Minister of Industry and Trade Sharif Al Zu’bi, Dr. Fayez Tarawneh Chairman of the Board of Directors of both Investors and Eastern Arab for Industrial and Real Estate Investments (IEAI) and United Arab Investors Co. (UAIC), together with UAIC Executive Director Younis Al-Qawasmi, and IEAI Executive Director Mohammad Al Turk, conducted on Thursday a visit to Al Mushatta Project aiming to get a general overview to the latest developments in the project site.
During the visit, the Minister and Executive Directors listened to a detailed explanation regarding Al Mushatta which is considered one of the leading projects in the area of real-estate industrial development for its active role in creating a foundation for attracting industrial investments under the highest international standards. Thereafter, Al Zu’bi commended the project and its production team and the efforts exerted towards its development, stressing the Kingdom’s needs for such innovations in order to rise in the industrial sector towards achieving a long-term economic growth, noting the importance of the industrial sector in achieving growth and stability for the Kingdom’s national economy. His excellency highlighted Al-Mushatta as the first of its kind in the kingdom.
Located on the borders of Queen Alia International Airport, Al Mushatta Project comprises of approx. 4200 dunums fully laid out with state-of –the-art infrastructure in compliance with the International Industrial Zone Standards. Complete with water wells, a power generator, road network accessibility, telecom utilities, large parking areas and sewage and water treatments plants, it was built to meet all investor requirements. Additionally, the site includes banking services, development and support services, maintenance services, customs services, medical services and four star accommodation with a business centre, supermarkets and parks as well as a permanent exhibition center all to make Al-Mushatta a complete industrial city which also attends to the quality of life and day to day requirements of its staff and investors. The project is owned by IEAI.
Dr. Fayez Tarawneh welcomed the Minister and pointed to the importance of the role the government plays in supporting development projects. He said: "Al Mushatta Project has attracted a number of local, Arab and foreign investors; among them Jordan Aerospace Industries for the manufacture and development of aircrafts which will be setting up a specialized centre for the manufacture and maintenance of aircrafts with an investment cost exceeding $100 million. Dr. Tarawneh also added: “we are currently in the process of signing a number of memorandums of understanding with local and international companies to develop and create a center for exhibitions and conferences, an integral logistics city as part of the project, a four-star hotel, in addition to a number of manufacturing zones specially designed for a group of investments and projects in the Kingdom.” Other activities also include possible agreements with KADDB and TAMEER.
The first phase of the project is scheduled to complete in November of this year. Al Mushatta will be officially launched in the spring of 2007. In association with Jordan Investments Board, an international promotional campaign that includes the United States, Italy, South Korea and China has been scheduled to launch during this year, to demonstrate the distinctions of the project, and to market it globally to attract more capital and foreign investments.
Established as a public shareholding company in 2002 with an investment capital of JD 30 million, the Investors and Eastern Arab for Industrial and Real Estate Investments (IEAI) was created with the aim of initiating heavy and medium high tech industries in Jordan, exploiting trade agreements which encourage foreign investment, as well as exploiting local labour and government incentives which add to the potential of investment growth.
