Majid Al Futtaim Holding, the firm behind three of Dubai’s largest malls, said Sunday it had begun construction of its mixed-use project in Syria despite the state’s political turmoil.
The Dubai-based developer began work on the $1bn development, which is located 17km west of the Syrian capital Damascus, the company said in an emailed statement.
The mall builder on July 27 started laying the foundations for the first phase of the project, which will involve building hotels, shops, homes and offices within a 1.5m sq m area in the Yaafour district, the statement said.“All necessary preparations required to proceed with the execution of the project have already been made,” Waddah El Solh, the company’s regional head for Syria and Lebanon, said in the statement.That includes the allocation of project management and construction teams, he said.
About 2,200 protesters have been killed in Syria since March in an uprising against President Bashar al-Assad, the National Organization for Human Rights said.More than 500 members of the security forces have also been killed, Deputy Foreign Minister Fayssal Mekdad told India’s News X channel.MAF Holding said it June it planned to press ahead with its expansion in Egypt, despite the wave of political unrest that swept President Hosni Mubarak from power.
The company plans to open its third mall in Egypt in 2014, adding 160,800sq m of retail space and creating 7,000 permanent jobs on completion.MAF Holding plans to double its malls in the Middle East and North Africa from 10 to 20 by 2020, marking a total investment of $4bn.
From / Arabian Business News