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Jordan (1) -- News -- 2009
The project Marsa Zayed
27.02.2010
Abu-Dhabi-based Al Maabar International Investment
has announced the development of Marsa Zayed, a $10 billion real estate investment in Aqaba, through its subsidiary the Al Maabar Jordan Real Estate Development Company.
The announcement took place at a gala dinner held last night under the patronage of Jordanian Prime Minister Nader Dahabi, who was
joined by Al Maabar's chairman Ahmad Ali Al Sayegh, vice-chairman Mr.
Saeed Eid Al Ghafli and managing director Mr. Yousef Al Nowais. Also present was the Chief Commissioner of the Aqaba Special Economic Zone Authority,
a number of ministers, ambassadors, officials and key business people in the Kingdom.
Jordan (1) -- Analyses -- 2009
More about the project
01.01.2009
Marsa Zayed, named in memory of the Late Sheikh Zayed Bin Sultan Al Nahyan, is a 3.2 sq Km development including 2 Km of waterfront and is the biggest real
estate and tourism project to take place in the history of Jordan. It is also one of the most significant developments in the region.
Al Maabar will develop a mega mixed-use waterfront project, including high-rise residential towers, retail, recreational, entertainment, business and financial
districts and several branded hotels. Several marinas will add to the current berthing capacity which will transform Aqaba into a premier yachting destination;
in addition to a state-of-the-art cruise ship terminal, which will become one of Jordan's touristic landmarks and a welcoming gateway to Aqaba.
The project will be implemented in several phases once the transfer of land ownership is complete. Phase one of construction will commence by the first half of 2010
following the completion of the land survey and a series of technical studies which are currently taking place in coordination with Aqaba's local Authority, ASEZAASEZA.
In 2008, Al Maabar signed an agreement with the Government of Jordan whereby the company acquired 3.2 million Sqm of land in Aqaba for $500 million for the development
and establishment of a mixed-use residential, tourism and commercial project. The government's handover of the land will be carried out in three phases; the first to take
place by June of this year, the second in September while the third and final phase by March 2013, once the new ports are built in southern Aqaba.
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