Dubai-based Emaar Properties has announced that the development value of its master-planned residential community along the Dead Sea coast is JOD 354 million (US$500 million). Emaar Jordan, the wholly-owned subsidiary of Emaar Properties, is finalizing the master plan for the project, which will encompass luxury residences, commercial establishments and leisure and entertainment facilities.
Emaar Jordan has already joined hands with a number of regional and Jordanian investors to form The Dead Sea Company, which will undertake the project in line with the growth plans outlined for the country by the King Abdullah II Fund for Development.
“With a development value of US$500 million, the Dead Sea project by Emaar is one of the largest undertakings in Jordan’s property sector recently,” said Mr Issam Galadari, Managing Director, Emaar International – Middle East and North Africa. “We are confident of Jordan’s prospects as an emerging market in the Middle East and North Africa region, and with the current project, we are extending our proven strength of developing master-planned residences.”
Emaar Properties is the pioneer of developing gated communities in the UAE and has to date handed over more than 14,500 homes in Dubai. “By integrating commercial and leisure elements in a residential community, we are contributing to the growth of the local economy by creating a self-sustained neighbourhood and offering job opportunities for the local residents,” added Mr Galadari.
Emaar Jordan’s Dead Sea project aims to boost tourism growth – one of the key drivers of the national economy. “The government has undertaken concerted measures to boost tourism and information technology in the country,” said Mr Galadari. “Special economic zones are being developed to encourage foreign direct investment. These are encouraging signals for Emaar Properties, currently expanding internationally with a special focus on emerging markets.”
The Dead Sea project by Emaar Jordan will also have retail facilities and a full-fledged golf course and clubhouse. “It is important that residential developments add value to the lifestyle of its residents,” said Mr Steve McCartt, General Manager, Emaar Jordan. “Emaar has proven expertise in offering a community-centric lifestyle in Dubai through various leisure and retail components that are integrated into its residential projects. The Jordan project derives inspiration, idea and management expertise from the company’s Dubai experience.”
Mr McCartt said the project will appeal to a large number of Jordanians, who are already living and working in Dubai. “They are familiar with the Emaar brand name and they appreciate the quality of build and level of excellence that characterise the developer’s projects in Dubai. By developing a residential project in Jordan, Emaar is offering Jordanians living in Dubai too, an opportunity to invest in their home country.”
Emaar Properties has already worked closely with Jordan having sponsored the World Economic Forum in Jordan last year.
Emaar’s Jordan developments are in line with the global property developer’s Vision 2010 of becoming one of the most valuable companies in the world. Emaar strengthened its international presence recently with the acquisition of John Laing Homes, the second largest privately held homebuilder in the US; and Hamptons International, a premier UK realtor. The company has unveiled prestigious projects in Saudi Arabia, Morocco, Egypt, Tunisia, Turkey, Syria, Pakistan, Libya and India.
