Mawared looking to raise $100mn

FUND RAISING: A shot of Mawared's Amber Valley Luxury Resort and Spa. The Jordanian developer is looking to raise $100 million to fund construction in the kingdom. (ITP Images)

Mawared, the Jordanian real estate company created to develop former military installations, will seek to raise as much as $100 million to fund construction projects in the kingdom, its chairman told ArabianBusiness.com on Tuesday.

Speaking on the sidelines of Cityscape Abu Dhabi, Akram Abu Hamdan said the borrowing will be additional to the $145 million in bonds sold on the London Stock Exchange (LSE) in 2004.

The company may also consider a future share sale as it seeks to add projects in Jordan and overseas, he said.

“We are not at the stage of doing this now but maybe in a year or two years,” he said in an interview.

Mawared, otherwise known as the National Resources Investment and Development Corporation, was set up to develop and relocate former inner city military installations into mixed-use residential projects.

Mawared started developing two major sites in 2002. These are the Abdali site, located in the capital and Abdullah Bin Abdul Aziz City, located near Zarqa, Jordan's second largest city and 25 kilometers from the capital Amman.

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.