Abu Dhabi developer Al Maabar staged a press event in Aqaba this week to announce it is moving forward with Marsa Zayed, billed as the largest real estate and tourism project in Jordan history.
The master plan for the US$10 billion (Dh36.7bn) development covers 3.2 million sq metres on 2 km of waterfront, including eight hotels with 3,000 rooms, 30,000 residential units and 350 marina berths.
"We are here to implement the project," Al Maabar board member Yousef al Nowais told reporters in Aqaba, according to an account in the Jordan Times.
Initial construction on the project started earlier this year. The first phase, scheduled for completion in 2014, will include construction of infrastructure and about 400 residential units.
Al Maabar is a company set up by six Abu Dhabi developers--Mubadala, Sorouh, Aldar, Al Qudra, Reem Investments and Reem International--to build international projects.
So far Al Maabar has been focusing on Jordan, Morocco and Libya. In an interview with the National last month, Mr al Nouwais acknowledged the company's $750 million Al Waha project in Libya was on hold, but the group's other projects were unhurt by turbulence in the region.
Al Maabar pushing ahead with Jordan project
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