Wednesday, August 24, 2005

Syria grants first real estate investment license :: MENAFN - Middle East North Africa . Financial Network

MENAFN - Middle East North Africa . Financial Network: "Syria grants first real estate investment license

In the first such move, the Syrian government granted United Arab Emirates investors a real estate investment license to construct an international trade center in the Syrian capital, Damascus.

The center is to be a 50-story tower that also has a restaurant, terraces, and a Damascus-style miniature village. This is in addition to other annexed towers for offices, apartments, furnished lots and more.

The overall cost of the project is around USD 120 million and the plans include establishment and construction of a data center, a shopping mall, theaters and movie theaters. It is expected to provide 3600 jobs.

Syria Investment Office Director Mustafa Al-Kafri stressed the magnitude and importance of this step as it would encourage Arab, foreign and Syrian investors abroad to enter and seek such ventures.

A delegation of UAE businessmen and Syrians residing in the UAE had met Syrian Prime Minsiter Naji Al-Utri and discussed this and other such projects in the fields of industry and tourism.

The license was granted days before the First Damascus Real Estate Investment Conference due August 28th that is aimed at promoting investment in Syria and in real estate in particular."

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