Bonyan gets first approval for $15bn development

03 March 2006
UAE-based Bonyan International Investment Group and a private local investor, Shaher al-Taqi, have received preliminary approval from the Higher Council for Investment for a $15,000 million multi-purpose real estate project in the Jabal al-Sheikh area, west of Damascus (MEED 13:1:06). 'We are planning to submit final designs for the project and expect to receive final approval later this year,' says a project source.

A joint venture company to be called Bonyan Syria will be formed to carry out the project. The 12-year development is planned to be built over an estimated 70,000-square-metre area and will include business centres, hotels, entertainment parks, residential areas, sports clubs and a free trade zone. Concept design will be carried out in-house by Bonyan Project Management.

Bonyan is one of several Gulf investors to have signed agreements for mixed-use real estate projects. Dubai-based Emaar Properties announced plans in early October for two real estate developments entailing a total estimated investment of $3,900 million (MEED 21:10:05). Tiger Real Estate, a subsidiary of Sharjah-based Tiger Contracting, is planning to invest $545 million in five projects across Damascus (MEED 2:9:05). Kuwait's AREF Investment Group is also working on a $3,000 million project in the capital's northern suburbs, comprising a financial district that will include the future Syrian stock market.

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