UAE developer launches $10 billion Jordan Red Sea project

February 26, 2009 14:58


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Abu Dhabi-based developer Al Maabar International Investments said Thursday it launched a $10 billion tourism and real estate venture in a Jordanian Red Sea resort, showing that while the global economic crunch has hammered many such mega-projects in the region, it hasn't halted them entirely. The announcement came just days after the United Arab Emirates' federal government said it was bailing out the emirate of Dubai. The glitzy city-state famed for its palm-shaped islands and indoor ski slopes appeared finally to be succumbing to the world credit crunch, with developers scaling back or delaying mega-projects amid financing woes and mounting debt. Al Maabar, a joint venture between Abu Dhabi's five leading real estate developers and an investment firm, said the 3.2 square kilometer (1.24 square mile) Marsa Zayed project in the resort of Aqaba was the biggest real estate and tourism project ever launched in Jordan. The project is a mixed-use waterfront development including high-rise residential towers, retail, business and financial districts, as well as hotels. The company's statement said the project would also include a cruise ship terminal. Work on the first phase is to begin in mid-2010.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

US PRESIDENT Donald Trump speaks with Turkish President Recep Tayyip Erdogan in July 2018
November 18, 2018
Disagreements over Khashoggi and Gulen rocking delicate U.S.-Turkey ties