Dubai: King Abdullah II of Jordan and UAE Deputy Prime Minister and Interior Minister Lt. General Shaikh Saif Bin Zayed Al Nahyan on Thursday launched the first phase of the $10 billion Marsa Zayed project, a realty venture developed by Al Maabar Investments.
The 3.2-square kilometre development, including two km of waterfront, is the biggest mixed-use project of its kind in Jordan. The project will be implemented in several phases over 30 years with construction of the first phase slated to start in the third quarter of this year.
King Abdullah and Shaikh Saif laid the foundation stone.
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.
Marinas
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 tourism 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 commence in the first half of this year 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.
Al Maabar said it has received the first two million square metres of land.
Special relations
Shaikh Saif praised the special relations between the UAE and Jordan, the strong foundations of which were laid by former leaders of both countries. He added that the strong ties continued to flourish under the wise leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan and King Abdullah II.
The launching ceremony was attended by Prince Faisal Bin Al Hussain, Prime Minister Samir Rifai, senior officials and businessmen.
The project will see the development of eight hotels offering 3,000 rooms that will cater to a larger tourism industry. It will also create 20,000 residential units.
