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Abu Dhabi-based Al Maabar International Investments has announced the development of Marsa Zayed, a $10 billion real estate investment in Aqaba.
Marsa Zayed, named in memory of the late Shaikh Zayed bin Sultan Al Nahyan, is a 3.2sq/km development including 2km 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, there will be 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 get underway 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 co-ordination 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 sq/m 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 will happen by March 2013, once the new ports are built in southern Aqaba.
"Al Maabar is committed to delivering added value to its partner countries. This is achieved through job creation, stimulating economies and the development of local skills and capabilities.
"We take pride in our partnership with Jordan and are very confident that this relationship will only strengthen as Marsa Zayed becomes a landmark project and a major economic stimulus for the kingdom," said Yousef Al Nowais, Al Maabar, managing director.
Al Maabar was established in 2007 as a joint venture between Abu Dhabi's six leading investment companies: Mubadala, 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.
