AMMAN (JT) - National Resources Investment and Development Corporation "Mawared" unveiled at the Jordan Economic Forum (JEF) plans for King Abdullah Ben Abdul Aziz City.
Mawared's planned city in Zarqa covers over 25 million square metres and is expected to house over 400,000 people in over 70,000 residential units of between 100-160 square metres each.
Upon completion of the city, Mawared hopes to improve the standard of living in Zarqa while continuing to attract foreign investment.
In addition to a number of facilities including commercial and entertainment centres, hotels, schools and hospitals, the city will also be home to one of the most prominent mosques in Jordan, with an estimated capacity of 5,000 worshippers.
Mawared, one of JEF's diamond sponsors, is a financially and administratively independent state-owned corporation leading Jordan's drive towards urbanregenerationandinner city development. It is Jordan's largest real estate developer, with a commitment towards generating considerable investment opportunities for the private sector, creating job opportunities, and stimulating economic growth.
Akram Abu Hamdan, Mawared's director general, joined a panel of speakers who covered a number of topics under the umbrella of the real estate and tourism development sector in Jordan, with an emphasis on the main urban developments in Jordan.
The panel also spoke about urban planning in light of Jordan's current economic outlook and also highlighted the future of real estate investment in the Kingdom.
Abu Hamdan underlined the importance of raising open discussions of this kind at this time, saying: "Jordan is experiencing a period of unprecedented growth, and the development of real estate represents one of the main ways in which the Kingdom will maintain its momentum for continued economic growth and remain investment-friendly for foreign investors."
As well as moderating the panel of speakers, Abu Hamdan was honoured at the forum as one of two "Achievement Award of the Year" recipients for his contributions, throughout 2007, in leading Mawared's journey of growth and prosperity in Jordan.
During the JEF, Mawared signed a contract agreement with The Land Holding Co. for the purchase of 35,000 square metres of land to develop a retail centre totalling 80,000 square metres of built-up area. The deal injects over $100 million into the project, bringing The Land's total investment in the city to $350 million.
The retail centre will be located at the western entrance to the city, establishing a hub of commercial activity. Abu Hamdan said: "The King Abdullah Ben Abdul Aziz City will be home to a number of shopping and retail centres, stimulating the economy of Zarqa and helping to further raise the standard of living in the area."
© Jordan Times 2008
