December 03, 2008

Al Maabar inks USD 5 billion deal with Jordan government

UAE news agency WAM reported that Abu Dhabi based Al Maabar International Investments and Jordan's government has signed a deal for a development with investments of up to USD 5 billion.

Mr Yousef Al Nowis MD of Al Maabar said that the project at the Red Sea city of Aqaba involves developing the town's port and building tourist, residential and commercial buildings in addition to a financial district. He added that it will carry out the plan in 2 stages, to be completed in 2011 and 2015 respectively. The project will create more than 15,000 job opportunities.

Al Maabar is also developing a USD 10 billion tourism, office and housing complex north of Tunis.