Jordan Times
Thursday, November 18, 2004
Officials, business leaders to
highlight Jordan's property market at Cityscape
AMMAN, November 18 (JT) - A high-level delegation of Jordanian government
officials and business leaders are scheduled to attend Cityscape, the Middle
East's premier property investment and development conference, to highlight the
booming real estate market in Jordan, which is expected to grow by up to 20 per
cent a year.
Led by Planning and International Cooperation Minister Bassem Awadallah, the
delegation will hold a special briefing for conference visitors on urban
regeneration, tourism and government investment projects in Jordan.
Currently, the sector is experiencing rapid growth. In 2003, the market rose by
15 per cent compared to the previous year, because of the Kingdom's continued
economic growth coupled with the decision by expatriate workers to build homes
in the country as well as a move by Iraqis to buy homes in Amman ahead of the
war.
“As we undergo profound socio-economic development in Jordan, we are witnessing
a true boom in the construction sector. In the first half of this year,
construction activity alone grew by 17 per cent,” indicated Awadallah. “With
major commercial and residential development projects under way, reflective of
the growing needs of society, we come to Cityscape with the hope of forging
partnerships with friends, both old and new.”
Major investment projects currently under way in Jordan include the Zarqa New
Garden City Development, 25 kilometers northeast of Amman. The 2,500-hectare
site will include residential properties, restaurants, cafes, shopping arcades,
cinemas and other entertainment facilities.
Akram Abu Hamdan, director general of the National Resources Investment and
Development Corporation (Mawared), behind the Zarqa initiative said: “Cityscape
has become an international forum offering a unique opportunity to meet with
world-class architects, designers and leading property investment and
development experts from all over the world.”
“We hope to meet with regional and international property investors and
developers, and attract them to the exciting real estate opportunities that
exist in Jordan, which is one of the safest and most buoyant property markets in
the region,” he added.
Demand for residential properties currently ranges from between 20,000 and
25,000 per year, and this figure is expected to increase dramatically because of
the large population of young people.
Currently, over 37 per cent of the population is under the age of 15, while the
economically active population of 15 to 64-year-old makes up over 58 per cent.
The Abdali Urban Regeneration Project is the largest contiguous vacant plot in
the centre of Amman. The 30-hectare site will house the American University of
Jordan, catering for 6,000 graduate students, as well as high-rise tower blocks,
luxury apartment buildings, retail outlets, cinemas and other entertainment
facilities, medical centre and a hotel.
“We hope to introduce the project to a wide professional audience, and seek
potential investors, developers and world-renowned architects for our project,”
said Joseph Helou, managing director of Abdali Investment and Development PSC,
the company behind the project.
Another proposed development is the Aqaba Lagoon Tourism Site, consisting of a
series of man-made lagoons, hotels and residential communities on the shoreline
of the Gulf of Aqaba.
Other Jordanian delegates to the Cityscape 2004, taking place at the Dubai
International Exhibition Centre from Nov. 29, to Dec. 1, include Khalid Wazani,
director General of Social Security Corporation; Imad Fakhouri, chairman
designate of Aqaba Development Corporation; Fawaz Shalan, chief executive
officer of Medicare; Nasser Khalidi, general manager of Jordan Projects for
Tourism Development.
“The real estate and construction sector in Jordan is currently undergoing rapid
development, and the presence of such a senior delegation underlines the
commitment there is in Jordan to attract both regional and international
investment,” said Shabnam Rawal, conference director, IIR organizers of
Cityscape 2004.
Over 70 speakers will attend the Cityscape 2004 Conference — the region's
premier property investment and development event. Running alongside this
world-class conference is the Cityscape 2004 exhibition, which this year will
attract over 5,000 leading international figures from the real estate industry.