UAE-based Bonyan International Investment Grouphas finalised an agreement with Greater Amman Municipality (GAM) to develop a $400 million project involving the construction of five high-rise towers in the capital.

Covering an area of 55,000 square metres, the towers will be built along the Queen Alia International Airport highway.

The development will involve one 58-storey tower, two 48-storey towers and two 35-storey towers. It will be a mixed-use residential and commercial development including a shopping mall. Bonyan has shortlisted at least four local companies for the contract to carry out shoring and piling works, which are expected to start in early 2006.

Four consortia including local and UAE companies have been shortlisted for the main construction contract. Work on the overall development is due to be completed by 2009. Project management will be carried out in-house by Bonyan Project Management. The architect is the UAE-based Artec Consultants.

Bonyan opened an office in Amman in July to target Jordan?s booming construction sector as part of its regional expansion plans.

Formerly named Dar International for Development, Bonyan is made up of several UAE, Omani and Qatari investors, including National Investments Company, Al-Ayaan Group of Companies, Feasibility Groupand KM Properties, a subsidiary of Al-Rostamani Enterprises.

The towers project follows the signing of a memorandum of understanding between Kuwait Projects Company (Kipco) and Abdali Investment & Development Company (ADIC)earlier in November to invest $400 million in the planned regeneration of the Al-Abdali district in Amman (MEED 18:11:05).