Maabar in deal for $5bn Jordan project - Emirates24|7

Maabar in deal for $5bn Jordan project


Abu-Dhabi-based Al Maabar International Investments and the government of Jordan have signed a deal for a development with investments of up to $5 billion (Dh18.4bn).


The project in the Red Sea city of Aqaba involves developing the town’s port and building tourist, residential and commercial buildings in addition to a financial district, according to Managing Director Yousef Al Nuwais.


Al Maabar, a joint venture of companies, including Aldar Properties, Sorouh Real Estate, Al Reem International, Al Reem Investment and Al Qudra, will carry out the plan in two stages, to be completed in 2011 and 2015 respectively, Al Nuwais said.


The project will create more than 15,000 job opportunities, he added.


Al Maabar is also developing a $10bn tourism, office and housing complex north of the Tunisian capital Tunis.


Al Nuwais said under the contract, Al Maabar won the rights of owning and developing the current site of the port of Aqaba and the surrounding area.


He said the company intends to make an integrated organisational plan to turn the harbour into a high-standard tourism port with tourist facilities, residential and commercial buildings and a financial district to attract local, regional and global financial establishments.


“We have acquired the last coastal kilometre in the city of Aqaba,” said Al Nuwais, adding Al Maabar will develop a tourist corniche with waterways and several multi-use facilities.


He said Al Maabar International will execute the project in phases. The first phase will be completed in 2011 and the whole project will be ready by the end of 2015.


The most important part of the work is represented in modernising and developing the infrastructure of the port of Aqaba, turning it into a tourist port, said Al Nuwais.


All port facilities will be rehabilitated to become a tourist gate of Jordan, serving the government’s policy of boosting tourism in the Aqaba economic area and the country in general.


Al Nuwais said the major project will turn Aqaba’s northern corniche into an important strategic destination for tourism and business in the region and on the Red Sea. (Wam)