$500 million, the value of Al Maabar’s projects in Jordan over the next 4 years
Upon a visit to Jordan, and during his meeting with senior Jordanian officials, Mr. Yousif M. Al Nowais, Managing Director of Al Maabar, highlighted the latest developments and future plans in the first phase of Marsa Zayed project in Aqaba. The project, which is the largest and most significant real estate and tourism project in Jordan’s history and one of largest in the MENA region, is considered of high importance to Al Maabar and the Jordanian Government.
Between 2010 and 2014, Al Maabar will be developing the first phase of the Marsa Zayed project, as well as, the entire Abdoun project in Amman. The total development value of both these initiatives over the next 4 years is USD 500 million.
Underlining the overall accomplishments to date, Mr. Al Nowais announced that 2 million square meters of an overall 3.2 million square meter plot have been handed over. The remaining 1.2 million square meter area is still occupied by the Aqaba Port facilities and it is anticipated to be received for redevelopment in 2013.
The Managing Director of Al Maabar added that the groundbreaking of Marsa Zayed will be take place in a few months and the date will be announced soon. The work in the first phase of the project will commence in the third quarter of 2010 with construction phase set to be completed by mid-2014. This phase includes the start of infrastructure works on approximately 300 thousand square meters of land and the development of a 35-story mixed-use tower including apartment space in one location in addition to 240 residential apartments, 130 town houses and the Sheikh Zayed Mosque in another. The latter will accommodate, upon completion, 2,000 people.
“The Marsa Zayed project will further enhance the brotherly relations between Jordan and the United Arab Emirates,” said Al Nowais.
The $10billion development, named in memory of the UAE’s Late Sheikh Zayed Bin Sultan Al Nahyan, has been designed as a mega mixed-use waterfront project, which includes 2Km of prime waterfront, will include a number of high-rise residential towers, retail, recreational, entertainment, business and financial districts and several branded hotels. It will also include a state-of-the-art cruise ship terminal, and several marinas that will help transform Aqaba into a premier yachting destination.
Al Nowais commended the exceptional level of collaboration that Al Maabar has been receiving from Aqaba Special Economic Zone Authority and all governmental entities in Jordan. He stressed the importance of continued constructive collaboration and facilitating the processes for guaranteeing smooth execution phases within specified time frames.
Furthermore, Al Nowais gave an update on the progress on Al Maabar’s project in the area of Abdoun, in Amman. The Abdoun Project consists of a luxurious hotel, fully-serviced residential apartments, and retail shops. The project is set for completion in 2013.