$5B project woos investors to Amman

$5B project woos investors to Amman May 28, 2014 12:30 AM

BEIRUT: Next month, Amman will witness the grand opening of The Boulevard, a $423 million project located at the heart of Abdali, the citys new downtown district.

The Abdali project, itself estimated to be worth over $5 billion, will be inaugurated on June 11 by Jordanian King Abdullah II and is the largest mixed-use development project ever constructed in the heart of the Jordanian capital. It will cover 384,000 square meters of land and comprise a total area of over 1.8 million square meters.

Abdali constitutes a promising investment environment that will attract many regional and international businesses that consider the kingdom as a suitable place for their investments, combined with a contemporary lifestyle, in one prestigious address, George Amireh, CEO of the Abdali Investment and Development PSC, which is developing the project, said during a press tour earlier this month.

Amirehs company is a joint venture between the government-owned real estate developer National Resources and Development Corporation and Horizon International for Development Ltd. Co., a construction conglomerate owned by Lebanese businessman Bahaa Hariri. The joint venture is also in partnership with the United Real Estate Company, which is part of the Kuwait Projects Company.

The Boulevard, a 370-meter-long and 21-meter-wide outdoor pedestrian spine bordered by 12 buildings, consists of retails outlets, luxurious serviced apartments, scenic rooftops and office spaces over a total land area of 26,539 square meters and a built-up area of 226,000 square meters.

The Boulevard is a clear example of the urban development witnessed in Jordan. It is a distinctive destination for business, high-end residences, tourism, commerce and entertainment. ... The Boulevard will strengthen the position of Amman and will put the city on equal footing with other global centers, said Taher al-Jaghbir, CEO of Abdali Boulevard Company.

The overall Abdali project is divided into two phases. Phase I is a planned pedestrian-oriented mixed-use community consisting of residential apartments, office spaces, retail outlets and hotels over a built-up area of 1,000,000 square meters.

It comprises buildings that are an average 30 meters high, in addition to retail space of 22,000 square meters, leasable rooftop areas and terraces of 18,000 square meters, 120 retail outlets, 400 luxurious serviced apartments, 30,000 square meters of offices and 1,700 underground parking spaces.

Phase II will feature a central dynamic park across 30,000 square meters of land, serving as a focal theme for mainly residential development as well as office, hotel and retail developments over 800,000 square meters.

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$5B project woos investors to Amman