Al Maabar to Build $10 Billion Mixed Use Project in Aqaba

ABU DHABI - A subsidiary of Al Maabar International Investments will develop a $10 billion mega mixed real estate project in the red sea port of Aqaba.



By Haseeb Haider

Published: Thu 26 Feb 2009, 11:17 PM

Last updated: Sun 5 Apr 2015, 9:35 PM

Marsa Zayed, named in fond memory of the founding father of the nation Shaikh Zayed bin Sultan Al Nahyan, is a 3.2 square kilometres development including two Km of waterfront. It is being dubbed as the biggest real estate and tourism project to take place in the history of Jordan, making it one of the most significant developments in the region.

Al Maabar Jordan Real Estate Development Company, a subsidiary of Al Maabar will develop the 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 tourist landmarks and a welcoming gateway to Aqaba. The project will be implemented in several phases once the transfer of land ownership is completed. 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, ASEZA.

In 2008, Al Maabar signed an agreement with the Government of Jordan whereby the company acquired 3.2 million Square metre of land in Aqaba for $500 million for the 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.

Al Maabar is a joint venture between Abu Dhabi’s six leading investment companies led by Mubadala, and partnered by Al Dar Properties, Sorouh Real Estate, Reem Investments, Reem International and Al Qudra Holdings, with several projects underway in the Gulf Region, Middle East and North Africa.

haseebhaider@khaleejtimes.com


More news from Local Business