Gulf Finance House plans USD 1 billion investment in ambitious 'Royal Metropolis' project in Jordan

The proposed development which has also been conceived by GFH - The Royal Metropolis - was presented to His Excellency Mr. Faisal El Fayez, the Prime Minister of the Kingdom of Jordan, and other senior government officials, by a high-level delegation comprising senior GFH officials and its associated partners in the project.

The head of the GFH delegation, Dr. Fuad Al-Omar, Chairman and Board Member, GFH, said: "We had a very constructive meeting with His Excellency the Prime Minister and other senior officials in Amman last week during which we presented the full scope of the proposed `Royal Metropolis' project. We have been assured of the Government of Jordan's full cooperation in making this unique development an unqualified success."

"We are confident that The Metropolis project will effectively complement the progressive set of reforms that have been embarked upon by the Government of Jordan and will serve as a catalyst in its economic growth, by stimulating investment flows into the country's social and industrial sectors," he added.

The other senior officials present at the meeting included the Mayor of Amman, Mr. Nidal Al Hadeed.

The GFH delegation led by Dr. Al-Omar included Mr. Esam Janahi, Chief Executive Officer (CEO) and Board Member of GFH, Mr. Muhannad Hamad, Executive Director, and representatives of the UAE-based Al Hamad Contracting Company: Mr. Nashad Sahawneh, General Manager.

Mr. Esam Janahi, CEO, GFH said: "GFH has gained significant exposure in large infrastructure ventures in Bahrain as well as in the region and the `Royal Metropolis' is another milestone in the bank's long-term growth strategy."

"The Royal Metropolis will add value to Jordan's economic initiatives by attracting foreign investment and supporting private sector growth. We have envisaged the project as a regional landmark in its architectural aesthetics and amenities, accelerating long-term economic growth," he added.

The Royal Metropolis project will comprise two significant components - the `Jordan Gate' and `The Districts'. Jordan Gate, which will constitute the first phase of the `Royal Metropolis' project, will include a futuristic 35-storey office tower, a 35-storey hotel block and a five-storey podium covering a cumulative built-up area of 220,000 square metres.

The complex will also feature executive corporate apartments, modern conference facilities, a five-star luxury hotel and an array of retail outlets. Set to become the country's new landmark, Jordan Gate will be located in a prestigious location in Amman and when completed will be an attractive location for major international companies.

The second phase of Royal Metropolis envisages several industry-themed `Districts,' that are aimed at reinforcing Jordan's status as a dynamic destination for global investments. The `Districts' will comprise a primary asset class including business components and a secondary asset class covering private, residence, leisure and entertainment.

Identifying particular industrial sectors for development has been a priority of the Jordanian government. Each `District' will be created as a stand-alone community focusing on specific industry segments. The business model for the `Districts' will be developed with a bottom-up approach focused on Jordan's core competencies.

"Jordan offers excellent investment opportunities and the Royal Metropolis is a substantial initiative that will promote the Kingdom as a business-friendly destination. For GFH, this initiative is a crucial step in the development of its regional investment strategy. GFH aims to strengthen economic and business relations across the region in order to facilitate the expansion of the region's economies." Mr. Janahi said.

Prior to the meeting with the Jordanian Prime Minister, GFH officials also met Ms. Reem Badran, Director General of Jordan Investment Board, and were briefed about projects being executed in the Kingdom. GFH has shown keen interest in some tourism and mining projects in the north of Jordan and Marj Al-Hamam.