JEDDAH, 30 October 2004 — As part of its ambitious regional expansion and investment strategy, a leading Bahrain-based Islamic investment bank, Gulf Finance House B.S.C. (GFH), on Thursday announced plans to invest over $1 billion in a landmark real estate project in Jordan.
The proposed project which has also been conceived by GFH — The Royal Metropolis — was presented to Faisal El Fayez, prime minister of Jordan, and other senior government officials, by a high-level delegation comprising senior GFH officials and its associated partners in the project.
The head of the GFH delegation, Dr. Fuad Al-Omar, chairman and board member, GFH, said: “We had a very constructive meeting with the prime minister and other senior officials in Amman last week during which we presented the full scope of the proposed “Royal Metropolis” project. We have been assured of Jordan’s full cooperation in making this unique development an unqualified success.” “We are confident that the Metropolis project will effectively complement the progressive set of reforms embarked upon by the government of Jordan and will serve as a catalyst in its economic growth, by stimulating investment flows into the country’s social and industrial sectors,” he added. The other senior officials present at the meeting included the mayor of Amman, Nidal Al-Hadeed.
The GFH delegation led by Dr. Al-Omar included Esam Janahi, chief executive officer and board member of GFH, Muhannad Hamad, executive director, and representatives of the UAE-based Al-Hamad Contracting Company and Nashad Sahawneh, general manager. Janahi said: “GFH has gained significant exposure in large infrastructure ventures in Bahrain as well as in the region and the “Royal Metropolis” is another milestone in the bank’s long-term growth strategy.”
“The Royal Metropolis will add value to Jordan’s economic initiatives by attracting foreign investment and supporting private sector growth. We have envisaged the project as a regional landmark in its architectural aesthetics and amenities, accelerating long-term economic growth,” he added.
The Metropolis project will comprise two significant components —the “Jordan Gate” and “The Districts”. Jordan Gate, which will constitute the first phase of the “Royal Metropolis” project, will include a futuristic 35-story office tower, a 35-story hotel block and a five-story podium covering a cumulative built-up area of 220,000 square meters.
The complex will also feature executive corporate apartments, modern conference facilities, a five-star luxury hotel and an array of retail outlets. Set to become the country’s new landmark, Jordan Gate will be located in a prestigious location in Amman and when completed will be an attractive location for major international companies.
“Jordan offers excellent investment opportunities and the Royal Metropolis is a substantial initiative that will promote the kingdom as a business-friendly destination. For GFH, this initiative is a crucial step in the development of its regional investment strategy. GFH aims to strengthen economic and business relations across the region in order to facilitate the expansion of the region’s economies.” Janahi said.