United Real Estate Company (URC) has announced the inauguration of the $500mn Abdali Boulevard, a mixed-use scheme within the master development of the Abdali project, developed by the Abdali Boulevard Company (ABC).
The grand opening was held under the patronage of His Majesty King Abdullah II Bin Al Hussein of Jordan and in the presence of Her Majesty Queen Rania Al Abdullah and His Royal Highness Crown Prince Al Hussein Bin Abdullah II.
Abdali Boulevard is the largest integrated, mixed-use development in the booming new downtown area of the city of Amman, Abdali.
The project spans over 121,000m2 and a gross land area of 25,540m2. Additionally, the development's components are connected by a 370m2 pedestrian walkway.
Abdali Boulevard incorporates leisure and retail components including international restaurant chains, cafes and high street retail brands. The project also consists of office spaces and residential components such as serviced apartments.
KIPCO's vice chairman, Faisal Al Ayyar, said: "We are delighted to be celebrating the grand opening of Abdali Boulevard. The project was developed by the Abdali Boulevard Company in which URC, KIPCO 's real estate arm, owns a 40 percent stake.
"KIPCO has a long-term presence in Jordan in several sectors including real estate, banking and insurance. These investments have significantly contributed to providing job opportunities for Jordanian nationals and to the nation's growth.
"We strongly believe in Jordan's bright economic future and we are certain that Abdali Boulevard will contribute to the country's economic strengthening and architectural renaissance."
Abdali Mall is another development in the heart of the new downtown area of Abdali. The project is owned by URC and AID, holding 60% and 40% respectively. The mall will be inauguratednext year.