JEDDAH, 19 April 2005 — Gulf Finance House (GFH), one of the leading Islamic investment banks in Bahrain, yesterday announced that the Royal Metropolis project in Jordan has received the go-ahead from the Amman government and is ready to be launched soon at an estimated initial investment of $500 million.
According to senior officials of GFH the Royal Metropolis project tangibly supports Jordan’s efforts to attract foreign direct investment. The strategy for the project was presented to Jordan late last year.
GFH Chief Executive Officer Esam Janahi said that “Royal Metropolis signals the entry of GFH into Jordan — it is our first stepping stone in infrastructure development into the kingdom. The project complements our regional investment strategy and our vision to be one of the leading players in the region in conceiving and developing major infrastructure projects.”
The development of the project will be undertaken in phases starting with Jordan Gate and Royal Village, two salient components of Royal Metropolis. Jordan Gate is the first phase of the project while Royal Village is a significant component of The Districts, in the second phase of development.
The Districts will comprise several industrial parks which will bolster Jordan’s status as a dynamic destination for global investments. Royal Village, which is being developed on 46 hectares at a strategic location in Amman, will comprise a high-class gated residential community offering classy living with modern, cutting-edge amenities. Royal Village will also have a club house, recreational center and common areas apart from commercial space, a shopping mall and a hotel.
“Royal Village is being developed targeting overseas Jordanians who are keen to invest in their home country and also high net worth individuals,” Janahi said.
Located in close proximity to Queen Alia International Airport, Jordan Gate will comprise a world class office tower, a 5-star hotel and a podium which will have exclusive retail outlets and leisure facilities.
The office tower will provide office space for regional and international companies that are seeking to penetrate the Jordanian market and benefit from Jordan’s strategic alliances, geographical location and investment opportunities.
Janahi added: “Royal Metropolis signifies a vital diversification of the bank’s portfolio, which has so far focused on major investments in Bahrain, Dubai, the UK, France and Spain. The initiative aligns well with GFH’s overall strategy of backing regional economic policies. As a significant infrastructure project, the development has been conceived to expedite FDI flows into the Kingdom’s core industrial and social sectors.”
“Royal Metropolis in its second phase will have industrial parks that are in tune with the kingdom’s core competencies, thus accelerating the growth of specific industries that have been identified by Jordan as a national priority. It will enhance Jordan’s image as an investor-friendly destination and expand business by encouraging joint ventures and alliances,” he said.
Backed by a stable leadership, Jordan offers an attractive investment climate with world-class infrastructure and communications.
Strategically situated at the convergence of Asia and Europe, it serves as a transportation hub of the Middle East. Jordan enjoys duty and quota free access to the US market as well as the EU market, while also linking to 10 Arab countries through the Arab Free Trade Agreement. Besides this, it has bilateral agreements and favorable protocols with over 20 countries.
“We are confident that we will be involved in many more projects in Jordan in the future. Royal Metropolis will help develop Jordan as a regional hub for select industries,” Janahi added.