Al Maabar to launch project on Marsa Zayed in Jordan

Abu Dhabi: Al Maabar, the Abu-Dhabi based international investment company, is launching a "small project" on its Marsa Zayed premises in Aqaba, Jordan. The construction of about 400 residential villas will start next month.

However, a contract for the project has not been awarded yet.

Marsa Zayed, the $10 billion (Dh36.7 billion) tourism project and the largest for Al Maabar in Jordan, is currently on hold.

Yousuf Al Nowais, Managing Director of Al Maabar told reporters in Abu Dhabi yesterday that the delay is linked mainly to the work progress at the port by the Jordanian authority.

"The port is still under operation by the Jordanian authorities and until that is handed over we are not going to do any major work at Aqaba," he said. "We are starting a small project in a small area and it's part of our land."

The port is expected to be delivered to Al Maabar in 2013, Al Nowais said.

This isn't the only project for Al Maabar that seems to be moving forward. The company's project for a mixed-use development in Baghdad, Iraq, which was announced in 2008, is expected to be finalised "this month or next month," according to Al Nowais.

"Iraq is in desperate need to any kind of residential building," he said. The company is negotiating the project with the Iraqi authorities. Al Nowais told Gulf News that Al Maabar will not be looking at committing to new projects, but that the company's primary focus at the moment is to deliver the projects that it has in Morocco, Libya, Jordan and Iraq.

Key market

Al Maabar has defined Jordan as one of the key markets for investments. It's most recent launch was announced yesterday in corporation with Starwood Hotels and Resorts, a hotel and leisure company, for the launch of the first St Regis hotel in Jordan.

Construction on the $300 million project will start in May and it is expected to be ready by 2014.

The development will be made up of two towers, one to include the St Regis and the other to be a high-end brand apartment facility. The St Regis Amman will feature 270 guest rooms, including 91 suites, four restaurants, a café, destination bar, pool and pool bar, fitness centre and signature spa. The mixed-use development project will also include exclusive boutiques.

Around 50 to 55 per cent of the project's investment will be financed by local projects from both Jordan and the UAE, mainly Abu Dhabi.

"Jordan has a lot to offer for foreign investors," Al Nowais said.

Starwood, which manages around 50 hotels in the region, has been doing well. In the past two years, Starwood doubled its footprint with new properties coming up internationally and regionally in Doha and Abu Dhabi.