UAE developer Al Maabar International has said its $10bn Marsa Zayed project in Jordan’s Red Sea resort of Aqaba is on schedule despite construction challenges.
Al Maabar, part owned by Abu Dhabi state investment vehicle Mubadala and Aldar Properties, said the first phase of the development was on track for completion in 2014.
Yousif Al Nowais, chairman of Al Maabar International, said in comments published by state news agency WAM: “There are certainly lots of challenges involved such as the site’s extreme terrains but construction work on this enormous project is going as scheduled.”
He added that the project’s first phase, which includes the construction of the Sheikh Zayed Mosque which will accommodate 2,000 worshippers, would be completed in two years.
The first phase also includes residential areas with more than 450 town houses and apartments.
Marsa Zayed is a 3.2 million sq m development including 2km of waterfront. It is the biggest real estate and tourism project to be developed in Jordan.
Several marinas will add to the current berthing capacity, which will transform Aqaba into a premier yachting destination; in addition to a cruise ship terminal.
Al Maabar said last April that it had put its $300m project in Libya on hold due to the unrest that hit the country in 2011.
Its Al Waha mixed-use development in Tripoli, launched in late 2009, is a joint venture with Libyan Investment & Development Company (LIDCO).
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