AMMAN: A subsidiary of the United Arab Emirates conglomerate, the Abu Dhabi-based Al-Maabar International Investments, yesterday unveiled the largest real estate and tourism project in Jordan’s history, a $10-billion Marsa Zayed complex at the Red Sea resort of Aqaba.
The developer, Al-Maabar Jordan Real Estate Development Company, said in a statement that the 3.2-square kilometer complex with a 2-kilometer waterfront would be “one of the most significant developments in the region.” The company said that the project would involve the development of the mixed-use waterfront, including high-rise residential towers, retail, recreational, entertainment, business and financial facilities along with several branded hotels.
The planned marinas are likely to “transform Aqaba into a premier yachting destination.” A cruise ship terminal is also on the drawing board, the firm said.
The first phase of the project will begin in the first half of 2010 after the completion of the land survey and a series of technical studies which are currently taking place in coordination with the Aqaba Special Economic Zone Authority (ASEZA), it added.
Aldar Properties and Sorouh Real Estate each own a 30-percent stake in Al-Maabar, which was set up in 2007. Reem Investments, Reem International, Al-Qudra Holdings and investment firm Mubadala Development Co. hold the remaining stakes.
The group has projects worth $11.5 billion under development in Morocco, Libya, Tunisia, Jordan, Qatar and Belarus. Al-Maabar Managing Director Yousef Al-Nowais said in October it was also looking to build a $500-million project in Iraq.