What has been billed as the biggest-ever real estate and tourism project for a state in the Middle East is set to cost more than $10 billion, developers have revealed.
Al Maabar International has launched the Marsa Zayed scheme in Jordan, at a dinner attended by the country’s prime minister, Nader Dahabi.
The huge waterfront homes and commercial real estate project is the biggest in the history of the country, officials said, and is set to transform a region of Aqaba.
The scheme will include luxury homes in high-rise towers, a financial district, hotels, marinas, and even a cruise ship terminal.
Construction is set to start in the first half of next year with real estate ownership documents currently being finalised and technical studies already under way.
The announcement follows the deal Abu-Dhabi-based Al Maabar signed with the Jordanian government in 2008, which saw the the firm buy 3.2 million square metres of land in Aqaba.
Yousef Al Nowais, managing director of Al Maabar, said: “We take great pride in our partnership with Jordan and are very confident this relationship will only strengthen as Marsa Zayed becomes a landmark project and a major economic stimulus for the Kingdom.”
Al Maabar is a joint venture involving some of the biggest real estate developers in Abu Dhabi, aimed at expanding investment in the construction of new homes internationally.
Last year the firm also announced it was to build Bled El Ward in Tunisia, a 5,000-hectare homes scheme costing about $10 billion.
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