Abu Dhabi developer launches $10 billion tourism real estate venture in Jordan

Abu Dhabi-based developer Al Maabar International Investments says it has launched a $10 billion tourism and real estate venture in a Jordanian Red Sea resort, showing that while the global economic crunch has hammered many such mega-projects in the region, it hasn’t halted them entirely.

Al Maabar, a joint venture between Abu Dhabi’s five leading real estate developers and an investment firm, said the 3.2 square kilometres Marsa Zayed project in the resort of Aqaba was the biggest real estate and tourism project ever launched in Jordan.