International investment company floats contracts for Amman, Aqaba projects
Photo courtesy of Al Maabar International Investments
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Al Maabar International Investments, which is implementing the $10 billion Marsa Zayed project in Aqaba, on Sunday announced awarding contracts to build two large projects in Amman and Aqaba.
At an event, on the sidelines of the World Economic Forum in the Dead Sea, the Abu Dhabi-based company signed an agreement awarding an $83 million contract to Omar Abu Saad and Sons Company to build 500 semi-villas called Al Raha Village, which according to Al Maabar Managing Director Yousef Al Nowais, will be the first residential neighbourhood in Marsa Zayed.
At the signing ceremony, attended by Prime Minister Abdullah Ensour and United Arab Emirates (UAE) International Cooperation and Development Minister Lubna Al Qasimi, Nowais said Al Raha Village is set to be the largest mixed-used development mega-project in the Middle East and North Africa.
The superstructure works of the residential project is scheduled for completion in the third quarter of 2015, according to developers.
Al Maabar also announced awarding UAE-based Arabtec Construction a $197 million contract to carry out construction of the first St. Regis property in Jordan.
The project will include the construction of three 17-storey towers with three basement levels of parking, Nowais said, adding that one tower will house the luxurious 260-guest room St. Regis Amman Hotel, including 86 suites, while the other two, which will be connected by an external faade, will feature the ‘The Residences’ at the St. Regis Amman — the first private branded residences available for purchase in Jordan.
There will be 79 private residences available for purchase, including 2-, 3- and 4-bedroom residences, in addition to duplexes and 5-bedroom sky villas, he explained.
“Jordan is of great strategic importance to the Middle East and North Africa region and we are committed to driving long-term sustainability and economic growth to Jordan through our mixed-use development projects,” Nowais told the attendants.
The St. Regis project is expected to be ready during the first quarter of 2016. It is located in the Amman’s western neighbourhood of Abdoun.
Speaking at the event, Ensour said that the government will support projects developed by the company as Jordan’s strategy is to support schemes that contribute to achieving economic development and create jobs for Jordanians.
“I have a message to send to Arab and foreign investors. Jordan is your destination and gate for safe investments,” the premier said.
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