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Sat 29 May 2004 04:00 AM

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Emaar signs MoU with Mawared to work together on Al Abdali project

Emaar Properties has signed a Memorandum of Understanding (MoU) with Mawared, Jordan’s National Resources Investment and Development Corporation (NRIDC) to work together on the Al Abdali project in Amman.

Emaar Properties has signed a Memorandum of Understanding (MoU) with Mawared, Jordan’s National Resources Investment and Development Corporation (NRIDC) to work together on the Al Abdali project in Amman.

The MoU was signed in the presence of King Abdullah of Jordan and General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

“We encourage joint corporation agreements that mutually benefit both parties and their countries. We look forward to similar initiatives in the future,” said Sheikh Mohammed.The deal was signed by Mohamed Ali Alabbar, chairman, Emaar Properties and Akram Abu Hamdan, director-general, Mawared. Emaar will this invest in the residential facilities within Al Abdali Urban Regeneration Project.

It is part of Mawared’s efforts to attract regional and international investors for its multi-faceted development projects throughout Jordan. The MoU also comes at a good time for the Al Abdali Project because Mawared and Saudi Oger have entered into a strategic partnership to develop the site under the name of the Al Abdali Development Company.

“We attach great importance to this partnership with Mawared. This is a prestigious project and it will be our first involvement in a development in Jordan,” said Alabbar.“Jordan is a growing economy and there is need for an upscale development like the Al Abdali Project. I’m grateful the Government of Jordan has acknowledged Emaar’s expertise in creating high quality developments,” added Alabbar.

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