JEDDAH, 24 May 2005 — The $1 billion Royal Metropolis project in Jordan, which will transform the Amman skyline and provide the necessary office and housing accommodation to allow the Jordanian capital to become a major regional business center, has taken another step forward. Gulf Finance House, a leading investment bank in the region, has signed two key strategic partnership agreements for the first two elements of the project: Jordan Gate and Royal Village.
At a press conference held on the sidelines of the World Economic Forum at the Dead Sea, the bank announced that it has forged a strategic agreement with Kuwait’s leading financial and investment house, Kuwait Finance & Investment Company to fund Jordan Gate and Royal Village. GFH has also entered into a partnership deal with the Greater Amman Municipality for the development of Jordan Gate. Addressing the press conference, the mayor of Greater Amman, Nidhal Al-Hadeed, said the project was ready to start.
Jordan Gate is seen as key to attracting both regional and international companies to Jordan. It will be a futuristic development comprising two high-rise towers connected by a multi-story podium and will provide executive offices, conference facilities, a five-star hotel and an array of retail outlets. Covering an area of around 28,500 square meters but encompassing a wider built-up area of approximately 220,000 square meters, the project, built at a prime location at 6 Circle in Amman, will occupy the highest point in the city and upon completion will be visible from every part of the capital.
“While undoubtedly reinforcing the status of Amman as a center for business, we also believe that Jordan Gate will add to the charm of Amman and will become a unique landmark in the capital city,” said Mayor Al-Hadeed. “Such multipurpose projects will certainly drive the country’s economy forward, supporting the initiatives of King Abdallah and the government of Jordan to make the kingdom a destination for multinational companies keen to take part in regional growth opportunities. The project will also create employment opportunities for the Jordanian youth,” he added.
The second part of the project, the 470,000-square meter Royal Village development at Marj Al-Hammam on the main highway to the Dead Sea, will start once Jordan Gate is underway with work beginning on the main part of the development, to be known as “The Districts”. This is to be a top-class, gated residential community. The development will include a recreational centre, a retail mall, a hotel and some commercial space.
Emphasizing the benefits Royal Metropolis will bring to the Jordanian economy, GFH CEO Esam Janahi said: “Royal Metropolis will be in the vanguard of our efforts to attract investments into the Kingdom. The integrated project will be developed carefully to blend with the environment and will be a landmark that can be seen from anywhere in Amman.
Highlighting the strategic partnership with KFIC, Janahi, said: “KFIC’s partnership is a milestone in the development of Jordan Gate and Royal Village, and this cooperation indicates the enthusiasm for this project and for Jordan as a destination for foreign investment.”
GFH and KFIC plan to float an investment company to allow smaller investors the opportunity to participate in the development.
KFIC Vice Chairman and Managing Director Abdul Rahman Ali Al-Saeed sees the partnership with GFH as a major strategic step: “Both GFH and KFIC share a vision for regional growth and we are confident of the success of the project. GFH has great experience in major infrastructural projects in Bahrain and elsewhere in the region and we are convinced that the project will prove to be a winner.”
The project is a portent of projects to come, he says: “Our partnership with GFH in Jordan is only a beginning.”
GFH is the driving spirit behind a number of landmark projects that include the $1.3 billion Bahrain Financial Harbor, the $750 million Al Areen Development in Manama, the $3 billion Two Seas waterfront project and the $3.8 billion mixed use leisure and residential project, Legends in Dubailand, UAE.
KFIC is listed on the Kuwait Stock Exchange. Its investment strategy is set by a professional management team with a long and successful track-record of making investments in the GCC.
