Abu Dhabi, Jordan seal $5bn venture

Al Maabar to develop port and tourist, residential and commercial buildings in Red Sea city of Aqaba.
Abu Dhabi, Jordan seal $5bn venture
By Ola Galal
Sat 12 Apr 2008 04:39 PM

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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