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Thu 26 Feb 2009 03:05 AM

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$10bn real estate project for Jordan

Jordanian unit of Abu Dhabi-based Al Maabar confirms go-ahead for Marsa Zayed project in Aqaba.

Al Maabar Jordan Real Estate Development Company announced on Wednesday the Marsa Zayed project, a $10 billion real estate investment in Aqaba.Marsa Zayed is a 3.2-square- kilometre development with a 2-kilometre waterfront.

Under the project, Al Maabar, a subsidiary of Abu Dhabi-based Al Maabar International Investments, will develop the mixed-use waterfront project, including high-rise residential towers, retail, recreational, entertainment, business and financial facilities along with several branded hotels, the Jordan Times reported.

The company said the planned marinas are likely to “transform Aqaba into a premier yachting destination”. A cruise ship terminal is also on the drawing board.

The project will be implemented in several phases once the transfer of land ownership is complete, it added.

The first phase of the project will begin by the first half of 2010 following the completion of the land survey and a series of technical studies which are currently taking place in coordination with the Aqaba Special Economic Zone Authority (ASEZA).

In 2008, Al Maabar signed an agreement with the government under which the company acquired the land in Aqaba for $500 million for the development and establishment of the project.

ASEZA is implementing a plan to relocate the current port, moving it from the city centre to the southern tip of the district, officials have said.

The government’s handover of the land will be carried out in three phases - the first will take place by June of this year and the second in September, while the third and final phase by March 2013, once the new port is built.

Al Maabar said the investment will ensure job creation, stimulate the economy and enhance local skills and capabilities.

The announcement took place at a gala dinner held last night under the patronage of Prime Minister Nader Dahabi.

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