JEDDAH, 30 May 2005 — King Abdallah of Jordan yesterday laid the foundation stone for Jordan Gate, one of the key components of the prestigious $1 billion Royal Metropolis.

The project, which marks the development of Phase One of Gulf Finance House (GFH), is conceived as a significant development that will enhance the flow of inward investments into Jordan.

Jordan Gate is being developed in partnership with the Greater Amman Municipality and Kuwait’s major financial institution, KFIC.

“On behalf of the board of directors of GFH, I would like to thank King Abdallah for his presence, and for all his support and continuous interest in developing the Jordan economy for the benefit of its people. We also look forward to the continued encouragement of the government for the development of this major infrastructure project.” GFH Chairman Dr. Fuad Al-Omar said commenting on the development of the Royal Metropolis project,

“The Royal Metropolis project has been conceived as a significant development that will enhance the flow of inward investments into the country, while adding value to Jordan’s economic proposition to overseas investors,” he said, adding that Royal Metropolis mirrors regional expansion of GFH and its contribution to promoting infrastructure projects for the economic growth of the region. This project is one of the major plans in the region and reflects GFH’s strategy to develop infrastructure in the region.

Royal Metropolis is also aimed to expand Jordan’s potential as a hub to attract promising economic investments in key industry sectors and is in line with the progressive set of reforms that have been instituted by Jordan’s forward-looking leadership.

Jordan Gate will be a futuristic development comprising two high-rise towers connected to a shopping mall and a services area. Built on an area of around 28,500 sq m, these buildings will together encompass a built-up area of about 220,000 sq m.

Jordan Gate is designed to provide prime, quality office space for international companies keen to set up a base in Jordan complete with proper security and building management systems. It will also offer modern conference facilities, an ultra-luxurious five-star hotel and an array of retail outlets. The development, built at a prime location at 6 Circle in Amman, will occupy the highest point in the city and upon completion will be visible from every part of the capital.

“Jordan Gate will play an important role in supporting the ambitious economic growth strategy of the kingdom by providing an opportunity to enter the Jordan market for investors keen to participate to develop the region. It will also be an ideal base for a range of businesses in Jordan as well as in contributing to the efforts of the redevelopment of Iraq,” GFH CEO Esam Janahi said. “Additionally, the project will also create ample employment opportunities as investors in Jordan Gate will create jobs for Jordanians, significantly fulfilling a national need to productively deploy the qualified youth of the kingdom.”

Making two significant partnership announcements at the ceremony, Janahi said that the UAE-headquartered Al-Hamad will be the development partner and will undertake the construction of Jordan Gate, while Hilton International will be appointed to operate the hotel component of the project. “Bringing Al-Hamad as well as Hilton International into the project will add to the overall value proposition of Jordan Gate, and is in line with GFH’s commitment to partner with acknowledged experts for all its projects,” Janahi said.

“GFH has an ongoing working relationship with Al-Hamad and we’re confident that they are the ideal partners to develop a project of this magnitude and complete it within time. Apart from their professionalism and efficiency, Al-Hamad has built a strong reputation for adhering to project deadlines and observing optimum levels of safety, two crucial factors for the success of the project,” he added.

Al-Hamad is the main contractor for the $270 million Financial Center, the first phase of GFH’s flagship project, the $1.3 billion Bahrain Financial Harbor.