AMMAN -- The National Resources Investment and Development Corporation (MAWARED) along with several major national companies launched on Monday the largest plan for an urban project in the Kingdom.
Dubbed Madinat Al Sharq, the project is divided into six construction phases, the first of which covers 250 hectares or 10 per cent of the 2,500 hectares total area.
Previously known as the Zarqa New Garden City, Madinat Al Sharq is a mega real estate project that will provide housing for 500,000 inhabitants by the year 2025.
MAWARED General Manager Akram Abu Hamdan told a press conference that the scheme will replace the military camps in Zarqa with a new comprehensive residential city to be built according to international standards and served by a huge network of commercial, cultural, entertainment and public facilities.
The commercial environment will include offices, restaurants, shops, open commercial plazas, recreational areas and other supporting facilities.
"The choice of Zarqa for constructing the city is due to the fact that the capital is packed. In addition, the scheme is designed to spread Zarqa's dense population and consequently ease the overburdened infrastructure," Abu Hamdan said.
According to Abu Hamdan,"the prices of the housing units will be affordable by limited-income people since the lands are owned by the treasury."
"Besides, the prices will be similar to the prices of the housing units in the Zarqa City," he remarked.
Local companies contributing to the project along with MAWARED are Al Qabas Real Estate Development Co., Madaen Al Nour Real Estate Investment and Development Co., the Land Investment Co. and the Development and Investment Projects Fund.
"The contribution of these companies highlights MAWARED's keenness to have the private sector involved in its development projects," Abu Hamdan said.
Among the facilities to be constructed will be Bab Al Madina, a gateway to the commercial heart of Madinat Al Sharq.
The souq, which is easily accessible via public transport and pedestrian streets, offers new and diverse retail outlets, including dining, entertainment and cultural facilities.
By Mohammad Ghazal
© Jordan Times 2005
