$500 Million Project On Jordanian Dead Sea Coast

2006-12-14

Emaar unveils $500m Jordan development

Khaleej Times

www.gulfinthemedia.com/ index.php?id=269574& news_type=Economy &lang=en

Emaar Properties has announced that the development value of its master-planned residential community along the Dead Sea coast is $ 500 million.

Emaar Jordan, the wholly-owned subsidiary of Emaar Properties, is finalising the master plan for the project, which will encompass luxury residences, commercial establishments and leisure and entertainment facilities.

Emaar Jordan has already joined hands with a number of regional and Jordanian investors to form The Dead Sea Company, which will undertake the project in line with the growth plans outlined for the country by the King Abdullah II Fund for Development.

"With a development value of $ 500 million, the Dead Sea project by Emaar is one of the largest undertakings in Jordan's property sector recently," said Issam Galadari, Managing Director, Emaar International - Middle East and North Africa.

"We are confident of Jordan's prospects as an emerging market in the Middle East and North Africa region, and with the current project, we are extending our proven strength of developing master-planned residences."

Emaar Properties is the pioneer of developing gated communities in the UAE and has to date handed over more than 14,500 homes in Dubai.

"By integrating commercial and leisure elements in a residential community, we are contributing to the growth of the local economy by creating a self-sustained neighbourhood and offering job opportunities for the local residents," added Galadari.

Emaar Jordan's Dead Sea project aims to boost tourism - one of the key drivers of the national economy.

"The government has undertaken specific measures to boost tourism and information technology in the country," said Galadari. "Special economic zones (SEZ) are being developed to encourage foreign direct investment. These are encouraging signals for Emaar Properties, currently expanding internationally with a special focus on emerging markets."

The Dead Sea project by Emaar Jordan will also have retail facilities and a full-fledged golf course and clubhouse.

Source: IMRA – Independent Media Review and Analysis