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Friday, February 27, 2009

Abu Dhabi builder plans US$10b project in Jordan

ABU DHABI: Abu Dhabi property developer Al Maabar International Investments said yesterday that it plans to build a US$10 billion (US$1 = RM3.67) development in Jordan to help create jobs and develop the local economy.

The joint venture, which includes Aldar Properties and Sorouh Real Estate, said the waterfront real estate and tourism development, one of the biggest private sector investments in United Arab Emirates (UAE), would be in Aqaba on the Red Sea coast.

The group, which last April announced it would build a US$5 billion project in Jordan, said it would begin construction on the residential, tourism and commercial project in the first half of 2010 and aimed to create 15,000 jobs.

Al Maabar said it signed the deal with Jordan to acquire 3.2 million sq m of land in Aqaba for US$500 million for the development.
During the six-year boom in oil prices that ended in mid-2008, the capital of the UAE amassed hundreds of billions of dollars in surplus revenues from oil exports.

Abu Dhabi, facing a slowdown as oil prices slump, his week launched a US$500 million takeover bid for Canada's Nova Chemicals.

Aldar and Sorouh each own a 30-per cent stake in Al Maabar. Reem Investments, Reem International, Al Qudra Holdings and investment firm Mubadala Development Co hold the remaining stakes.

By Reuters

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