| 07 Sep 2010 |
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Majid Al Futtaim Properties commences the Ground Works for its 1 Billion dollar Project in Syria
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Damascus 7 September 2010: Majid Al Futtaim PropertiesMajid Al Futtaim Properties
, MENA's leading developer and operator of shopping malls, hotels and mixed-use projects commenced the ground works for its first mega tourism project in Syria, "Khams Shamat" that will become the Levant's landmark mixed-use community including tourism, shopping and entertainment.Located in Sabboura/Yafour area on the Damascus-Beirut highway, Khams Shamat will be 17 Km west of Damascus and can be easily reached from the city centre in 20 minutes. The project will occupy a total land space of 1 million square meters and will contain the biggest shopping and leisure destination in the Levant region, numerous hotels, a town square with outdoor shopping and restaurants, commercial office space and touristic accommodations.
"We have spent a lot of time and money with the world's best consultants carefully studying all aspects of this mixed use development" Said Peter Walichnowski, CEO of Majid Al Futtaim PropertiesMajid Al Futtaim Properties, who added "With the new investment offerings the Syrian economy is providing and the zest towards foreign investment, we found an outstanding opportunity to enter the Syrian market in a big way and be a major player in pushing the tourism, hospitality and retail sectors forward. We will bring to Syria international standard facilities that will be as good as anything else in the Middle East".
Waddah El Solh, Regional Head of Lebanon and Syria, said "Today is a big day for Majid Al Futtaim PropertiesMajid Al Futtaim Properties in Syria. The start of the ground works shows our commitment towards the Khams Shamat project and our seriousness in getting things done." He added: "We take this opportunity to express our appreciation and gratitude to the Syrian Government for the support and for facilitating to accomplishment of this project. We are confident that Khams Shamat will play a major role in the overall development of the tourism sector in the country."
International hotels, business districts, touristic apartments and other civic amenities, such as schools, medical facilities, public parks, art galleries, and amphitheatres, will be part of the Khams Shamat project along with the shopping and entertainment mall. Majid Al Futtaim PropertiesMajid Al Futtaim Properties
will soon announce the names of the leading companies to operate the major hotels in Khams Shamat. The first phase of the project will be completed in 2014.-Ends-
About Majid Al Futtaim PropertiesMajid Al Futtaim Properties
Majid Al Futtaim PropertiesMajid Al Futtaim Properties is a leading developer of shopping malls, hotels and mixed-use community projects across the Middle East and North Africa region. An ambitious growth and marketing strategy has enabled the Company to develop and manage the best shopping and leisure destinations that dominate their respective trade areas across the region.
The Company's shopping malls portfolio consists of 10 operating malls totaling over 800,000 square metres of GLA including 5 malls in UAE, 2 in Egypt, 2 in Oman and 1 in Bahrain. By 2015, the Company plans to add to its portfolio of malls 12 new developments covering over 1.2 million square meters of additional GLA in Egypt, Oman, Qatar, Kingdom of Saudi Arabia, Yemen, Syria, Lebanon and UAE.
Welcoming over 120 million customers a year, the shopping malls under the Majid Al Futtaim PropertiesMajid Al Futtaim Properties portfolio have revolutionised the retail industry with breakthrough developments such as the iconic Mall of the Emirates (the first shopping resort in the Middle East) which is also home to Ski Dubai, the first indoor ski resort in the region. In addition, the Company owns and operates the popular City Centre shopping malls brand across the region.
The hospitality business focuses on the development and asset management of hotels attached to shopping malls or within master-planned communities and stand-alone mid-scale and budget hotels.
Mixed-use Communities under the company is an asset management unit that focuses primarily on developing a mix of residential and commercial properties throughout the Middle East and North Africa.
Khams Shamat project is Majid Al Futtaim PropertiesMajid Al Futtaim Properties
latest and largest mixed- use project in the Levant region located strategically on the Damascus - Beirut Highway to become a touristic landmark in Syria and to present new perception of shopping, leisure and lifestyle.Khams Shamat project is an inspiration of the golden era of the Levant Region thousand years ago, where it used to be called Belad Al Sham. Composed of five regions or Sham, each is centered on one of the influential cities that are Damascus, Tiberias, Antioch, Aleppo and Jerusalem.
Each Sham points to a modern realization for those who will visit Khams Shamat, as Damascus Symbolizes the pleasure of shopping, Tiberias symbolizes the project's entertainment section, Antioch is translated into the welcoming square and hospitality, Aleppo symbolizes the business distracts in the project and Jerusalem symbolizes the peaceful residential community.
The project occupies 1 million square meter and will include international hotels, a shopping mall, a town square, business districts and modern civic amenities.
For more information, please contact:
Salma Hakki
Weber Shandwick Syria
Mobile: 0947 777 489
Email: salma.hakki@promoseven.com
© Press Release 2010
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