Jordan: First phase of the US$1 billion Royal Metropolis starts
Underscoring its commitment to contribute to the infrastructure development of Jordan, Gulf Finance House B.S.C. (GFH), one of the leading Islamic investment banks in the region, Monday said that Jordan Gate, the first phase of the US$1 billion Royal Metropolis, was a beginning and the bank would like to enhance its investments in the Hashemite Kingdom of Jordan.
Speaking at the 4th Conference for Jordanian Businessmen and Investors being held in association with the Economic and Development Department in the Royal Court, Mr. Esam Janahi, Chief Executive Officer of GFH said the bank was convinced about the emerging economic prospects and investment potential of Jordan.
“Royal Metropolis is our stepping stone to Jordan, and we do believe it is a milestone project, the success of which will lead to more investments in the Hashemite Kingdom in future,” Mr. Janahi said.
Royal Metropolis comprises two phases – Jordan Gate and `The Districts.’ Jordan Gate is the official sponsor of the conference which will end on August 17 2005.
Making a detailed presentation on GFH, its projects and the bank’s involvement in the Jordan economy, Mr. Janahi said: “At the outset, we are grateful to His Majesty King Abdullah II for his whole-hearted encouragement and support to the project. Without His Majesty’s support and the encouragement of the Government of Jordan, GFH would not have been able to progress this further in developing this unique project which will catalyse the economic change that is taking place in Jordan.”
“The project will leverage Jordan’s strengths and contribute to accelerating the economic growth of the Kingdom. Royal Metropolis will enhance Jordan’s image as an investor-friendly destination and expand business by encouraging joint ventures and alliances,” Mr. Janahi added.
Earlier, in a joint announcement, senior officials of GFH, KFIC and Greater Amman Municipality, said the conference will be an ideal platform for the project to be showcased and to disseminate information on its significance to the economy of the Kingdom.
Jordan Gate is being constructed at a high point in Amman and once completed at the 6th Circle area will be a landmark structure visible from all parts of the capital city. The foundation stone for Jordan Gate, which will span a built-up area of 28,500 square metres, was laid by His Majesty King Abdullah II on May 29 2005. Jordan Gate is jointly developed by GFH, KFIC and the Greater Amman Municipality.
Simultaneously, preparations are also on to commence work on Royal Village – a luxury gated residential community on 470,000 square metres in Marj Al-Hammam along the main highway to the Dead Sea, which is a salient component of the second phase of Royal Metropolis. The development partners for Royal Village are KFIC and GFH.
Commenting on the project and sponsorship, Mr. Abdul Rahman Al-Saeed, Managing Director and Vice Chairman of KFIC said: “We are proud to present Jordan Gate to the business leaders of Jordan, considering the significance of the project to the economy and its potential to enhance investment flows to the Kingdom.”
“The project has been conceived in the backdrop of the momentous changes taking place in the economy of Jordan which will make the Kingdom more investment-friendly and stimulate the private sector, leading to accelerated economic growth. We are confident that Royal Metropolis has the right elements to complement the strategic policy initiatives of the Government of Jordan,” he said.
“We are confident that Jordan Gate holds significant appeal to investors and the conference and the exhibition will help us further elaborate on its unique nature,” Mr. Al-Saeed further added.
GFH and its partners will also take part in the catalogue exhibition which is being held concurrently to the conference to promote the Jordan Gate and Royal Village and to highlight its various components.
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