Gulf Finance House announces Royal Metropolis project
In a significant step that reinforces its regional investment strategy, Gulf Finance House B.S.C. (GFH), one of the leading Islamic investment banks in Bahrain, announced that the prestigious Royal Metropolis project in Jordan has received the go ahead from the government of the Hashemite Kingdom and is ready to be launched soon at an estimated initial investment of US$500 million.
Making an announcement, senior officials of GFH pointed out that the Royal Metropolis project tangibly supports Jordan’s efforts to attract foreign direct investment. The strategy for the Royal Metropolis project was presented to senior officials of the Jordanian Government late last year.
Emphasising GFH’s regional investment strategy, Mr. Esam Janahi, Chief Executive Officer, GFH, said: “Royal Metropolis signals the entry of GFH into Jordan – it is our first stepping stone in infrastructure development into the Kingdom. The project complements our regional investment strategy and our vision to be one of the leading players in the region in conceiving and developing major infrastructure projects.”
The development of the project will be undertaken in phases starting with Jordan Gate and Royal Village, two salient ubiquitous components of Royal Metropolis. Jordan Gate is the first phase of the Royal Metropolis project while Royal Village is a significant component of The Districts, in the second phase of the development.
The Districts, of which Royal Village is a component, will comprise several industrial parks which will bolster Jordan’s status as a dynamic destination for global investments. Royal Village, which is being developed on 46 hectares at a strategic location in Amman, will comprise a high-class gated residential community offering classy living with modern, cutting-edge amenities. Royal Village will also have a club house, recreational centre and common areas apart from commercial space, a shopping mall and a hotel.
“Royal Village is being developed targeting Jordanians who live overseas keen in investing in their home country and also high net worth individuals,” Mr. Janahi said.
Located in close proximity to Queen Alia International Airport, Jordan Gate will comprise a world class office tower, a 5-star hotel and a podium which will have exclusive retail outlets and leisure facilities. The office tower will provide office space for regional and international companies that are seeking to penetrate the Jordanian market and benefit from Jordan’s strategic alliances, geographical location and investment opportunities.
Mr. Janahi added: “Royal Metropolis signifies a vital diversification of the bank’s portfolio, which has so far focussed on major investments in Bahrain, Dubai, UK, France and Spain. The initiative aligns well with GFH’s overall strategy of backing regional economic policies. As a significant infrastructure project, the development has been conceived to expedite FDI flows into the Kingdom’s core industrial and social sectors.”
“Royal Metropolis in its second phase will have industrial parks that are in tune with the Kingdom’s core competencies, thus accelerating the growth of specific industries that have been identified by Jordan as a national priority. It will enhance Jordan’s image as an investor-friendly destination and expand business by encouraging joint ventures and alliances,” he said.
Backed by a stable leadership, Jordan offers an attractive investment climate with world-class infrastructure and communications. Strategically situated at the convergence of Asia and Europe, it serves as a transportation hub of the Middle East. Jordan enjoys duty and quota free access to the US market as well as the EU market, while also linking to 10 Arab countries through the Arab Free Trade Agreement. Besides this, it has bilateral agreements and favourable protocols with over 20 countries.
“We are confident that we will be involved in many more projects in Jordan in the future. Royal Metropolis, designed to be integrated development with cutting-edge facilities, will help develop Jordan as a regional hub for select industries,” Mr. Janahi added.
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