Bayan reports excellent progress with the Jordan Gate project in Amman

The landmark twin tower development is owned by Bayan Holding Company of Kuwait. The group of journalists was invited to see the work at first hand by the Chairman of Bayan Holding Company, Mr Esam Janahi who is also the Chairman of Gulf Finance House, Bahrain.

The journalists were escorted by Dr Haider Majali, a Board Director of the Jordan Gate Company. Mr John Ayres, the Project Manager for Jordan Gate Company, briefed the journalists on both the status of the project and the challenges faced by the team.

The North Tower, offering state of the art offices, has already reached 36 floors and will soon reach its full 42 floors. The South Tower, which will house a five star hotel, has reached 26 floors and is also well on its way to reaching its full height of 42 floors. Completion of the project is expected towards the end of next year.

Asked to comment on what impact the Jordan Gate project is expected to have on Amman and Jordan, Mr Esam Janahi, Chairman of Bayan Holding Company and Gulf Finance House, replied: "Gulf Finance House is a developer of economic infrastructure and our work is designed to accelerate both local and national economic development. In Jordan's case we believe that our Jordan Gate project and Royal Village project at Marj Al Hamam on the outskirts of Amman have created substantially more interest in the Jordanian market amongst Gulf investors. Indeed, we have worked hard with Kuwait Finance and Investment Company (KFIC), co-promoters of Bayan, to assemble a large group of over 600 Gulf investors, many of them from Kuwait. As our projects move towards completion we expect the impact to increase further with visitors seeing tangible evidence of progress and advancement in Jordan. Investment requires positive sentiment - we are helping to reinforce and enhance that positive sentiment. Of course, we have to thank the government and His Majesty King Abdullah II for creating the conditions needed to encourage and secure direct investment into the Hashemite Kingdom of Jordan."

Mr Peter Panayiotou, Chairman of the Jordan Gate Company and the Acting CEO of Gulf Finance House, commented: "It is very pleasing to see the progress achieved in the construction of the two Jordan Gate Towers. We all know that the project suffered some setbacks at the start. However, the remedial and swift action taken by the Board of Directors coupled with the keen support of the Mayor, Mr Omar Maani and his team at the Greater Municipality of Amman, has helped to move the project along very smoothly. A project of such size and importance to Amman will have an impact on both the roads as well as the infrastructure of the area in its vicinity. We are now working hard with the Municipality and the Ministry of Water and Irrigation to ensure that both the roads and the water and sewage pipelines are upgraded. This is a priority in ensuring the success of the project and I am very pleased with the excellent co-operation we are receiving from them. Of course, credit must also go to Al Hamad Construction Company, its managers, engineers and construction workers for the effort they have made to progress the construction to this point."

Commenting specifically on the project's impact on the capital city, Dr Majali added: "We expect that the Jordan Gate project will enhance the quality of Amman's business office infrastructure and help to create many new job opportunities for Jordanians to work both in the offices and in the hotel. An attractive business location will encourage foreign companies to come to Jordan and this will have an incremental effect on the economy. Our project can only enhance Jordan's business friendly reputation."

Mr Hamzah Behbehani, representing KFIC on the Board of Jordan Gate, commented: "We are very pleased with the way a combined team from Bahrain and Kuwait has co-operated to progress the Jordan Gate project to this point and we look forward to Bayan building its business and profile in Jordan even further."