Abdali welcomes HSBC bank to the new downtown project of Amman

The announcement was made following a signing ceremony with the Edgo Group (www.edgo.com), owners and developers of The Atrium building in the Abdali project. The agreement provides for a long-term lease for both retail and back office space.

The Atrium building, strategically located at the heart of the Abdali new Downtown project, provides for easy and efficient access from all directions and is a short walk from the downtown's main shopping centres, the Boulevard and the Central Market Place. These two developments represent a focal point within the Abdali new Downtown project, combining elements of indoor and outdoor entertainment, shopping and luxury living.

Asked about her views on the new Abdali branch, HSBC Bank Jordan's CEO, Karen Adams, stated:

"HSBC Jordan is thrilled to announce a new branch in Abdali, especially during the occasion of our 60th Anniversary in Jordan. We believe that being part of an upcoming, modern community that will change the face of Amman's urban landscape will be an added value for HSBC Jordan's distribution network. This landscape will bring together business, commercial, residential, culture and arts, public facilities, retail and entertainment into one vibrant space. HSBC is always eager to make it easy for our customers to bank with us, and our new branch at Abdali will help us do this. We believe that the bank is moving in the right direction in its expansion process and Abdali will be a highlight within this progression."

On the other hand, Omar M. Masri, Vice Chairman of the Edgo Group commented: "We are proud to welcome an anchor tenant such as HSBC. The bank has been operating successfully in Jordan since 1949 and its decision to expand into the Abdali project is a clear sign that our offering is a credible one. The Abdali Project is well positioned to emerge as a major commercial hub in the region, this being asserted by HSBC's move for a new branch there."

The first phase of the new Abdali Downtown Project which offers a built up area of around one million sqm has been sold completely to individual developers who have, in turn, already sold a significant number of units, both residential and commercial to end users. Consequently, Abdali's management is certain that with the speed of construction that the project is experiencing now, the first phase of the project will be completed by 2010.

Jamal Itani, CEO of Abdali Psc added: "Even with regards to the global crisis, Abdali Psc has not felt a direct negative impact on the interest shown from developers and investors. HSBC is one of the leading banks in the world and the choice to operate out of the new downtown stems out of a vision and a strategic decision. We lately announced the move of Azadea, a leading retail group in the region, and its eight prestigious outlets into the boulevard and today we announce the HSBC operations, all of this makes us feel confident that we are on the right track to realising our vision of a better future."

Further adding: "It is imperative to realize that Abdali is designed to serve the business industry, especially the banking industry. We are in current ongoing talks with different banking corporations, who want to ensure their presence in Abdali, and are aware of Abdali's ideal location and the huge potential of business that can be reaped upon completion, with approximately 90,000 people working, residing and commuting daily within the new downtown".

The new Abdali Downtown project is the largest in Amman, the capital of Jordan, in terms of its magnitude and impact on the various sectors and activities. Through its collaboration with renowned multinational developers, it has created a core hub and city centre 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 project has enjoyed admiration and encouragement from key local and regional influences at both public and private levels.