Real Estate & Construction
Al-Badia Cement reported a decline in revenues in the third quarter of this year compared to the corresponding period of 2011.
The General Organization for Building Materials and Cement has increased for the second time this year the price of cement.
State-owned cement plants produced 3.2 million tons in the first nine months of this year, according to the General Organization for Cement and Building Materials.
Souria Holding has suspended works on its Abraj Souria project in downtown Damascus, its CFO said.
Almost half of illegal housing areas across Syria are located in the Damascus countryside, according to a state body.
Majid Al-Futtaim remains committed to its large scale Syria development in spite of a recent announcement that it was suspending works on it, the CEO of the company’s real estate arm said in press remarks.
The General Organization for Cement and Building Materials said that its plants had produced and sold 1.1 million tons of cement in the first quarter of this year.
Syrian President Bashar Al-Assad enacted this week a law enabling the establishment of mortgage finance and refinance companies, which aims to ease the financing of real estate projects but that caps foreigners' share in these companies at 49 percent.
Majid Al-Futtaim Properties, a UAE developer, said that it was suspending works on its USD 1 billion development in Yaafour on the back of the unrest gripping Syria.
Syria has increased by 10 to 15 percent the price of cement sold by state-owned plants on the back of an increase in production costs.
The Real Estate Development and Investment Commission has licensed thirty five real estate development companies since its inception three years ago, according to its Director-General Yasser Al-Sibai.
Al-Badia Cement has announced that Tarek Ziad Al-Zaim had been selected to sit as Board member in replacement of Nizar Asaad who resigned in October.
Al-Badia Cement generated revenues of SYP 4.0 billion and posted a loss of SYP 669 million in 2011, its first year of operations.
Adra Cement, a state-owned cement manufacturing company, said that it had begun output from its third production line.
The Syrian Government has announced the formal launch of a scheme to build 50,000 low cost housing units across the country in a bid to supply affordable housing for the population.
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