"With the signing of the new agreement, the Jordan Gate project is expected to be completed early next year," GFH said in a statement.
Jordan Gate is the most extensive and significant infrastructure development in Amman. The project consists of two 43-story towers, with one of the towers to be transformed into a hotel to be operated by Hilton Hotels and the other tower to provide offices, multi-purpose lounges and halls for meetings, presentations and conferences. A commercial podium connecting the two towers will host shops, entertainment centers, a food court and other services.
GFH generated the concept of Jordan Gate and worked through Bayan Holding in partnership with the Jordanian government and enterprise authorities to secure the requisite permissions and to bring in the necessary investment and funding for the project.
"Jordan Gate is illustrative of GFH's ability to create, raise funds, manage and deliver some of the region's transformational infrastructure projects," said Essam Janahi, executive chairman of GFH.
"The signing of this agreement is a very positive step in realizing our vision of creating a significant development that will help support the development of the Jordanian economy by providing world leading commercial infrastructure. Jordan Gate is a proven concept from the GFH infrastructure portfolio and we will be targeting to create maximum value for our investors and shareholders from the project."
"I am pleased to witness this remarkable progress in this landmark project and would like to thank all of the parties involved in making this progress possible," said Haider Majali, Vice Chairman of the Jordan Gate Company and GFH representative in Bayan Holding.
"Our agreement with Hektar means that we can now continue the development of Jordan Gate as planned, Jordan Gate will transform the commercial capability of the project and its impact on supporting the Jordanian economy and will surely support the initiatives taken by the Jordanian government to develop its foreign investment strategy," he added.