Gulf conglomerate Majid Al Futtaim Properties expects to tender $1 billion worth of construction contracts for a real estate project in Syria by February next year, the head of the company said on Thursday.

Several contractors are likely to be separately awarded different parts of the project on a 1 million square metre piece of land in Yaafour west of Damascus, Peter Walichnowski told Reuters.

'There will be a limited number of contractors for such a big project,' said Walichnowski, chief executive officer of Majid Al Futtaim Properties.

'Typically you would be breaking down the project into the different buildings, the shopping mall, hotels and office buildings,' Walichnowski said in an interview in the Syrian capital.-Reuters