MEDIA CENTER - NEWS


23-01-2006

Abdali PSC Signs Five Agreements with Jordanian and Arab Investors

(Amman, January 23, 2006) Abdali Investment & Development Company signed last week an agreement with a Jordanian consortium of companies that includes investors from Jordan and the Gulf countries, in order to develop part of the Abdali project's locations. The agreement was signed by Eng. Jamal Itani, General Manager of Abdali PSC and by Mr. Abdullah Yabrudi, General Manager of the Jordanian Company, as well as General Manager of Dubai Contracting Company, which will undertake the implementation of assigned locations.

The signing of the agreement took place in the Abdali Investment & Development PSC offices, and was attended by Sheikh Baha'a Hariri, Chairman of Abdali Investment & Development Company. The agreement highlights the investing companies' role in developing 5 buildings with a total built up area of 54,000 square meters, excluding car parking and the service floors. The buildings to be developed include a residential 125m-high-tower, and four 7 to 9 story buildings, two of which will be allocated for business offices, and the remaining two will be for residential buildings.

The ground floor of all developed buildings in the Abdali project can be used for commercial purposes. Sheikh Baha'a Hariri, Chairman of Abdali Investment & Development Company stated: "This is the first step towards concluding all contracts with investors in the project. And we are pleased to welcome the investing companies as our partners in the urban regeneration of Abdali. Those agreements reflect positively on Abdali's development and its distinguished role in introducing an urban downtown that will become one of Amman's major landmarks. In addition to our overall mission to continuously seek ways to enhance and support the Jordanian economy through attracting local and foreign investments".

The investor agreements come as part of Abdali Investment & Development Company's aim towards creating investment opportunities via the Abdali project, by providing community centric, state-of-the-art residential buildings, offices and commercial outlets throughout the project. Mr. Abdullah Yabrudi, General Manager of Dubai Contracting Company "We are proud of being part of this distinguished project, and envision a great opportunity in achieving big investment revenues through our commitment as investors in the Abdali project".

Further adding "We will implement the chosen and agreed buildings and facilities in accordance with the international quality criteria included in the signed contracts, ensuring full compliance with the master plans of the Abdali project to ensure its spirit of creativity and uniqueness is not compromised'. Covering more than 35 hectares, Abdali is the largest contiguous, single-owned, vacant plot in the center of Amman.

 

The total built up area of the Abdali site is more than 1 million square meter with a size of investment exceeding 1 billion dollars. The new downtown will incorporate the development of seven Sectors: civic pole, Towers Area, university campus, pedestrian spine, central marketplace, Nabulsi St., as well as the transient housing district comprising a Medical, Residential, and Legal Districts.

The project will also incorporate an educational landmark to the fabric of the city, the American University of Jordan graduate campus. About Abdali Investment and Development PSC Abdali Investment and Development PSC is a land-development private shareholding company established in Jordan though the successful public-private partnership between the National Resources Investment and Development Corporation (MAWARED), a government owned investment corporation and Oger Jordan, a Jordanian a subsidiary of Saudi Oger Ltd., an international construction conglomerate specialised in investment and development of large scale real estate and construction projects.

Abdali PSC aims to participate actively in enhancing the Jordanian economy through developing customer centric properties to provide modern Residential, Office and Retail units that will provide sustainable value to investors. Abdali PSC's current project is the urban regeneration of the Abdali area in Amman. The development area comprises 350,000m2 of prime land, and will be developed by Abdali PSC as well as many regional investors, with a commitment to create a unique and sophisticated mixture of public and private usages within the project, thus transforming the area into an upscale state-of-the-art development becoming the new heart of Jordan.