Dyna Crete to set up factory in Ma'an Development Area

The "Decent Housing For Decent Living" initiative, which aims at providing low and middle income Jordanians with access to affordable housing facilities and improving living standards throughout Jordan.

The MoU was signed by Mohammed Turk, CEO of SCCD, Ronald G. Morgan, CEO of Argent Asset Management, and Dwight Grudier, President of the Dyna Crete Corporation, and outlines the joint venture between SCCD and Argent Asset Management, represented by its affiliate in Jordan ATM, headed by Hisham Mubaidin, to build a Dyna Crete factory with an initial investment valued at $4m, for the first phase of the project.

The factory will cater to the increasing demand for building and construction materials in Jordan as His Majesty's 'Decent Housing for Decent Living' initiative is expected to prompt a rise in the demand for construction materials over a five-year span beginning in 2008, as it aims to construct 100,000 residential units.

The first phase of the project includes one production line and is expected to be set up and operational by the end of the first quarter of 2009. The factory will provide around 70 job opportunities for the residents of the area, and will be expanded gradually in phases, eventually increasing its capacity to 10 production lines, each representing an additional investment of $1m.

The signing of this MoU marks one of numerous steps initiated by SCCD to attract investments and stimulate economic and social developments in the South of Jordan, through the mounting of projects that can provide job opportunities, and increase economic and social prosperity in the Southern regions of Jordan.

Consisting of four complementary clusters including a residential community, an industrial zone, a Hajj city, and a vocational training center, the Ma'an Development Area (MDA) is set to become a regional hub for industrial activity and a centre of excellence for vocational training, as well as a religious landmark for pilgrims on their way to the Holy cities, offering them the ideal environment for their rest, relaxation and prayer. MDA will also be home to a thriving and self-sustained city providing its residents and visitors with a quality living and working environment to fulfill their potential.