Massive Urban Development to Feature at Cityscape Expo
A $1 billion, multi-faceted project to revamp a key area in the heart of Amman, Jordan, is being presented this week in Dubai to delegates at Cityscape, the Middle East's biggest international commercial, architecture and property development expo.
The massive 30-hectare Abdali project features several districts: IT, residential, retailing and entertainment, medical, a civic pole, a campus for the American University in Jordan, and a pedestrian spine.
Investment appeal, always underscored by location, is emphatic in this case. Boundaries of the Abdali site are King Hussein Street in the north, Suleiman Nabulsi Street to the South, the Parliament building to the East and Queen Noor Boulevard to the West.
The site is surrounded by more than 40 banks, financial institutions and public institutions, 12 major hotels, nine major hospitals, numerous clinics and medical centres and four commercial centres, as well as by key civil landmarks such as King Abdullah Mosque and the Palace of Justice.
Without doubt, investors will be attracted to the Abdali project's components that include retail buildings and malls, high- and mid-rise office buildings, residential buildings from luxury apartments to student dormitories, medical centres, hotels, cinemas and entertainment facilities.
The project comes at a time when Jordan, and attractive property investment destination, is enjoying substantial buoyancy in the real estate sector, which grew 15% in 2003 and 17% in the first half of 2004.
Handling the project is Abdali Investment & Development, a company established in Jordan jointly by Mawared, the country's National Resources Investment and Development Corporation, and Oger Jordan, a Jordanian branch of Saudi Oger, a development organization involved with major real estate and construction projects all over the world.
Mr Joseph Helou, Abdali's general manager, says land usage on the Amman site is being driven by clear-cut goals.
"One is to achieve a vibrant, tightly-knit, architecturally distinctive and modern urban nucleus. Another is to create a smart urban community that thrives on the interface between business and education, state-of-the-art infrastructure and communications. A third is to create conditions for increased local economic development by attracting local and international investment."
Mr Helou says the Abdali site's IT district, on the highest point of the site, will feature high-rise office buildings adjacent to Amman's Shmeisani financial district.
"The Residential district is set between the Pedestrian Spine and Suleiman Nabulsi Street, and will target the transient population of professionals and about 6 000 university students.
"The University Campus shares the northern portion of the site with the Medical district which will contain a variety of medical facilities. All the districts surround the central Retailing and Entertainment district.
"The Civic Pole on the eastern edge of the site comprises existing public landmarks that will be complemented by a performing arts centre and the King Hussein Memorial Library, to form a Civic Plaza," Mr Helou says.
The third day of Cityscape (Wednesday) features a special focus on Jordan. In addition to Mr Helou's presentation of the Abdali project, investors and real estate developers will hear important addresses on several aspects of development in Jordan by a team of high-level Jordanian representatives.
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© Press Release 2004
