Global real estate major Emaar Properties has expanded into Jordan with a master-planned project that will boost tourism growth, encourage foreign direct investment and generate employment opportunities for the local population. The property developer, now on an international growth drive, will open its Jordan office in Amman at the end of this year.
In line with the growth plans for Jordan as outlined by the King Abdullah II Fund for Development, Emaar Jordan, along with a group of regional and Jordanian investors, have formed The Dead Sea Company that will initially develop a luxury master-planned mixed-use project at the Dead Sea.
“As a powerful development tool that works towards the overall prosperity of Jordanians, the King Abdullah II Fund for Development (KAFD) is encouraging innovative investments on a wide range of projects,” said Mr Mohamed Ali Alabbar, Chairman, Emaar Properties. “Emaar is guided by the objectives of KAFD and will have at the heart of its business philosophy for Jordan, the interests and welfare of Jordanians.”
Jordan is diversifying from its traditional dependence on natural resources. Tourism and information technology are key growth drivers and special economic zones have given a boost to foreign direct investment.
“One of the first truly master-planned communities in Jordan, Emaar’s first project replicates the hugely successful developments that the company has accomplished in Dubai, United Arab Emirates,” added Mr Alabbar. “By integrating residential, retail and leisure components, the project will not only stimulate the property market but also enhance tourist inflow and create more employment opportunities for Jordanians.”
“Emaar’s Jordan initiatives complement the company’s Vision 2010 of becoming one of the world’s most valuable companies through focused expansion,” said Mr Issam Galadari, Managing Director, Emaar International – Middle East and North Africa. “Jordan is a key emerging market in the Middle East and North Africa region – one of the thrust areas for Emaar’s growth. Riding a new wave of economic resurgence, Jordan offers immense potential for enterprises that synergize with local growth plans. Emaar’s endeavors are focused on complementing the country’s economic initiatives.”
The master-planned project in Jordan seeks to create a world-class residential, golf and retail environment that will appeal to the growing number of upwardly mobile population – both in Jordan and those who are based abroad. “Emaar already enjoys considerable brand equity among the Jordanians in the UAE,” said Mr Steve McCartt, General Manager, Emaar Jordan. “By branching out into Jordan, Emaar is offering them too an opportunity to invest in their home country in projects of international standards.”
Emaar’s philosophy of creating self-sustaining living environments has built vibrant localities that bring in ancillary enterprises and generate several job opportunities. “Emaar’s projects encompass a host of retail, leisure and business amenities, which requires the active involvement of the local population,” said Mr McCartt. “In Jordan, these projects will also boost tourism – a mainstay of the country’s economy. Our goal is to increase the average stay at The Dead Sea by developing a project that creates a leisure destination.”
“Emaar has been closely involved with the business community in Jordan already,” added Mr McCartt. “Emaar was a sponsor of the World Economic Forum held in Jordan last year, which brought together several heads of states and CEOs of global corporations. This has already generated huge brand equity for Emaar in Jordan.”
Emaar strengthened its international presence recently with the acquisition of John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, a premier UK realtor. The company has unveiled prestigious projects in Saudi Arabia, Morocco, Egypt, Tunisia, Turkey, Syria, Pakistan and India.
About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the three quarters ended September 30, 2006 reached AED 4.658 billion (US$1.268 billion) – a significant gain of 26 per cent over the same period in 2005 - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,500 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai. An ISO9001:2000 quality certified company, Emaar is marching ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world’s tallest tower when completed in 2008.
The company has joint ventures and projects across the region covering Saudi Arabia, India, Egypt, Turkey, Morocco, Bahrain, Syria, Jordan, Pakistan, Lebanon and Tunisia. In Saudi Arabia, Emaar is developing the US$26.6 billion (SR 100 billion) King Abdullah Economic City, the single largest private sector project in the Kingdom.
Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the US for AED 3.856 billion (US$1.050 billion). Emaar joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million).
Last year the property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Emaar’s education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
© 2000 - 2022 Al Bawaba (www.albawaba.com)