Jordan times
Thursday, January 14, 1999
Saudi Binladen International Group awarded Four Seasons Hotel construction project
AMMAN (J.T.) — A CONTRACT was signed this week at the head office of the Arab Jordan Investment Bank in Amman for the construction and maintenance of the Four Seasons Hotel. Signing the JD25.3 million contract were Abdul Qader Al Qadi, chairman of the Mediterranean Tourism Investment Company (MeTICo) which owns the hotel and Omar Binladen, the general manager of the Binladen International Group which will construct the hotel in cooperation with Jordanian contractors.
The Binladen Group of Saudi Arabia was one of six international contracting companies which has submitted bids for the Four Seasons Hotel project which, under the terms of the contract will be constructed in 24 months.
MeTICo chairman Al Qadi said the Four Seasons Hotel will be constructed in an excellent location on the Fifth Circle in Jabal Amman on an area of 14,000 square metres. The hotel will consist of 200 rooms and suites built and furnished in accordance with the high standards of Four Seasons International specifications - Five stars plus. In addition, the hotel will have three restaurants, conference rooms, large ballroom for banqueting and weddings, shopping arcade and a service centre for businessmen.
The hotel will be managed and operated by the renowned Four Seasons-Regent Hotels and Resorts which manages 48 hotels in 30 countries worldwide. Plans are under way to construct several Four Seasons Hotels in Arab countries. The Four Seasons Hotel constructed in Amman will be the first in this chain.
Al Qadi added that MeTICo is a public shareholding company with the main shareholders being Arab Jordan Investment Bank, Arab Jordan Investment Company, Kingdom Establishment which is a holding company owned by the well-known international investor Prince Al Waleed Ben Talal, Four Seasons Company in addition to prominent individual Arab investors.
Al Qadi pointed out the fact that Arab and foreign investors were willing to invest in this important project in Jordan is an indication that Jordan has a good investment environment which will be very encouraging for the attraction of more foreign investment for other projects in Jordan. Such projects will be positive for the Jordanian economy and will reduce unemployment in addition to other direct and indirect benefits, he stressed.
Arab Jordan Investment Bank (AJIB), being an investment bank, has acted as a financial advisor for MeTICo. AJIB established MeTICo and sourced investors to subscribe to its capital of JD15 million. The bank was able to attract investors from outside Jordan with the share of non-Jordanians in the company being 50 per cent of its capital.