GAM & Al-Tharawat Co. for Touristic & Trade Investments Sign MOU

Published March 17th, 2010 - 10:30 GMT

Greater Amman Municipality (GAM) and AL-Tharawat Co. for Touristic and Trade Investment recently signed a memorandum of understanding (MOU) which aims at studying the possibility of implementing an investment project in Quraish Street (Al Joura) based on Design, Building, Operation, and Transfer system (DBOT).

According to the MOU, the Company shall prepare a field study and general outline that explains the project phases, the time schedules, and the main elements corresponding to the project location and its organizational rules. The company shall also draft the preliminary designs, and observe the environmental and traffic impacts to found and operate the project as perfectly and effectively as possible.

Mayor of Amman, Omar Maani, stressed that GAM is always keen on integrating the private sector in its plans to develop the city, benefitting all the community by investing the capabilities of this sector in designing, building, managing, and operating such projects.

GAM had previously signed an investment contract with the Endowments’ Funds Development Est. which is entitled and enjoys management and disposal rights of the piece of land in Quraish St., provided that GAM, itself or through a third party, shall collect the benefit, utilize the building, and manage the project through the whole contract duration, 25 years; in return, GAM shall pay to the establishment an investment allowance, on condition that profits be transferred to the Endowments’ Development Est. upon the end or termination of the contract.
GAM shall facilitate the Company’s mission and cooperate with it by providing all necessary documents.

As per the MOU signed by the Mayor and Chairman of the Board of the Company, Ahmad Abdel Hadi Abu Matar, and his deputy, Dr. Osama Madi, the studies and designs shall consider the technical conditions, such as the total space area of the piece of land that amounts to 5586 m2, the space area of the building, the setbacks and the heights.

The studies and the designs shall also include the possible elements and components of the project, for instance, the parking lots, and the complementary commercial activities.

Chairman of the Board, Ahmad Abdel Hadi, expressed the Company’s will to invest this piece of land by implementing the said investment project that falls in line with the visions and plans of GAM and the City’s needs.

The 180 day MOU stipulates that the company shall put forward all technical and economical studies needed to invest the project.

The signing ceremony was attended by City Deputy Manager for Economic Planning and Development, Ziad Rihani, and the Director of Private Projects Dept. Bashar Haddadin, and the legal Advisor for Private Projects Dept., Seif Hijazi.  

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