IEAI and Taameer Jordan sign MoU for Al Mushatta project

The signing was held at Le Meridian Hotel in Amman, and was attended by his Excellency Dr. Fayez Tarawneh, Chairman of IEAI, and Eng. Khaled Dahleh, Chairman of Taameer, and accompanied by board members from IEAI and Taameer.

The agreement states that Taameer will establish, develop and invest in an integrated service industrial city on 4,500,000 square meters plot of land. Taameer will also be responsible for the development and implementation of the infrastructure to include roads, electricity, water supplies, liquid household waste, and water drainage systems, in addition to the management of the buildings and residential and industrial units within Al Mushatta industrial city owned by IEAI.

Both parties will work on attaining Free Zone privileges for Al-Mushatta.

"This phenomenal growth of the real estate sector, mainly prospering in the past couple of years in the Kingdom, has reflected positively on the industrial sector to rapidly achieve simultaneous growth in parallel to this boom. Industries plan to raise their productive capacity and work overtime to meet the demands of construction and development, such as cement, steel, furniture, and finishing materials", said Mr. Mohamed Turk, CEO of IEAI. He also added, "This agreement is considered to be a foundation stone for a positive-forward drive in developing Al Mushatta and is considered an ideal model for attracting foreign investments".

On the other hand, Dr. Khalid Wazani, G.M of Taameer said, "We will be constructing specialized factories in Al Mushatta Industrial Zone, to produce raw material and finishing material, used in building and construction, to supply both our projects and local markets alike; Therefore qualifying us to guarantee quality material used, and also assuring cost effectiveness". He further mentioned, "This agreement has to personify our vision in development while giving the opportunity to all economic sectors to be a part of this prosperity and growth cycle".

It is noteworthy that Al Mushatta Industrial Zone is located on the airport road, 35 km away from Amman, fully laid out with state-of-the-art infrastructure in compliance with the International Industrial Zone Standards. It also includes a full range of services including bank branches, training and convention centers. This project is located within the qualified industrial zone area, which aims to attract local and regional investors, and help develop the Jordanian Industrial sectors.

TAAMEER aims to provide suitable residential complexes for all classes of the Jordanian community, in addition to achieving high returns for shareholders. With a vision to improve the quality of life for Jordanians through providing job opportunities via the projects, Taameer will deliver comfortable living standards and create ideal residential units. Further, it will accomplish an integrated development operation, including industrial investments for raw material, leading to reduced final costs of real estate.