Darat Jordan Holdings announces its investments and launches its first project: 'Reef Amman' |
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$150 million Investments in Real Estate, Tourism, and Education
Amman: Darat Jordan HoldingsDarat Jordan Holdings
announced its different investments since it started its operations in April 2008, during a launching event attended by government and business sector representatives, and the local media. According to DaratDarat's officials, the $150million investments in real estate, tourism, and education, will be implemented over the next 3 years. DaratDarat has a diversified investment policy, through which it seeks to introduce innovative concepts to the Jordanian market in cooperation with international strategic partners. Its capital is $21 million (IPO closed in March 2008 at over 7 times the original value). Its business plan focuses on investing in different economic sectors: financial, industrial, commercial, agricultural, services as well as real estate and tourism sectors, through establishing several companies and entities (subsidiaries) owned partially or totally by DaratDarat, or investing in existing companies working in similar fields. To this end, two subsidiaries were established: "Darat Real Estate" and "Darat Consultancy".
Chairman of DaratDarat, Eng Thabet El Wer, said: "Darat Jordan HoldingsDarat Jordan Holdings, with its diversified objectives, is keen to partner-up with strategic partners in order to bring world's best practices to its investments. We were able to create a diversified investment portfolio that includes real estate development, facility management, and consultation services."
El Wer also added: "Our investment policy is cross-sectorial because we believe that most of the economic sectors are interrelated, and because we are determined to offer integrated services. We hand-pick partners who share our vision and who care about the sustainability of investments. We rely on our implementing arms, our subsidiary companies, who ultimately will broaden our specialties and diversify our investment approaches."
DaratDarat's CEO, Dr. Khalid al Wazani, presented the company's different projects during a press conference held prior to the launching event, in which he said: "We do not want to tie ourselves to the ups and downs of one sector. We want to invest in sectors that offer profitable opportunities and show good potential." He also added: "we concentrate on 3 sectors in the time-being, but we are observing and planning to seize opportunities in other sectors as well."
Al Wazani announced that DaratDarat finished all plans for "Reef Amman" project and will start implementation within weeks. The 300,000sqm project is located 17km northern Amman in Jubbah village in Jerash. It has 51 fully-serviced farm houses that will be built in two phases (first phase will be finished by end of 2009 with a total investment value of $20 million; the second by end of 2010) and within 4 models of 100 to 250sqm built-up areas. The facilities, according to Al Wazani, include commercial outlets, health club, swimming pools, tennis and volley courtyards, green areas, and a planting zone.
Al Wazani also said that DaratDarat will establish a subsidiary specialized in total facility management; including smart cities, maintenance, security, house-keeping and gardening services. He also added: "we are contacting a big number of strategic partners in the field of Total Facility Management; which I think is so much needed when considering the upcoming mega-project in Jordan."
As for consulting services, Al Wazani said that DaratDarat offers services in business process re-engineering, capacity building, strategic planning, feasibility studies amongst other services.
Regarding DaratDarat's upcoming projects, al Wazani described farm-houses project in north Jordan (DaratDarat Um Qais) which has an investment volume of $10 million and will be built on 65000sqm piece of land. In addition to establishing 3 stars hotel chain in Amman, Dead Sea, Aqaba, and Petra, with a total investment volume of $60 million. DaratDarat is seeking to establish a public shareholding company to invest in the educational sector through establishing schools in Amman, Aqaba, and Irbid with a total investment value of $50 million. DaratDarat is also cooperating with Orphan's Fund Development Foundation to develop 3 projects offering different commercial and residential real estate products.
-Ends-
About DaratDarat:
Darat Jordan HoldingsDarat Jordan Holdings is a public shareholding company established in December 6th 2008, and registered in Amman Stock Market with a capital of 15 million JDs (about US$21 Million) divided to 11 million JDs by founders and a public share of 4 million JDs.
DaratDarat's IPO (Initial Public Offering) was closed in March 2008 with over 30 million JDs (7 times the original value) reflecting the public tremendous trust in the plans and in the list of Jordanian and regional investors that were mentioned in the prospectus. Its Chairman is Eng. Thabet El Werr and its CEO is Dr. Khalid al Wazani.
Darat Jordan HoldingsDarat Jordan Holdings' business plan focuses on investing in different economic sectors: financial, industrial, commercial, agricultural, services as well as real estate and tourism sectors, through establishing several companies and entities (subsidiaries) owned partially or totally by DaratDarat, or investing in existing companies working in the similar fields.
For more information:
Rula Samara
Corporate Communication Director
Mob: 00962 777 984 444
Tel: 00962 6 5656771
Fax: 00962 6 5653854
rsamara@darat.jo
www.darat.jo
© Press Release 2008
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