Al Maabar is an initiative of leading property developers including Aldar Properties and backed by Abu Dhabi’s sovereign wealth fund Mubadala. It has committed an investment of $300 million in a luxury hotel in Jordan. It has ambitious plans for MENA, that is, Middle East and North Africa. They have announced that they will be going ahead with all the planned projects for the region.
The Amman hotel will be branded St. Regis from the Starwood stable. The hotel with 270 rooms is expected to be ready for business by the first quarter of 2014. Apart from the guest rooms the hotel will also have apartments and high end shops. Jordan has a large population of wealthy residents, expats and tourists who generate tremendous demand for hotels, hence the banks are more than willing to finance such projects.
Another major project for Al Maabar in Jordan is a group of 350 to 400 townhouses in Aqaba that will require an investment of $250 million. Al Maabar has about $1 billion worth of projects under development currently. In Morocco, the first phase of the Bab Al Bahr project is sold out and the second phase is to start soon. In Tripoli, Libya a $300 million project is to start soon. In Iraq negotiations are at an advanced stage for a community project. Al Maabar’s plate is full.
Via: af.reuters
