Bahrain-based Gulf Finance House (GFH) and Kuwait Finance and Investment Company (KIFC) have signed an agreement to fund Jordan Gate and Royal Village the first two components of the $1-billion Royal Metropolis project in Jordan.
The residential-cum-commercial development in Amman is estimated to cost $500 million.
Investment banker GFH has also entered into a partnership with Greater Amman Municipality for Jordan Gate.
Nidhal Al Hadeed, mayor of Amman, said, "While reinforcing the status of Amman as a centre for business by promoting direct investment, Jordan Gate will add to the charm of Amman and be a unique landmark in the capital."
Jordan Gate, the first phase of the Royal Metropolis project will comprise two high-rise towers connected by a multi-storey podium. Built on 28,500 square metres, the buildings will cover a built up area of approximately 220,000 square metres.
Jordan Gate will feature offices, modern conference facilities, a five-star hotel and an array of retail outlets. The development, built at a prime location in Amman's 6 Circle, will occupy the highest point in the city, and upon completion will be visible from every part of it.
Esam Janahi, chief executive of GFH, said: "Royal Metropolis will be in the vanguard of our efforts to attract investments into the Kingdom. The integrated project will be developed carefully to blend with the environment and be a landmark that can be seen from anywhere in Amman."
Royal Village will be developed on 470,000 square metres in Marj Al Hammam along the main highway to the Dead Sea and will comprise a housing complex and a recreational centre, a retail mall, a hotel and commercial space.
GFH and KFIC plan to float an investment company to give smaller investors the opportunity to participate in the development of the Jordan Gate and the Royal Village.
GFH is also financing a number of real estate projects that include the $1.3-billion Bahrain Financial Harbour, the $750-million Al Areen Development in Manama, the $3-billion Two Seas waterfront project and the $3.8-billion leisure and residential project, Legends in Dubailand, UAE.
Leading investment house KFIC is listed on the Kuwait Stock Exchange (KSE) and is backed by a group of shareholders.
Gulf News
