$300m hotel for Jordan



An Abu Dhabi developer plans to build a US$300 million (Dh1.1 billion) luxury St Regis hotel development in Amman, Jordan.

Al Maabar, the developer, also says it could be just weeks away from an agreement for a multibillion-dollar, mixed-use project planned for Baghdad.

The announcements yesterday come at a time when some local developments have slowed or stopped. Al Maabar is a partnership involving six Abu Dhabi companies - Aldar Properties, Sorouh Real Estate, Al Qudra Holding, Reem Investments, Reem International and Mubadala Development, a strategic investment company owned by the Abu Dhabi Government. The partnership was set up to build projects abroad.

Al Maabar insisted its projects were not affected by any losses at the other companies.

"I have my own resources," said Yousef al Nowais, Al Maabar's managing director. "The capital has been paid."

He said funding for the hotel would come from Al Maabar's own resources, banks in Jordan and the proceeds of property sales.

The St Regis project, expected to be completed by 2014, is the first under the brand in Jordan and includes a 270-room hotel, 80 St Regis-branded luxury apartments, which are for sale, and 25 shops. St Regis is a luxury brand owned by Starwood, a global hotel management company, which also has labels such as Le Meridien and Sheraton.

Al Maabar also has projects in Morocco and Libya, as well as its $10bn Marsa Zayed project in the Aqaba seaport, also in Jordan. Al Maabar describes Marsa Zayed as one of the biggest development's in the region. The company plans to start building about 300 to 400 houses, worth up to a total of $250 million, and a mosque within the next two months but said it was unable to start work on the port area development until 2013.

"The port has not been handed over. It has to be handed over in 2013 and then after that we will be ready to start construction. They have to move the port somewhere else," Mr al Nowais said.

Jordan is one of the company's most important markets. "Al Maabar has identified Jordan as one of the key markets for its development since the company's inception," said Mr al Nowais.