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Dubai: Emaar Properties has announced that the development value of its master-planned residential community along the Dead Sea coast has hit $500 million. Emaar Jordan, the wholly-owned subsidiary of Emaar Properties, is finalising the master plan for the project, which will include luxury residences, commercial establishments and leisure and entertainment facilities.

Emaar Jordan has already joined hands with a number of regional and Jordanian investors to form The Dead Sea Company, which will undertake the project in line with the growth plans outlined for the country by the King Abdullah II Fund for Development.

"With a development value of $500 million, the Dead Sea project by Emaar is one of the largest undertakings in Jordan's property sector recently," said Essam Galadari, managing director at Emaar International, Middle East and North Africa.

"We are confident of Jordan's prospects as an emerging market in the Middle East and North Africa region and with the current project, we are extending our proven strength of developing master-planned residences."

Officials behind Emaar Jordan's Dead Sea project say the development aims to boost tourism growth - one of the key drivers of the national economy. "Special economic zones are being developed to encourage foreign direct investment. These are encouraging signals for Emaar Properties, currently expanding internationally with a special focus on emerging markets," said Galadari.

Investment

Steve McCartt, general manager at Emaar Jordan, said the project will also be aimed at Jordanians living and working in Dubai who are looking to invest in their home country.

Emaar's international expansion has seen it acquire John Laing Homes, the second largest privately held homebuilder in the US, and Hamptons International, a premier UK realtor.

The company has unveiled several projects in Saudi Arabia, Morocco, Egypt, Tunisia, Turkey, Syria, Pakistan, Libya and India.