Jordan approves $5 bn deal with UAE group

April 12th, 2008 - 9:04 pm ICT by admin  

Amman, April 12 (DPA) Jordan’s government Saturday endorsed an agreement with the United Arab Emirates (UAE) real estate conglomerate, Al Maabar, to modernise the Red Sea port of Aqaba and surrounding area at an estimated cost of $5 billion, an official statement said. The project involves shifting the present port facilities to other sides on the Red Sea shore and the construction of a multi-use housing and tourism complex over an area of 3.2 million square metres.

The venture, to be completed in eight years, is set to generate 15,000 jobs.

The Abu Dhabi-based Al Maabar group was set up recently by a coalition of four UAE investment firms - Sorouh Real Estate, Aldar Properties, Al Qudra Real Estate and Reem Investments - to expand into overseas markets.

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