By Andrew Mernin
Jordan's largest property developer is currently in negotiations to enter Abu Dhabi's lucrative real estate sector.
Jordan's largest property developer is currently in negotiations to enter Abu Dhabi's lucrative real estate sector, Arabian Business can reveal.
Jordanian government-owned Mawared, with a property portfolio worth around US$1bn, is in talks with a number of potential partners in the emirate according to Akram Abu Hamdan, director general of the company.
Hamdan told Arabian Business: "We are looking closely at Abu Dhabi and have had negotiations with several potential strategic partners and are really putting a lot of wealth into this particular fund. We are in Abu Dhabi to identify some future outlet projects that we can achieve here," he added.
Mawared is currently working on the Abdali Urban Regeneration Project - a commercial, residential and retail development that will cover a built-up area of one million sq m in central Amman.
The company is also developing the US$110m ‘Living Wall' residences and the US$30m Officers Club hotel, both in Amman. Having recently set up a holding fund in Luxembourg to target overseas development, Mawared is also hoping to expand across other GCC nations and into North Africa.
If the Jordanian developer does strike a deal to set up in the emirate, it will be entering an increasingly lucrative market. At the recent Abu Dhabi Economic Forum, the emirate's real estate industry was predicted to grow rapidly in 2007, with the value of property sales on target to touch AED 9bn (US$2.5bn) by the end of the year.
Speaking at the forum, Adel Al Shirawi, CEO of UAE-based home finance company Tamweel, said: "Abu Dhabi's real estate sector is set to witness strong growth driven by the pragmatic economic policies of the government and the increasing focus by real estate developers on the development of affordable housing."
Al Shirawi also estimated that the emirate's mortgage market, valued at AED3bn, (US$817m) will make up a third of the total residential real estate market by the end of 2007. According to a recent report by the Abu Dhabi Chamber of Commerce, US$136bn has been targeted for construction projects in the emirate between 2007 and 2010.construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.