Jordan’s Abdali Investment and Development and the UAE’s Tabreed Holding have formed a 50/50 partnership to set up a new private share holding company in Jordan called Jordan District Energy.

The agreement was signed by Jamal Itani, CEO of Abdali Investment and Development and Dany Safi, CEO of Tabreed.

Sheikh Baha’a Rafic Hariri has been named the chairman and Tabreed’s CEO, Dany Safi, the Vice-chairman of the new company, which will invest JD 80 million ($113 million) to develop district cooling and heating systems for the Abdali project, a new development in Amman.

Comprising an area of 350,000 sq m of prime land, the Abdali development area is the largest contiguous, single-owned, vacant plot in the centre of Amman. A new downtown will be developed by Abdali as well as local and regional investors with a commitment to creating this unique and sophisticated mixture of public and private usages.

The new company, head-quartered in Amman, is the first to introduce district cooling and heating services both in Jordan and the Levant.

Highlighting the importance of the partnership, Itani said: “In our constant pursuit to be in par with up-to-date developments in cutting edge technology in Abdali, we are introducing a whole new concept of urban development and environmentally friendly technology which will serve not only end users, but also greatly save development costs for our investors. By incorporating the world’s latest in technology trends, we are able to meet international standards giving us, here in Jordan, a competitive edge.”

Further adding: “As one of the world’s leading companies in this sector, Tabreed has unmatched technical expertise and provides excellent after sales support to its clients. These were the deciding factors in finalising the partnership.”

Tabreed Holding has more than 22 projects in the UAE as well as operations in Saudi Arabia, Oman, Qatar and Bahrain and JDE gives it access to the growing Levant market.

“This partnership ensures Tabreed will have access to the multi-billion dollar Levant property market and one of Jordan’s most prestigious real estate developments,” said Dany Safi. “Our aim is to be a global leader and the booming regional markets, which are the nearest, geographically, are naturally our prime targets.”

Source: TradeArabia News Service