Edraj News & Events

 

In Jordan, a Blend of Cultures

 
   
 

 

AMMAN, Jordan

With Iraq to the east, Syria to the north, Israel to the west and Saudi Arabia to the south, Jordan is in the eye of the Middle Eastern storm. Despite its proximity to conflict, Amman, the capital, is a very peaceful place where people come to do business, leaving their disputes at the border.

“It’s a very livable city,” said Robert Pingeon, a New Yorker who moved to Amman in 2006 with his wife, Emily Lodge. Both work for an energy consultancy that has projects in Iraq and throughout the Middle East.

“The climate is wonderful,” Mr. Pingeon said. “It’s one of the highest cities in the Middle East, making it cooler during summer. It’s also a great place to get to other places — Beirut, Damascus, Jerusalem, Tel Aviv — they’re all only a short distance away.”

Ms. Lodge, who is originally from Boston, agreed. “The beauty of the desert and the archaeological sites around here is exceptional,” she said. “There’s also a great generosity and openness about the people.” The city is close to archaeological destinations like the “rose-red city” of Petra and the well-preserved Roman compound of Jerash.

The couple own a 310-square-meter (3,337-square-foot) apartment, which also has a 60-square-meter (645-square-foot) penthouse one floor up. Its 100-square-meter (1,076-square-foot) terrace has a panoramic view of the city from three sides of the building. “It’s like the Fourth of July up here most nights,” Mr. Pingeon said, “as you can see fireworks going off all over Amman for weddings and celebrations.”

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Bloom plans $10b property portfolio
May 13, 2008, (Reuters)

DEVELOPERS EYES OMAN, JORDAN AND ASIA

Abu Dhabi: Bloom Properties plans to execute mixed-use projects cumulatively costing $10 billion in the UAE, Romania and Algeria over the next three to five years, its chief executive officer said on Monday.

"The project finance will come through part equity, part debt and part advance sales," Hani Shammah, said at a news conference here.

At the conference, it was announced that Emirates International Properties, the joint real estate development arm of Emirates International Investment Company and National Holding had officially been re-branded as Bloom Properties.

"The new brand reflects our aspirations to become a leading developer in new growth markets ranging from Morocco to Vietnam and from Kazakhstan to South Africa," said Sham-mah.

"We specialise in locating new, fast-growing markets which offer our partners the best potential for returns," he added.

Shammah said Bloom at the moment was eyeing opportunities for developing properties in Oman and Jordan.

"We are also exploring serious opportunities in India and Vietnam," said Shammah, adding that the overall cost of their projects could "dramatically increase" should they choose to pursue other overseas projects.

Execution

Shammah said in Algeria, the cost of project execution could be as high as $5 billion spread over a period of five years, with construction slated to begin towards the end of this year.

Bloom will be launching the sale of "Bloom Gardens" in June this year, a luxury residential community with over 600 apartments and villas located in the heart of Abu Dhabi, besides a hospitality project in Al Ain, he said.

"As a company, we plan to have operations in five countries within the coming year," Shammah added.

 

Limitless names architects for Amman project
Monday, May 12, 2008 (Reuters)


Limitless, a Dubai World company, has named Murphy/Jahn Architects as the lead designer for its $300 million (Dh1.1 billion) residential twin towers – Limitless Towers.

The towers, set to become the tallest buildings in Jordan, will rise more than 200 metres and marking the beginning of the capital's urban development plan, led by the Greater Amman Municipality.

The project – the first of several planned by Limitless in Jordan – is due to break ground in August this year.

"Limitless Towers will set new standards in design with Murphy/Jahn's proven track record in iconic and high-rise buildings. We can turn the project from a concept to a reality," said Bahaa Abouhatab, Country Manager for Limitless in Jordan.

 
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"The twin towers will also be Jordan's first 'green' buildings, using water recycling and energy-saving systems to ensure they meet world environmental standards," Abouhatab said.

The buildings, to be constructed in Amman, will be up to 60 storeys high, with more than 550 luxury apartments, which will go on sale from late summer.

A glass-bottomed pool will link the two towers at the 40th floor, providing a birds' eye view of the city.

At ground level, a 1,000 square metre indoor plaza will house retail, entertainment and leisure facilities. There will also be 5,600sqm of communal, outdoor space – a hallmark of all Limitless developments.

 

Maabar in deal for $5bn Jordan project
ABU DHABI, April 12 (Reuters)

ABU DHABI — Al Maabar, a holding of the five Abu Dhabi-based property developers, has won a contract to develop Al Qaba City in Jordan.

The mega project spreads over 3.2 million square metres and will have an investment of over Dh5 billion.

'The contract would allow the company to gain rights for acquisition and development of the main site of the current Aqaba port and its surroundings,' said Yusouf Al Nuwais, Managing Director of Al Mabaar.

'We expect investment in the project to reach Dh5 billion,' Al Nuwais said.

'We are planning to design a fully-integrated organisational plan to transfer the port into Al Qaba into a tourism and leisure hub at par with international standards. The design features leisure, residential and commercial complexes and a financial district to attract local, regional and international financial companies,' he said.

Al Maabar has an equity interest from five leading property developers including Aldar Properties, Sorouh Real Estate, Al Reem Investments, Al Reem International and Al Qudra Real Estate.

Al Nowais further said a mixed use corniche facility will also be developed. He said project will be executed in phases.

'First phase of 2.1 million square metres will be ready by 2011 and the whole development will be completed by 2015. The 1.1 million square metres will take four years to complete,' he explained.

'We will completely rehabilitate the port to become a world class leisure gateway for Jordan and serves policies of the Jordanian government in promoting and boosting tourism in the Aqaba economic zone and the country at large,' he maintained.