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Jordan’s economy is
booming! Exceptional demand for building
products, interiors and construction
technologies.
Heightened local and foreign interest in
Jordan’s property market
Real estate and construction are one of the most
active sectors of the Jordanian economy today.
According to the Jordanian Ministry of Public
Works and Housing, Jordan can expect $21 billion
of investment in the construction sector over
the next few years. Major drivers include
increased rates of population growth, higher
liquidity levels in the region from the rise in
international oil prices, and an attractive
foreign investments environment where capital
gains from property investment are tax-free.
Increasingly, international investors and
Jordanian expatriates are moving toward
multi-billion USD construction ventures in the
Kingdom. Also, it is estimated that over 500,000
Iraqis have relocated to Jordan in the last
couple of years leading to an increased demand
for apartments and office space.
Increased construction opportunities in Jordan
drive IFP to organize the second Project Jordan
exhibition
Following on from the success of last year’s
exhibition, and responding to the changes and
needs of the Jordanian building and construction
market, IFP Group and IFP Jordan have organized
Project Jordan 2007, the 2nd International
Exhibition for Building Materials, Equipment
Construction Technology and Interior for Jordan
and the Region. Project Jordan 2007 is designed
to create a constructive meeting place and a
knowledgeable forum for real estate investors
and developers to liaise and network with
suppliers and manufacturers of building
materials, construction equipment, importers and
specifies at a time when Jordan is experiencing
considerable resurgence in its construction
sector. And once constructed, investors will
require a wide range of finishing products and
interiors for their homes, hotels and offices.
Why you need to be there ?
Only Project Jordan 2007 will attract the
leading players in the construction, building,
design and interior industries. Only here will
you be able to build relationships with senior
decision makers, generate solid leads, gain
exposure for your products and services, and
line up capable agents, distributors, and
partners. Whether you are a small or large
supplier in this exciting market, Project Jordan
2007 is the ideal venue for both established
businesses and newcomers to Jordan and the
region. And only here will you gain access to
exhibitors and visitors to EKAR Invest 2007, a
magnet for major figures in real estate,
investment, insurance and banking, which is
being held concurrently with Project Jordan 2007
and will provide you and your partners with easy
access to a full range of financing options.
Billions of USD is being spent on prime sites in
the capital, the Dead Sea and the Red Sea port
of Aqaba
Large-scale investment is transforming many of
Jordan’s key business and tourist locations.
Construction work has already begun on the
Jordanian capital’s largest property
development, the $1 billion Al-Abdali New
Downtown Project. Additional new developments in
Amman include the $1 billion “Jordan Gateway”
and “Royal Village” projects. The next few years
will also see the development of the $10 billion
Aqaba Prototype City in the economic region of
Aqaba. Investors have already started selling
seaside residential units in this city that is
crowded with huge real estate development
opportunities including the $500 million Tala
Bay project, and the “Ayla Oasis” which will
consist of 800 housing units, 1500 five star
hotel rooms, a golf course and other leisure
activities. On the western tip of Aqaba, by the
sea, the Saraya Aqaba project is estimated to
cost over $995.7 million with an overall
construction cost of $700 million, and will
include five 5 star luxury hotels and a series
of commercial development projects in the city
center.
Multi billion USD residential city near Zarqa in
Jordan named after King Abdullah Ben Abdul Aziz
of Saudi Arabia
A multimillion USD residential city named after
King Abdullah Ben Abdul Aziz of Saudi Arabia
will be built near Zarqa to tackle overcrowding
and help citizens on low and limited incomes buy
suitable housing. The 70,000-unit project, will
be built on 21,000 state-owned dunums and is
designed to house 370,000 citizens. Each housing
unit will cost around $42,000 (JD30,000). The
cost of the land on which the city will be built
was estimated at around $847 million (JD600
million), while another $917 million (JD650
million) will go to infrastructure projects.
Significant number of Iraqis living in Amman
Jordan is also benefiting from significant
number of Iraqis living in Amman, and conducting
their business out of Amman. And there has been
a marked increase in demand for real estate
(residences and commercial) from Jordanian
expatriates, who are benefiting from the oil
boom in the Gulf, and who are further encouraged
to by the local banks’ increased willingness to
finance real estate purchases. This activity
reached the $1 billion mark in 2005, up from
$590 million in 2004. Housing is also part of
the current real estate boom especially in
single family houses and apartment buildings,
particularly in the middle to upper segments of
the market. Plus, government allocations in
infrastructure development, particularly in the
water and sewer infrastructure, energy
(expansion of electrical networks, expansion and
upgrade of petroleum refinery), and other
sectors are creating additional dynamism in the
investment market.
Boom in construction activity
Construction activity in Jordan continues its
progress driven by enhanced private sector
investments and external demand. Turnover in the
real estate market reached around $4.24 billion
(JD3 billion) by end 2005 exceeding the 2004
figure by 70-80 per cent. Despite the
significant contribution by non-Jordanians,
Jordanians remained at the forefront with more
than 80 per cent market share. Iraqis topped the
list of non-Jordanians by accounting for 50 per
cent followed by former Jordanians who now hold
other nationalities. Nationals of Gulf states
came in third place. Over the last two decades,
war and periodic political upheavals in
neighboring countries have resulted in explosive
urban growth in Jordan creating extensive demand
for housing projects.
Major construction projects
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The $1 billion Al-Abdali Urban Regeneration
Project, a 34-hectare site, represents an
integrated mixed-use real estate development
in the heart of the capital Amman. The Urban
Regeneration Projects will accommodate high
rise tower buildings; luxury apartment
buildings; hotels; a medical center;
restaurants; retail outlets; cinemas; a
national library, as well as, public plazas
& gardens serviced by a state-of-the-art
infrastructure. The site will also house the
American University of Jordan.
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Saraya Aqaba, the $600 million “stylish
beachfront city” in the heart of Aqaba, well
harmonizing with the spirit of the area,
will be built around a man-made lagoon,
spanning approximately 610,000 square
meters.
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The Zarqa New Garden City Development, 25 km
northeast of Amman, is under development.
The 2,500-hectar site will include
residential properties, restaurants, cafés,
shopping arcades, cinemas and other
entertainment facilities.
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