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Abu Dhabi-based Al Maabar International will develop a US $10 billion real estate project in Aqaba, the company has announced.
The 3,200,000m2 residential development, called Marsa Zayed, was described as the “biggest real estate and tourism project to take place in the history of Jordan.”
The first phase of development is due to begin in the first half of 2010, following the completion of land and technical surveys.
Work will be carried out by Al Maabar's subsidiary Al Maabar Jordan Real Estate Development Company.
“Today we celebrate the announcement of one of the most successful and exceptional projects in Aqaba, which strengthens the already outstanding brotherly relations between Jordan and the UAE,” said the Chief Commissioner of Aqaba Special Economic Zone Authority, Engineer Husni Abu Gheida.
Al Maabar bought the land in 2008 for $500 million. It will be handed over by the Government of Jordan in three phases; the first in June this year, the second in September and the final stage in March 2013.
Once finished, the project will have high-rise residential towers, shops, a financial district and several major hotel chains as well as a cruise ship terminal that the firm hopes will become a landmark for tourists.
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FEATURED COMMENT
is this true .....wow