Abdali PSC signs $300m development agreeement with Sinogulf Investments

The signing ceremony took place in the presence of Jamal Itani, CEO of Abdali Psc and Andrew Clout, Managing Director of SinoGulf Investments with representatives from Chescor Capital, an international investment banking group that specializes in the Middle East and Indian Subcontinent, acting as the exclusive advisors to the transaction.

The project's overall cost amounts to around $300m with plans to turn the site into a smart urban mixed-use destination with state-of-the-art residential, commercial and retail spaces, covering a total built up area of 121,210 m2. Situated right at the east end of the new Abdali downtown, the parcel stands next to the capital's landmarks: the Palace of Justice; the Parliament; the King Abdullah Mosque and the prestigious residential Abdali towers. The development will be providing its residents with an ideal accessibility to the shopping and entertainment facilities in the area, as well as convenient proximity to the Boulevard and the Central Market Place.

Established in the UAE in 2003, SinoGulf Investments has been developing projects across the UAE with assets under management worth in excess of $600m. SinoGulf is a multi faceted, Islamic asset management and investment company with business activities in Islamic financial services, asset management, project finance and development management.

During the signing ceremony, Jamal Itani CEO of Abdali Psc stated "We are delighted that SinoGulf Investments will participate in the significant economic, social and cultural impact that the new Abdali downtown project offers to Amman and we welcome this move. With the signing of this agreement with SinoGulf the total UAE investments within the Abdali project have now exceeded $1bn."

He added "The new Abdali downtown has become one of the most sought after investment destinations in the region today, attracting foreign investments into the kingdom and contributing to the economic enhancement of our Jordanian economy. We consider our partnership with SinoGulf Investments an important venture and are proud to have attracted such a strategic and credible partner to Amman, proving once again the potential that Jordan has to offer. We are also proud to announce that this is the first project within Abdali which is in line with the Islamic Sharia'a laws."

Andrew Clout, Managing Director of SinoGulf Investments said: "The Abdali Development is one of the most prominent developments in the Middle East region and we are delighted to be part of its future. Our aim is to create investment grade real estate assets and our development in the new downtown qualifies in this regard."

The Abdali downtown stands as the largest project in Amman, in terms of magnitude and the impact it will have on the various sectors and activities. Through its consistent collaboration with renowned multinational developers, Abdali has created a core hub and city-center which offers the highest level of technology and a foundation for future business and investment opportunities. Amid the wave of developments rising in Jordan, the new downtown has been singled out for admiration and encouragement by key influencers at both the public and private levels. The new downtown of Amman, Abdali, is strongly and solidly positioned as "the future business district of Jordan".

The construction progress in Phase I of the Abdali project can now be witnessed in the Abdali downtown, with over 80% of the developers currently undergoing substructure works. With such progress, Phase I of the Abdali project is on the right track to meet its completion date of 2010. Recently, Abdali launched Phase II of the Abdali project with a planned completion in 2013.