Axis (of Evil) Turning? The Changing Face of Syria

As noted in a recent article on Global Voices, Syria – while still a nation “officially” considered a Socialist country – is experiencing rapid change.  A construction boom is in place, and the financial judicial structure is being reformed and revisited. In many ways Syria is going through the Egypt model of transformation from socialist economy to a free market economy. And Damascus, as the article notes, is more and more starting to look like Cairo and some other Gulf states:

“…There is a lot of Gulf money pouring into Damascus, a lot of investment and much being said about new “malls”, apartments and what not… The new construction boom is focused on new shopping malls, luxury housing projects on the outskirts of cities, like Aleppo’s Cordoba Hills, or the much talked about, Damascus’s Eighth Gate [being developed by] Emaar Properties and IGO, the offshore investment and property development company … a mixed use furnished apartments, commercial and retail development in the Yafour area, approximately 15 minutes from the center of Damascus. The US$500 million project will recreate the luxury and style that are features of Emaar’s world-class Dubai developments….”

This entry was posted on Friday, February 29th, 2008 at 3:11 pm and is filed under Syria.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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