AMMAN — Taameer Jordan has signed a letter of intent with the Venezuelan government for a $2.4 billion construction project, the real estate development company announced on Sunday.
The Jordanian company will build a new low income housing project in Aragua, Venezuela, consisting of 13,912 housing units and 88 medical and educational facilities for a complete city environment, Taameer said in a statement.
The new district will be built over five years and will house a projected population of 54,000, the company added.
The letter of intent was signed at the presidential palace in Caracas by Venezuelan Housing Minister Manuel Quevedo and Taameer board member Haitham Al Terawi.
Taameer Jordan Holdings was established in 2005 in Amman as a public shareholding company to operate in the real estate development field locally and regionally.
The company was founded with a capital investment worth JD212 million and the size of the investments it has made in the Jordanian market exceeds JD300 million, according to its website.
The company capital was decreased as of July 2015 to JD86.8 million as part of the restructuring plan.
© Jordan Times 2016
