Emaar signs MoU with Mawared to participate in Amman's Al Abdali development projects

The MoU, which was signed in the presence of His Majesty King Abdullah II and HH General Sheikh Mohammed bin Rashid Al Maktoum, UAE Minister of Defence and Crown Prince of Dubai, reflects Emaar's plans to participate and invest in world class residential projects in Al Abdali Project in Amman.

HH General Sheikh Mohammed bin Rashid Al Maktoum said: "We encourage joint corporation agreements that will mutually benefit both parties and their respective countries. We look forward to similar initiatives in the future."

The MoU was signed by Mohamed Ali Alabbar, Chairman, Emaar Properties and Akram Abu Hamdan, Director General Mawared.

The agreement focuses on Emaar's interest in investing in a high quality residential facility within Al Abdali Urban Regeneration Project. It is part of Mawared's efforts to attract regional and international investors for its multi-faceted development projects throughout the Kingdom. The MoU also comes at an opportune time for the Al Abdali Project for which Mawared and Saudi Oger Ltd have entered into a strategic partnership to develop the site under the auspices of the Al Abdali Development Company.

"We attach great importance to this partnership with Mawared. This is a prestigious project and it will be our first involvement in a development in Jordan," said Mohamed Ali Alabbar. "Jordan is a growing economy and there is need for an upscale development like the Al Abdali Project. I'm grateful to the Government of Jordan which has acknowledged Emaar's expertise in creating world class, high quality developments and who have allowed us to be part of the Project," he added.

The agreement comes a day after the opening of the World Economic Forum, currently being held at the Dead Sea, and follows a series of meetings between Emaar and Mawared in Dubai and Jordan.

"We are looking forward to working with such a renowned real estate developer such as Emaar," said Abu Hamdan. "We view this agreement as an opener to explore future cooperation, not only in the context of Al Abdali, but also towards a potential partnership between Mawared and Emaar for developing other areas in the Kingdom of Jordan," he added.