AMMAN -- The Yamenia south beach in Aqaba will be developed into a residential and tourist scheme under an agreement signed in Dubai yesterday.
While taking part in the December 2-6 Cityscape exhibition, the Aqaba Development Corporation (ADC) and Madaen Al Aqaba Company agreed to develop the area as high-end residential and tourist compound chalets/time share units in addition to a beach club and other supporting facilities.
The project was designed to ensure diversity in tourism projects in the Aqaba Special Economic Zone (ASEZ). So far, the city has seen top-notch projects, including five-star residential units and hotels. The Madaen project is likely to be affordable to a larger segment of Jordanians and their guests.
According to a statement by the ADC, the investment arm of the Aqaba Special Economic Zone Authority (ASEZA), the project will be spread on 190,000 square metres of land, with a built-up area of around 10,000 square metres. Construction is likely to commence early 2007.
The agreement was signed by ADC Chairman and CEO Imad Fakhoury, and his counterpart at Madaen Al Aqaba, Ahmad Armoush.
"This project comes in line with ADC's mandate to package strategic real estate projects in Aqaba in partnership with private sector developers," said Fakhoury, whose company, owned by the government and ASEZA, owns public assets in ASEZ.
Armoush was quoted as saying the scheme will keep in line with Aqaba's naturalistic building codes and in accordance with the city's well preserved environment.
Madaen Al Aqaba is affiliated with Madaen Al Nour Real Estate Investment and Development Company, a key Jordanian developer.
Madaen Al Nour and the ADC in June signed an agreement, under which the developer would develop a new multipurpose marketplace in Aqaba that would serve the needs of the local community and all visitors to the coastal city.
The project, expected to be launched this month, is designed to create a multi-purpose marketplace in the heart of ASEZ, consisting of about 60 shops and service centres, including various markets to sell fish, meat, poultry and grocery produce, in addition to wholesale and retail markets, a shopping centre, restaurants and various supporting services. It is expected to create around 150 new job opportunities.
A statement by Cityscape said that Jordanian exhibitors in the annual property event witnessed a remarkable growth this year.
In addition to ADC, ASEZA and Madaen Al Nour, major developers like Al Abdali Investment and Development Emaar, Saraya Aqaba, National Resources Investment and Development, Abdoun Mall and Real Estate Development, among others have displayed their products at Cityscape Dubai.
Noting that there are development projects worth $8.5 billion under way in Jordan, the statement cited a recent report by the Department of Land and Survey stating that the country's real estate market grew by 40 per cent in 2005, compared to the previous year.
"Besides Iraqi investments, there is a trend developing for the Gulf countries to invest in Jordan now," said Rohan Marwaha, director of Group Development, Cityscape Dubai.
Iraqis' share in real estate purchases recorded by the department counted for 67 per cent of the $212 million-worth deals made by non-Jordanian in the said year.
By Mahmoud Al Abed
© Jordan Times 2006
