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Jordan is diversifying from its traditional dependence on
natural resources. Tourism and information technology are
key growth drivers and special economic zones have given a
boost to foreign direct investment.
Emaar expands into Jordan with luxury
Global real estate major Emaar
Properties has expanded into Jordan with a master-planned project
that will boost tourism growth, encourage foreign direct investment
and generate employment opportunities for the local population.
The property developer, now on
an international growth drive, will open its Jordan office
in Amman at the end of this year.
In line with the growth plans for Jordan as outlined by the
King Abdullah II Fund for Development, Emaar Jordan, along
with a group of regional and Jordanian investors, have
formed The Dead Sea Company that will initially develop a
luxury master-planned mixed-use project at the Dead Sea.
'As a powerful development tool that works towards the
overall prosperity of Jordanians, the King Abdullah II Fund
for Development (KAFD) is encouraging innovative investments
on a wide range of projects,' said Mr Mohamed Ali Alabbar,
Chairman, Emaar Properties. 'Emaar is guided by the
objectives of KAFD and will have at the heart of its
business philosophy for Jordan, the interests and welfare of
'One of the first truly master-planned communities in
Jordan, Emaar's first project replicates the hugely
successful developments that the company has accomplished in
Dubai, United Arab Emirates,' added Mr Alabbar. 'By
integrating residential, retail and leisure components, the
project will not only stimulate the property market but also
enhance tourist inflow and create more employment
opportunities for Jordanians.'
'Emaar's Jordan initiatives complement the company's Vision
2010 of becoming one of the world's most valuable companies
through focused expansion,' said Mr Issam Galadari, Managing
Director, Emaar International - Middle East and North
Africa. 'Jordan is a key emerging market in the Middle East
and North Africa region - one of the thrust areas for
Emaar's growth. Riding a new wave of economic resurgence,
Jordan offers immense potential for enterprises that
synergize with local growth plans. Emaar's endeavors are
focused on complementing the country's economic
The master-planned project in Jordan seeks to create a
world-class residential, golf and retail environment that
will appeal to the growing number of upwardly mobile
population - both in Jordan and those who are based abroad.
'Emaar already enjoys considerable brand equity among the
Jordanians in the UAE,' said Mr Steve McCartt, General
Manager, Emaar Jordan. 'By branching out into Jordan, Emaar
is offering them too an opportunity to invest in their home
country in projects of international standards.'
Emaar's philosophy of creating self-sustaining living
environments has built vibrant localities that bring in
ancillary enterprises and generate several job
opportunities. 'Emaar's projects encompass a host of retail,
leisure and business amenities, which requires the active
involvement of the local population,' said Mr McCartt. 'In
Jordan, these projects will also boost tourism - a mainstay
of the country's economy. Our goal is to increase the
average stay at The Dead Sea by developing a project that
creates a leisure destination.'
'Emaar has been closely involved with the business community
in Jordan already,' added Mr McCartt. 'Emaar was a sponsor
of the World Economic Forum held in Jordan last year, which
brought together several heads of states and CEOs of global
corporations. This has already generated huge brand equity
for Emaar in Jordan.'
Emaar strengthened its international
presence recently with the acquisition of John Laing Homes, the
second largest privately held homebuilder in the US; and Hamptons
International, a premier UK realtor. The company has unveiled
prestigious projects in Saudi Arabia, Morocco, Egypt, Tunisia,
Turkey, Syria, Pakistan and India.