Abu Dhabi, Jordan seal $5bn venture

PROPERTY INVESTMENT: Tourists cruise in the waters of the Red Sea in the Jordanian coastal city of Aqaba, where Al Maabar is to invest up to $5 billion. (Getty Images)

Abu-Dhabi-based Al Maabar International Investments and Jordan's government have signed a deal for a development with investments of up to $5 billion, the UAE news agency Wam reported on Saturday.

The project at the Red Sea city of Aqaba involves developing the town's port and building tourist, residential and commercial buildings in addition to a financial district, Wam reported, citing Managing Director Yousef Al Nowis.

Al Maabar, a joint venture of companies including Aldar Properties and Sorouh Real Estate, will carry out the plan in two stages, to be completed in 2011 and 2015 respectively, Al Nowis said.

The project will create more than 15,000 job opportunities, he added.

Al Maabar is also developing a $10 billion tourism, office and housing complex north of Tunis. (Reuters)

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USER COMMENTS (1 COMMENTS)

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Abu Dabi, Jordan Seal $5bn Venture - Aqaba.
Posted by Faisal A. Abu Nuwar, Amman, Jordan on 13 April 2008 at 15:55 UAE time

From person who is involve in the Real Estate projects in Aqaba, Jordan and looking for future demand, it's an excellent step.

The most important thing in the future will be the golden triangle for tourism from all over the world (Aqaba - Petra - Wadi Rum).

Thank you,
Faisal A. Abu Nuwar
General Consultant
Ehtiraf- Jordan Professional Enterprise
www.ehtiraf.com

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