Emaar Properties exits the JV structure for The Eighth Gate, Damascus
Emaar Properties exits the JV structure for The Eighth Gate, Damascus |
| [18-May-2026] |
DUBAI, UAE, May 18, 2026 /PRNewswire/ -- Emaar Properties PJSC (DFM: EMAAR), one of the world's most valuable and admired real estate developers, today announced that it is in the process of exiting the JV structure relating to The Eighth Gate, its landmark mixed-use development in Yafour, Damascus, marking a decisive new chapter in Emaar's long-standing relationship with Syria. It will be operating in the Country without any partner.
The Eighth Gate was conceived in 2005 as Syria's first master-planned community — a US$500 million integrated development spanning commercial, retail, hospitality, and residential zones across 300,000 square metres in Yafour, 22 kilometres from the heart of Damascus. This transition reflects Emaar's enduring confidence in Syria's economic resurgence and the transformative potential of The Eighth Gate for the country's-built environment. By moving unaided, the Company will be able to ensure The Eighth Gate is delivered to the uncompromising standards that define Emaar developments worldwide. The project will also benefit from the same operational rigour and design philosophy that has shaped iconic destinations including Downtown Dubai, Dubai Hills Estate, and Emaar Beachfront. Mohamed Alabbar, Founder of Emaar Properties, said: "Our decision to exit the JV structure of The Eighth Gate is a statement of our unwavering belief in Syria and its people. Emaar was built on the conviction that great cities deserve great communities — and Damascus is one of the greatest cities in the world." The Eighth Gate holds deep significance in the national imagination. Named in homage to Damascus's legendary seven ancient gates, the enduring symbols of a civilisation that welcomed the world, the project aspires to be a modern eighth gateway: one that honours Syria's extraordinary heritage while opening the country to a new era of growth, commerce, and community. Note to Editors: About Emaar Properties Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa, and Asia. One of the world's largest real estate companies, Emaar has a land bank of approximately 600 million sq. ft. in the UAE and key international markets. With a proven track-record in delivery, Emaar has delivered over 129,100 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue-generating assets with approximately 1.4 million sq. mtr. of leasing revenue-generating assets and 41 hotels and resorts with over 10,000 keys (includes owned as well as managed hotels). Today, around 28 percent of Emaar's revenue is from its shopping malls, hospitality, leisure, entertainment, commercial leasing, and international businesses. Burj Khalifa, a global icon, Dubai Mall, the world's most-visited retail and lifestyle destination, and Dubai Fountain, the world's largest performing fountain, are among Emaar's trophy destinations. Follow Emaar on: Logo: https://mma.prnewswire.com/media/1955121/Emaar_Logo.jpg
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Company Codes: Dubai:EMAAR |
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