Gulf Finance House, Kuwait Finance and Investment Company unveils Royal Village component of US $1billion Royal Metropolis project

Royal Village, situated approximately 20 minutes from the centre of Amman, will be developed over a site of 468,000 square metres. It will comprise a gated landscaped environment with up to 400 villas, 600 apartments and appropriate support facilities.

Royal Village forms part of the Royal Metropolis property development and investment strategy being undertaken jointly by Gulf Finance House and Kuwait Finance and Investment Company (KFIC) at an investment of US$1 billion in the Hashemite Kingdom of Jordan.

At a press conference at the Cityscape 2005 event in Dubai today, senior representatives of GFH and KFIC announced the appointment of leading global property and real estate consultants, DTZ, as the marketing, sales and managing agents for Royal Village.

Addressing the press conference, Mr. Esam Janahi, Chief Executive Officer and Board Member of GFH said: "The unveiling of the master plan for Royal Village demonstrates our commitment to deliver the second major component of Royal Metropolis development plan."

Mr. Janahi commented further saying: "Royal Metropolis mirrors the regional expansion of GFH and its contribution to promoting projects for the economic growth of MENA (Middle East & North Africa). These projects will contribute significantly to the economy of Jordan by attracting external investment to include the trade, commerce, hospitality, retail and residential sectors."

The construction partner for Jordan Gate - the first phase of the Royal Metropolis - and Royal Village is the UAE-based Al Hamad Construction and Development Company.

Elaborating on Royal Village, Mr. Hamzah Behbehani, Executive Vice President of KFIC, said: "As the first exclusive gated residential community in the Kingdom of Jordan, Royal Village will set a new benchmark for top quality residential development in the country and the region as a whole."

"The focus of this development is to provide the residents with a gated environment that includes leisure, entertainment, retail facilities and other amenities that meets the demands of modern day living with round-the-clock security," he said.

He commented further saying that the Royal Village would consist of a carefully master planned environment providing a balanced mix of villa types and apartments to meet a wide range of consumer requirements.

In a related announcement, GFH and its partners also unveiled a detailed design for the twin Jordan Gate towers reflecting the development's core mission of energizing investments into the Hashemite Kingdom of Jordan.

Giving an update on the development of Jordan Gate, Mr. Nashat Sahawneh, Chairman of Al Hamad Construction and Development Company, said: "The site was cleared two months ago and the excavation work is now close to completion. The groundwork for the project is also at an advanced stage to develop the state-of-the-art development in the heart of Amman providing offices, hotel and retail accommodation."

Mr. Robin Williamson Regional Director for DTZ's Middle Eastern operations commented: "DTZ is delighted to be associated with both the Jordan Gate and Royal Village projects. Both schemes have been designed to match market expectations and demand and I believe that DTZ's 30 years of experience in the Gulf will help to raise the standards the way they are managed going forward".

"As part of our appointment we will be showcasing both the Jordan Gate and Royal Village to a broad spectrum of potential occupiers and buyers throughout Jordan and the region as a whole. Behind the scenes we are also developing an efficient management structure that will meet the demands of the residents and tenants and further protect their investment.'