Darat and Tamleek sign agreement to establish Public Shareholding Company and commercial high rise

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The signing ceremony took place on Tuesday 18 November at Tamleek headquarters in Amman.

It was signed by Dr. Khaled Al Wazani, CEO of Darat, and Mr. Muayad Al Dabbas, Chairman and CEO of Tamleek Real-Estate Investment and Development.

According to the agreement, the JD15m company will develop real estate projects mainly for rent.

It will start its first projects by developing an office commercial building next to Kilo Circle (intersection of Mecca Street and Madinah Al Monawarah Street) northern Amman.

This project will occupy a 3000sqm plot of land and will offer corporate space for rent.

According to Al Wazani, this agreement is inline with Darat's strategy in diversifying its investments and establishing strategic partnerships with companies like Tamleek, who share the same vision.

He pointed out that he is very optimistic about this partnership, which already attracted the interest of many potential investors and shareholders.

He added that Darat Consultancy (a subsidiary of Darat Jordan Holdings) will handle the financial and management consultancy services for the new company during the inception phase.

Al Wazani emphasized the importance of the first project since it offers a commercial office building in a prime location in Amman, maximizing the use of the land with a creative contemporary vertical design.

Vice President of the Board of Directors of Tamleek Real Estate, Mr. Muayad Dabbas expressed his optimism regarding this partnership, considering it to be a stepping stone towards a constructive change in the Real Estate Investment sector in Jordan through adding new products to the local market with beneficial returns on investment and cash flow.

Mr. Muayad Dabbas explains: 'This partnership aspires to develop real estate products as a rental portfolio, which in turn, will achieve viable investment returns in addition to continuous and predictable cash flow. These kinds of investments are considered to be an ideal, flexible and less risky especially with the current economic condition that has and continues to affect the global market. This is one of the ways to adapt to such circumstances.'