Kuwait Projects Company (Kipco)on 12 November signed a memorandum of understanding (MoU) with the local Abdali Investment & Development Company (ADIC) to invest $400 million in the planned regeneration of the Al-Abdali district in Amman.

‘The investment is aimed at the pedestrian spine and the shopping mall section at the centre of the project,’ says a project source. Other investors planning to become involved in the Al-Abdali scheme include the local Kawar Group.

Masar United Contracting Companyis close to completing site preparation ahead of the scheduled March 2006 target. The project covers a total built-up area of 300,000 square metres and will be divided into different sectors.

There will be an IT sector with three high-rise towers and a financial sector, to be called Nebulsi, located near the city’s Shmeisani district. At the centre will be a marketplace and a shopping mall with a 1.2-kilometre promenade linking the IT area to the marketplace. To the north, the American University of Jordan and a medical district will be built. In the east of the development, known as Civic Pole, the King Hussain Memorial Library will be built bordering the existing landmarks of the King Abdullah I mosque, the parliament building and the Palace of Justice. The project is due to be completed in 2010.

Dubai-based Emaar Properties has signed an MoU to form a joint venture with ADIC for the development of some of the residential lots. ADIC is a public-private partnership between state-owned National Resources Investment & Development Corporation (Mawared)and Saudi Oger. Lebanon’s Laceco Internationaland a company identified as Millennium Developmentcarried out the masterplan (MEED 4:2:05).