Five Abu Dhabi Developers Join for $10 Billion Project in Jordan

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(ABU DHABI, U.A.E.) -- Five Abu Dhabi developers have teamed up to invest $10 billion in a waterfront project in Aqaba, Jordan. It will be the largest tourism and real estate project in the history of the country.

Named Marsa Zayed in honor of the late Sheikh Zayed, the founder of the United Arab Emirates, the project includes 3.2 kilometers of mixed use residential towers, hotels, retail, recreational, entertainment, and business facilities including a 2-kilometer waterfront.

Al Maabar International Investments, a joint venture between Mubadala Development, Aldar Properties, Sorouh Real Estate, Reem Investments, Reem International, and Al Qudra Holding, bought the land from Jordan last year for $500 million.  Building is slated to begin in the first half of 2010 and will be completed in phases.

To create Marsa Zayed, destined to be a new port for yachts and cruise ships, the local government of Aqaba is relocating the current port from the city center to the south. Al Maabar's Managing Director, Yousef Al Nowais, said, "Al Maabar is committed to delivering added value to its partner countries," and called the project "a major economic stimulus for the Kingdom [of Jordan]."

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