Tameer formed to target real estate market

24 February 2006

The local Tameer, formerly known as Andalucia Resorts & Real Estate Development, announced on 19 February the planned launch of a JD 53 million ($75 million) public placement in Amman. The placement will start on 28 February and end on 13 March at the Amman Stock Exchange. Tameer is offering 53 million shares at JD 1 ($1.42) in the company. Jordan Kuwait Bank is the lead manager. The transaction will raise Tameer's capital to JD 212 million ($301 million), of which 75 per cent is already held by principal investors including the local United Arab Investors, which has a 36 per cent stake, a company identified as Al-Qabas for Financial Investment, which has 20 per cent, and the Social Security Corporation, with 5.4 per cent. The remaining 13.6 per cent is held by private investors.

The company is seeking to respond to the country's chronic lack of housing and increasing population. 'Jordanians are in need of at least 37,000 housing units for people of various income levels and this need is set to increase,' says a company representative. Tameer is developing the Andalucia Village project, 20 kilometres from the seventh circle in Amman. The overall development covers a total area of 80,000 square metres and involves construction of 600 two-storey villas to house 4,000 people, a recreation area with a post office, malls, banks, a nursery school, a medical clinic, a souk, health clubs, swimming pools, restaurants and related facilities. The entire project is due to be completed by 2008 (MEED 20:1:06). The establishment of the local Tameer follows the recent signing in early February of an agreement between Sharjah-based Tameer Holding and the local Housing & Urban Development Corporation (HUDC) to develop an estimated $300 million residential city between Zarqa and Mafraq (MEED 17:2:06).

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