially, the new company will roll out, in phases, affordable housing units at different locations across the country, targeting the middle-income segment. Several other socio-economic development projects, which will uplift the standard of living of the Syrian population, are being planned.

The location of the new housing units will be finalised after the master plan and reclamation proposals are approved by the Syrian government. Other development projects will be initiated after elaborate social surveys and infrastructure assessment.

"Emaar's new initiative in Syria is important from a socio-economic perspective," said Mohammed Ali Alabbar.

"While we have already announced multi-million dollar real estate developments in Syria, this MoU offers Emaar the opportunity to serve a larger cross-section of the community by delivering affordable housing solutions and other infrastructure support," he added. He said that Syria is an emerging market with a huge potential for growth.

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