MAF Properties starts work on $1bn Syrian project

Dubai-based Majid Al Futtaim (MAF) Properties, which develops and operates shopping malls, hotels and mixed-use projects, has commenced the ground works for its $1 billion mega tourism project in Syria, Khams Shamat.

The project will occupy a total land space of one million square metres 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.

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 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.

Located in Sabboura\Yafour area on the Damascus-Beirut highway, Khams Shamat will be 17 Km west of Damascus.

"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 MAF Properties.

"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,” he said.