Real Estate & Construction
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.
The head of Syria’s cement manufacturing body said total output by Government-owned plants fell 10 percent last year, attributing the decline to competition from the private sector.
A law issued on the last day of 2011 has enabled Syrian landlords to recover their properties leased to state administrations although a last minute change to the text has postponed its application some 3 years.
The Syrian Government has approved the establishment of a new authority and fund to oversee the development and reorganization of random housing areas surrounding the country’s main cities.
Syria’s state-owned cement plants produced a total of 3.87 million tons in the first nine months of this year, according to the entity in charge of the sector.
The recent price increase in fuel oil is creating significant difficulties for the country’s state-owned cement plants for which the item represents a major cost component.
The Damascus Governorate has re-issued for the third time a tender for the design and regulatory study for the development of informal areas in and outside Damascus.
MAF properties has said that it has begun infrastructure and foundation works on its USD 1 billion real estate development in the area of Yaafour, west of Damascus.
Dama Rose Hotel
2nd International Finance Markets Investment Forum 2011
Sheraton Hotel Aleppo