AMMAN - The Aqaba Special Economic Zone Authority (ASEZA) has approved the final "conceptual master plan" submitted by Al Maabar Jordan Real Estate for Marsa Zayed Project, Hosni Abu Gheida, ASEZA's chief commissioner said Monday.
Imad Kailani, the chief executive officer of Al Maabar Jordan Real Estate, the local subsidiary of Abu Dhabi-based Al Maabar, indicated that the project's engineering and technical studies have been completed in addition to the environmental impact assessment and the roads and traffic effect surveys.
"The company will start construction of the project's first phase during the third quarter of 2010," Kailani pointed out, expecting the operation of the project by 2014.
"Soon we will set a date to lay down the foundation stone of the project," Kailani remarked.
Valued at $10 billion, Marsa Zayed is the largest single project in Jordan's history.
It entails building retail, recreational, entertainment, business and financial facilities, as well as residential towers and several branded hotels.
After completing construction of the project in two to five years, the site will house seven hotels with a capacity of 3,000 rooms, in addition to 20,000 housing units including villas and apartments and a yacht dockyard with a capacity of 350 yachts, according to Al Maabar Jordan Real Estate.
The project is expected to create 16,000 job opportunities, Abu Gheida said.
Marsa Zayed will develop 3.2 million square metres of land with a two- kilometre seafront area, the company stated.
The company has already appropriated 3,200 dunums of the Aqaba Port area to start implementation of the project.
Marsa Zayed, which was announced earlier this year, is significant for both its massive size and timing. It is being unveiled amidst a slowdown in the real estate market, according to Oxford Business Group.
By Khalid Neimat
© Jordan Times 2009
