UAE-based property developer Tameer Holding said yesterday it will construct a $300 million (Dh1.1 billion) commercial tower in the heart of the Jordanian capital's downtown district.
The 220-metre tower on a built up area of 95,000 square metres will be located within the Abdali project, the capital's largest downtown property development which is a 50-50 joint venture between the state-owned property firm Mawared and the family of late Lebanese prime minister Rafik Al Hariri.
The excavation works of the project, according to Tameer Holding's Jordan manager Mohammad Habib, will begin later this year with the project due for completion within three years.
The new tower designed by UK architect Fosters and Partners will target sales of office space to multinational firms and Arab Gulf investors setting up regional offices in Amman alongside local investors, Habib added. The tower is Tameer's second property project in Jordan after the $500m Madinat Al Majd residential project near the industrial city of Zarqa, whose first phase is due for completion later this year.
The UAE property developer was also considering new projects across Jordan, Habib added.
"We are looking at other sites in the kingdom and their feasibility," Habib said.
Many Gulf investors flush with oil revenue are investing hundreds of millions of dollars in the Jordanian property market, attracted by free market polices and relatively low prices compared with other regional markets.
Tameer officials say the firm, which has entered into a strategic partnership with Saudi Al Rajihi Investment Group, has a project portfolio of over 30 real estate developments in the UAE, the Gulf and the Middle East region.
The firm has property investments of more than Dh40 billion, according to its website.