Abu Dhabi-based Al-Maabar International Investments will start construction work on its $10bn Marsa Zayed development in Aqaba, Jordan, in the third quarter of this year.
The first phase of the project will include infrastructure works on 300,000 square metres of land and the development of a 35-storey mixed-use tower, town houses and a mosque, the firm says.
Construction work on the first phase of the project is due to be completed by the middle of 2014.
The Marsa Zayed development will be implemented in several phases once transfer of land ownership is complete. The overall development has been designed as a mixed-use waterfront project, which will include two kilometres of waterfront, residential towers, business facilities, hotels, mosque, and recreational facilities.
Two million sq m of the overall 3.2 million sq m plot have been handed over to Al-Maabar. The remaining 1.2 million sq m area, which is still occupied by Aqaba port, is expected to be received by Al-Maabar for development in 2013.
Construction work on another one of Al-Maabar’s projects in Jordan, the Abdoun development in Amman, is set to begin in the middle of this year, according to Yousif al-Nowais, managing director, Al-Maabar International Investments.
The Abdoun development will include a five-star hotel with 253 rooms and retail units covering an area of 49,767 sq m. The scheme will also contain 89 residential flats, and will be occupy an area of 36,569 sq m. The project is due for completion in 2013, says Al-Nowais.
Al-Maabar was established in 2007 as a joint venture between six Abu Dhabi-based real estate companies: Mubadala, Aldar Properties, Sorouh Real Estate, Reem Investments, Reem International and Al-Qudra Holdings (MEED 25:9:08).