By Martin Morris
Abu Dhabi-based firm unaffected by global crisis. Will proceed with residential scheme.
Manazel Real Estate has confirmed it is determined to proceed with its 'Amman Gardens' project in Jordan, denying any intention to postpone the project, the Jordan News Agency reported on Sunday.Company chairman, Mohammed Al Qubaisi, said the company's projects were not affected by the global financial crisis.
"Services of the former foreign contractor were terminated and the company had entrusted a Jordanian firm to implement the project's infrastructure at a total cost of JD15.5 million," Al Qubaisi said.
''Choosing a Jordanian company to implement the first phase of Amman Gardens, came after a thorough study of Jordan's real estate sector,'' he added.
"Manazel also took into consideration opportunities available, supply and demand, competitiveness of the existing firms as well as the purchasing power and economic growth rates in Jordan.''
The properties are set in a landscaped environment located between the heart of Amman city and Queen Alia International Airport.
More than 1,800 villas form the development - the villas comprising Arabian, Mediterranean, and Desert styles, with up to 200 square metres of floor space in each.
Manazel Real Estate was founded in March 2006 as a Private Joint Stock Company in Abu Dhabi.
As it is a Shariah-complient company all of its projects are available for UAE Nationals and foreigners for purchase, lease or rental.