Mawared unveils model for King Abdullah bin Abdul Aziz City at Jordan Economic Forum

Mawared's planned city at Zarqa covers over 25 million square meters and is expected to house over 400,000 people in over 70,000 residential units of between 100-160 square meters each. Upon completion of the city, Mawared hopes to improve the standard of living in Zarqa while continuing to attract foreign investment. In addition to a number of facilities including commercial centers, entertainment centers, hotels, schools and hospitals, the city will also be home to one of the most prominent mosques in Jordan, with an estimated capacity of 5,000 worshippers.

One of the forum's diamond sponsors, Mawared is a financially and administratively independent state-owned corporation leading Jordan's drive towards urban regeneration and inner city development. Mawared is Jordan's largest real estate developer, with a commitment towards generating considerable investment opportunities for the private sector, creating job opportunities, and stimulating economic growth.

On the first day of the forum, Mr. Akram Abu Hamdan, Mawared's Director General, joined a panel of distinguished speakers led by H.E. Eng. Husni Abu-Ghida - chief commissioner of ASEZA. The panel included Mr. Haitham Dahleh, board member of Taameer - Jordan Holdings, Ms. Orayb Akeel - investors relation and marketing manager of the Aqaba Development Corporation, and Mr. Halim Al-Salfiti - CEO of TAJ investments.

The speakers covered a number of topics under the umbrella of the real estate and tourism development sector in Jordan, with an emphasis on the main urban developments in Jordan. The panel also touched upon urban planning in light of Jordan's current economic outlook and also highlighted the future of real estate investment in the Kingdom.

Abu-Hamdan asserted the importance of raising open discussions of this kind at this time, saying: "Jordan is experiencing a period of unprecedented growth, and the development of real estate represents one of the main ways in which the Kingdom will maintain its momentum for continued economic growth and remain investment-friendly for foreign investors."

As well as moderating the panel of speakers, Abu-Hamdan was honored at the forum as one of two 'Achievement Award of the Year' recipients for his contributions, throughout 2007, in leading the Mawared's journey of growth and prosperity in Jordan.

"I would like to sincerely thank Al-Iqtisaad Wa Al-Amaal for this honor and I accept this award as a testament to what can be achieved in Jordan given the right conditions, approach, and dedicated team members as those within the Mawared Family," Abu-Hamdan commented after receiving his award.

Mawared's most recent contract agreement, signed during the Jordan Economic Forum, with The Land Holding Co. for the purchase of 35,000 square meters to develop a retail center totaling 80,000 square meters of built-up area injects over USD 100 million into the project, bringing The Land's total investment in the city to USD 350 million. The retail center will be located at the western entrance to the city, establishing a hub of commercial activity.

Abu-Hamdan added: "The King Abdullah bin Abdul Aziz City will be home to a number of shopping and retail centers, stimulating the economy of Zarqa and helping to further raise the standard of living in the area."