Darat Jordan Holdings (Public Shareholding Co.) and Tamleek (Private Shareholding Co.) signed an agreement to establish a Public Shareholding Co. with a capital of JD15 million. The signing ceremony took place on Tuesday 18.11.2008 at Tamleek headquarters in Amman. It was signed by Dr. Khaled Al Wazani, CEO of Darat, and Mr. Muayad Al Dabbas, Chairman and CEO of Tamleek Real–Estate Investment and Development.
According to the agreement, the JD15 million company will develop real estate projects mainly for rent. It will start its first projects by developing an office commercial building next to Kilo Circle (intersection of Mecca Street and Madinah Al Monawarah Street) northern Amman. This project will occupy a 3000sqm plot of land and will offer corporate space for rent.
According to Al Wazani, this agreement is inline with Darat’s strategy in diversifying its investments and establishing strategic partnerships with companies like Tamleek, who share the same vision. He pointed out that he is very optimistic about this partnership, which already attracted the interest of many potential investors and shareholders. He added that Darat Consultancy (a subsidiary of Darat Jordan Holdings) will handle the financial and management consultancy services for the new company during the inception phase. Al Wazani emphasized the importance of the first project since it offers a commercial office building in a prime location in Amman, maximizing the use of the land with a creative contemporary vertical design.
Vice President of the Board of Directors of Tamleek Real Estate, Mr. Muayad Dabbas expressed his optimism regarding this partnership, considering it to be a stepping stone towards a constructive change in the Real Estate Investment sector in Jordan through adding new products to the local market with beneficial returns on investment and cash flow; Mr. Muayad Dabbas explains: "This partnership aspires to develop real estate products as a rental portfolio, which in turn, will achieve viable investment returns in addition to continuous and predictable cash flow. These kinds of investments are considered to be an ideal, flexible and less risky especially with the current economic condition that has and continues to affect the global market. This is one of the ways to adapt to such circumstances."
Darat Jordan Holdings was established in the beginning of 2008 with a capital of JD15 million. Its business plan focuses on investing in different economic sectors: financial, industrial, commercial, agricultural, services as well as real estate and tourism sectors, through establishing several companies and entities (subsidiaries) owned partially or totally by Darat.
Tamleek Real Estate was first established in 2005, and currently has a capital investment worth of JD 25 million. Its aim is to respond to the demands of the real estate markets of Jordan. The services provided by this firm are unprecedented in nature, for they begin with the constructing of an in depth study of the current real estate markets in the country, the substances used in building, development prospects and lots more, Tamleek’s real estate projects include complexes, office buildings, real estate showrooms, dormitories, apartment buildings, and other architectural endeavours. Through its strong management, Tamleek Real Estate hopes to enhance the real estate market in Jordan and to generate revenues that in turn will push the real estate sector forward.
