Ma’an development company (MDC) accredited as master developer for Ma’an development area (MDA)
Tuesday saw the announcement of an agreement signed between the Development Zones Commission (DZC) and Ma’an Development Company (MDC) by which MDC was officially named the master developer for the Ma’an Development Area (MDA). The agreement signed by H.E. Mr. Saleh Kilani, Chief Commissioner of the Development Zones Commission and Mr. Mohammed Turk, CEO of MDC, defines the rights and responsibilities of both DZC and MDC as pertaining to MDA, and outlines the legal framework that will govern and regulate MDC’s role and mandate as a master developer on the area. The agreement also validates MDA’s master plan, business and labor plans, as well as its communication strategy which aims at attracting investors to the Area. Thanks to the agreement, MDC will benefit from the support of the Development Zones Commission, in managing and promoting the Ma’an Development Area.
In line with this agreement, investors and developers at MDA will be able to benefit from a series of special legislative, administrative, and financial incentives offered to them, as a result of the Development Areas Law (DAL), passed in February 2008 and ratified by the parliament, tailored specifically to meet the needs of investors and tenants in Jordan’s Development Areas.
Investors in MDA will also benefit from the “One-Stop-Shop” feature and services DZC offers , which is meant to streamline processes through providing assistance in registration, licensing, approvals, and work permits, therefore speeding up the process and procedures for the investors .
During the signing ceremony, H.E. Saleh Kilani explained: “This agreement aims at formalizing the relationship between the Development Zones Commission and the Master Developer for MDA, in accordance with the legislative framework of the Development Areas Law No. (2) for the year 2008 ,by which Ma’an is part of an integrated series of Development zones in various governorates and regions of the Kingdom .” H.E. Kilani continued: “We look forward to working with MDC to accelerate the pace of achievements and drive investors and foreign direct investments into the Area.”
Mr. Mohammed Turk, CEO of MDC, said: “MDC is pleased to sign this agreement with DZC which will define our responsibilities under a clear legal framework.” Turk added: “Ever since His Majesty, King Abdullah II declared Ma’an as a Development Area in September 2007, we have made great strides and were able to attract 13 investors with a total investment value exceeding 220 million JDs.”
The Development Zones Commission (DZC) is the Jordanian governmental entity; financially and administratively autonomous under the Development Areas Law; responsible for creating, regulating and monitoring Development Areas in Jordan. To this date three Development Areas have been established in Jordan; King Hussein Bin Talal Development Area in Mafraq, Ma’an Development Area in Ma’an, and Irbid Development Area in Irbid.
Established in 2008, in accordance with the Development Areas Law No. (2); DZC aims at increasing Foreign Direct Investment (FDI) in Jordan, enhancing the economic capabilities of the Kingdom, facilitating the creation of economic growth within certain zones, and fostering an advanced investment environment for economic activity.
Ma’an Development Area, an area of approximately 9 km², consisting of four complementary clusters including a Residential Community, an industrial Park, a Hajj Oasis, and a Skills Development Center, the Ma’an Development Area (MDA) is set to become a regional hub for industrial activity and a centre of excellence for vocational training, as well as a religious landmark for pilgrims on their way to the Holy cities, offering them the ideal environment for their rest, relaxation and prayer. MDA will also be home to a thriving and self-sustained city providing its residents and visitors with a quality living and working environment to fulfill their potential.
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