Beirut (APD) - The Syrian-Jordanian Investment Company, a joint venture between Amman-based real estate and investments company, Kurdi Group (KG) and Syrian firm Sabbagh Group, embarked on a $60 million tourism project in Aleppo, Syria, the London-based Asharq al Awsat daily reported Tuesday.
"The project will be constructed on 120,000 square meters of land and will include a four-star, 280-room hotel along with a commercial shopping center called Shahba Mall," said Obaida Kurdi, CEO of both KG and the Syrian-Jordanian Investment Company.
He noted that the project will include 35 restaurants, cinemas and an international bowling hall. It will be operational in the first quarter of 2007.
KG and Sabbagh Group collaborated on trade-related ventures in the past and Kurdi said that their new joint venture company is planning to develop further real estate projects in Latakia, Damascus, and in the area of Arbil in northern Iraq.
With a capital of $350 million, KG was the developer of two major shopping malls in Amman, the upscale Abdoun Mall and large-sized Mecca Mall. The group also developed a 1.1 million square meters residential project, Green Land.
Established in 1970, Aleppo-based Sabbagh Group is a Syrian company that manufactures home textiles. Around 40% of its products go into exports. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
