Monday, May 30, 2005
Jordan Gate breaks ground
King inaugurates 1st phase of $1 billion Royal Metropolis plan
AMMAN (JT) — His Majesty King Abdullah on Sunday laid the foundation stone for the Jordan Gate project, the first phase of the $1 billion Royal Metropolis plan.
The $300 million Jordan Gate, which includes two towers connected by a multistorey podium in the vicinity of the 6th Circle, is to be implemented by the Bahrain-based Gulf Finance House (GFH) under a strategic partnership with the Kuwait Investment and Finance Company (KIFC) and the Greater Amman Municipality (GAM).
The Jordan Gate is to be constructed by the Sharjah-based Al Hamad Construction and Development Company on a 28,500 square metres land contributed by GAM. These buildings will together encompass a built up area of approximately 220,000 square metres
It will feature executive offices, modern conference facilities, an ultra-luxurious five-star hotel and an array of retail outlets. Hilton International will operate five-star hotel, according to GFH CEO Essam Janahi.
GFH Chairman Fuad Omar said the project would “boost the Kingdom's economy, attract more investments and create jobs for citizens.”
The second phase of the mega-plan includes the construction of the Royal Village on an area of around 47,000 square metres in Marj Al Hammam, along the main highway to the Dead Sea.
Better known as “The Districts,” the project is to comprise a gated residential community offering high-class living with modern amenities.
The premises will also include a recreational centre, a retail mall, a hotel and some commercial space.
Under a recent agreement with GFH on the sidelines of the World Economic Forum at the Dead Sea, KIFC agreed to fund the two components of the Royal Metropolis plan.
The Greater Amman Municipality has revealed that the Jordan Gate project, in which it is a partner, has not yet been licensed and work can only continue once a license has been issued, reported the Jordan Times. The developers, Bahrain's Gulf Finance House and the Kuwait Investment and Finance Company, said recently that work had restarted following the collapse of three storeys which killed four workers earlier in the month.