MANAMA, 30 September 2007 — The Jordan Gate, the landmark twin tower project in Amman, owned by Bayan Holding Company, has reported an excellent progress, Bayan Holding Company Chairman Esam Janahi, who is also the chairman of Gulf Finance House Bahrain, told the local media yesterday.
The North Tower, offering state-of-the-art offices, has already reached 36 floors and will soon reach its full 42 floors, he said.
The South Tower, which will house a five-star hotel, has reached 26 floors and is also well on its way to reaching its full height of 42 floors. Completion of the project is expected toward the end of next year, he added.
Janahi said: “GFH is a developer of economic infrastructure. Our work is designed to accelerate both local and national economic development. In Jordan’s case we believe that our Jordan Gate project and Royal Village project at Marj Al-Hamam on the outskirts of Amman have created substantially more interest in the Jordanian market among Gulf investors. Indeed, we have worked hard with Kuwait Finance and Investment Company (KFIC), co-promoters of Bayan, to assemble a large group of over 600 Gulf investors, many of them from Kuwait. As our projects move toward completion we expect the impact to increase further with visitors seeing tangible evidence of progress and advancement in Jordan. Investment requires positive sentiment — we are helping to reinforce and enhance that positive sentiment. Of course, we have to thank the leadership of the government of Jordan for creating the conditions needed to encourage and secure direct investment into the country.”
Peter Panayiotou, chairman of the Jordan Gate Company and the acting CEO of GFH said: “It is very pleasing to see the progress achieved in the construction of the two Jordan Gate Towers. We all know that the project suffered some setbacks at the start. However, the remedial and swift action taken by the board of directors coupled with the keen support of Mayor Omar Maani and his team at the greater municipality of Amman, has helped to move the project along very smoothly. A project of such size and importance to Amman will have an impact on both the roads as well as the infrastructure of the area in its vicinity. We are now working hard with the municipality and the ministry of water and irrigation to ensure that both the roads and the water and sewage pipelines are upgraded. This is a priority in ensuring the success of the project and I am very pleased with the excellent cooperation we are receiving from them. The credit must also go to Al-Hamad Construction Company for the efforts have made to progress the construction to this point.”
Dr. Haider Majali, a board member of the Jordan Gate Company said: “We expect that the Jordan Gate project will enhance the quality of Amman’s business office infrastructure and help create many new job opportunities for Jordanians to work both in the offices and in the hotel. An attractive business location will encourage foreign companies to come to Jordan and this will have an incremental effect on the economy. Our project can only enhance Jordan’s business friendly reputation.”
