| 13 Mar 2010 |
|
$500 million, the value of Al Maabar's projects in Jordan over the next 4 years
- Text size
Amman, Jordan 13 March 2010: Upon a visit to Jordan, and during his meeting with senior Jordanian officials, Mr. Yousif M. Al Nowais, Managing Director of Al MaabarAl Maabar
, highlighted the latest developments and future plans in the first phase of Marsa Zayed project in Aqaba. The project, which is the largest and most significant real estate and tourism project in Jordan's history and one of largest in the MENA region, is considered of high importance to Al MaabarAl Maabar and the Jordanian Government. Between 2010 and 2014, Al MaabarAl Maabar will be developing the first phase of the Marsa Zayed project, as well as, the entire Abdoun project in Amman. The total development value of both these initiatives over the next 4 years is USD 500 million.
Underlining the overall accomplishments to date, Mr. Al Nowais announced that 2 million square meters of an overall 3.2 million square meter plot have been handed over. The remaining 1.2 million square meter area is still occupied by the Aqaba Port facilities and it is anticipated to be received for redevelopment in 2013.
The Managing Director of Al MaabarAl Maabar added that the groundbreaking of Marsa Zayed will be take place in a few months and the date will be announced soon. The work in the first phase of the project will commence in the third quarter of 2010 with construction phase set to be completed by mid-2014. This phase includes the start of infrastructure works on approximately 300 thousand square meters of land and the development of a 35-story mixed-use tower including apartment space in one location in addition to 240 residential apartments, 130 town houses and the Sheikh Zayed Mosque in another. The latter will accommodate, upon completion, 2,000 people.
"The Marsa Zayed project will further enhance the brotherly relations between Jordan and the United Arab Emirates," said Al Nowais.
The $10billion development, named in memory of the UAE's Late Sheikh Zayed Bin Sultan Al Nahyan, has been designed as a mega mixed-use waterfront project, which includes 2Km of prime waterfront, will include a number of high-rise residential towers, retail, recreational, entertainment, business and financial districts and several branded hotels. It will also include a state-of-the-art cruise ship terminal, and several marinas that will help transform Aqaba into a premier yachting destination.
Al Nowais commended the exceptional level of collaboration that Al MaabarAl Maabar
has been receiving from Aqaba Special Economic Zone Authority and all governmental entities in Jordan. He stressed the importance of continued constructive collaboration and facilitating the processes for guaranteeing smooth execution phases within specified time frames. Furthermore, Al Nowais gave an update on the progress on Al MaabarAl Maabar's project in the area of Abdoun, in Amman. The Abdoun Project consists of a luxurious hotel, fully-serviced residential apartments, and retail shops. The project is set for completion in 2013.
-Ends-
About Al MaabarAl Maabar
Al MaabarAl Maabar Jordan is one of Al MaabarAl Maabar's international companies which was established as a joint venture between Abu Dhabi's five leading real estate developers, Mubadala, Al Dar Properties, Sorouh Real Estate, Reem Investments, Reem International and Al Qudra Holdings.
Jordan created two affiliated companies for the aim of supervising the execution of its projects in the Kingdom which are Al MaabarAl Maabar Aqaba Real Estate Development that supervises the execution of Marsa Zayed in Al Aqaba and Al MaabarAl Maabar Abdoun Real Estate Development that supervises the mixed-use Abdoun Project in Amman. About Marsa Zayed project
In honor of the legacy of the late Sheikh Zayed bin Sultan Al Nayhan, and for infusing the spirit of brotherhood and cooperation between the Hashemite Kingdom of Jordan and United Arab Emirates; the decision was taken to create the Marsa Zayed project in the city of Aqaba. It is the largest real estate and tourism development of its kind in Jordan, stretching over an area of 3.2 km² with a water front of 2 km long. The total cost of the investment is USD 10 billion.
Al MaabarAl Maabar aims to develop a mega mixed-use waterfront project to include high-rise residential towers, retail, recreational, entertainment, business and financial districts and several renowned branded hotels. Several marinas will add to the current berthing capacity which will transform Aqaba into a premier yachting destination; in addition to a state-of-the-art cruise ship terminal, which will become one of Jordan's touristic landmarks and a welcoming gateway to Aqaba.
Project Stages
The project will be completed on several phases over a period of 30 years. Already, 2,000 acres of the overall 3,200 acre land have been handed over to Al MaabarAl Maabar for the development of the Marsa Zayed project. The remaining 1,200 acres, currently constituting the area for Marsa Zayed project, will be delivered in 2013.
Development Stage of First Phase
Al MaabarAl Maabar will proceed in the construction of the first phase of the project that includes the initiation of infrastructure works for about 300 thousand square meters that include a 35-story tower that includes 240 residential apartments and 130 semi-villa units in addition to Sheikh Zayed Mosque that will fit, upon completion, 2,000 worshipers with the construction phase completed by mid 2014.
Upon the completion of project, the overall construction area will reach 6.4 million square meters which will include eight hotels with a total of 3000 rooms, and over 20,000 residential units that vary between standard and luxury villas in addition to a yacht harbor with the capacity to host 350 yachts.
About Abdoun Project:
Al MaabarAl Maabar Abdoun Real Estate Development Company is considered one of the most important affiliate companies of Al MaabarAl Maabar. It is the main developer of the Abdoun multi-use project that consists of a luxurious hotel, residential apartments that are equipped with high level services, and retail areas set for leasing.
The project is located in the heart of the capital city, Amman, at the Fifth Roundabout intersection, situated near the shopping and trade areas, rendering it one of the most luxurious commercial destinations that host leisure, hospitality, real estate, educational and financial services.
As the project moves forward, feasibility studies conducted by Al MaabarAl Maabar last year set the local market requirements, which will constitute the principal components of the project as follows:
- Five-star hotel consisting of 253 rooms and retail spaces allocated for leasing on an area of 49,767 square meters.
- 89 residential flats (for sale) supplied with the best level of services on a total area of 36,569 square meters.
The company is now reviewing a number of offers from international hotel management companies and the name of the chosen company will be revealed soon. The project is moving forward with the initial construction phases expected to commence mid-2010.
Project details:
Area of location: 18,000 m²
Area of building blocks: 86,000 m²
Hill & Knowlton
© Press Release 2010
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.