UAE-based Emaar Properties signed a landmark Memorandum of Understanding (MoU) on Sunday to float a new company that will initiate several community-focused developmental projects in Syria along with the Syrian General Organization for Housing.
The new company will offer affordable housing units for middle-income families at different locations throughout the country.
Pointing out that Syria was represented an important emerging market with a huge potential for growth, Emaar Chairman Mohammed Ali Alabbar stated that, "While we have already announced multi-million dollar real estate developments in Syria, this MoU offers Emaar the opportunity to serve a larger cross-section of the community by delivering affordable housing solutions and other infrastructure support."
"Emaar's new initiative in Syria is important from a socio-economic perspective," added Alabbar according to Khaleej Times.
The location of the new housing project will be decided upon following the approval of the development's master plan and reclamation proposals by Syrian authorities. Other development projects that are also aimed at raising standards of living for Syrians will reportedly be initiated after further social surveys and infrastructure assessment are undertaken.
The socio-economic initiative was formalized on the sidelines during the recent Syrian-Emarati Economic Forum, held on June 10 and 11.
