Jordan's Abdali Investment and Development company, the kingdom's largest real estate development project, is considering an initial public offering in the future, its chairman said.
Abdali is a 50-50 joint venture between Jordan’s largest property investment firm, state-owned Mawared, and Horizon International for Development, a real estate holding company owned by Bahaa Hariri, the eldest son of the late former Lebanese Prime Minister Rafic Hariri.
"We are definitely entertaining that idea, maybe in the next few years," Amer Al-Fayez told The National in an interview from Amman.
"It’s a long process ... when you want to do an IPO ... we want to build a solid basis for it. Once we do this, it is definitely on our agenda. This is the plan for the future and … this is the way to grow much bigger than where we are today."
The size of the potential listing depends on the performance of the business, he said.
"This goes back to how much we are selling a square metre in Abdali and what profits or income the other subsidiary companies that we have are generating as well," said the 55-year-old, who previously served as head of royal protocol at the Royal Hashemite Court under King Abdullah.
"We never discussed how much exactly we’re going to release out of the company, but my idea is you can go 25 to 30 per cent IPO … to start with. Definitely the target is to generate more capital and to invest in Abdali as well."
Abdali, dubbed the new downtown area of Amman, is a mixed-used project. It consists of hotels like the W, Rotana, serviced hotel apartments, as well as office towers that serve as headquarters for banks, Amazon and Orange in addition to a state-of-the-art hospital and high-end retail outlets.
The company is "a good example" of public private partnership and the $5 billion Abdali project, located in the heart of Amman, continues to garner interest from businesses, Mr Al-Fayez said.
After enduring the economic slowdown caused by the Covid-19 pandemic, the environment is improving.
"It has been a very long journey in Abdali, it was bumpy in the last 15 years and now I think we are on the right track," Mr Al-Fayez said.
"In Abdali we are pleasantly surprised how things are progressing and how good things are. Footfall is rising by the day, businesses are growing, compared to the pandemic we are presently surprised by the amount of tourists coming."
Tourism, which accounts for about 14.6 per cent of Jordan’s gross domestic product and employs approximately 57,000 people, is on the rebound.
The kingdom recorded a 41.3 per cent increase in revenue from tourism in the first eight months of the year compared to the same period in 2022, reaping about $5.15 billion, according to the latest data from the Central Bank of Jordan.
More than 4.5 million tourists visited the kingdom in the period to the end of August, about 42 per cent more from the same period in 2022.
Ryanair now has 25 routes connecting Jordan with 12 European cities, and other carriers like easyJet and Wizz Air are also helping spur traffic to the kingdom.
"I always say Abdali is the beating heart of Amman. It is giving Amman a modern, vibrant look. It is adding a lot to the economy," Mr Al-Fayez said.
"It was a challenge for me when I started here. I learnt a lot … [it felt like] I took a Masters in business and economics. I have a very good team around me, I didn’t do anything by myself. I did a lot of changes in Abdali hopefully for the better. To me success is about being good at managing people, it is not [just] knowledge about the economy or how companies work."
Mr Al-Fayez says Abdali has created about 15,000 jobs in the kingdom and is helping put Jordan on a path to stronger growth but believes the government needs to do more to boost the economy.
Jordan's economy is expected to grow by 2.7 per cent in 2023, continuing a post-pandemic recovery, based on International Monetary Fund estimates. Fitch Solutions raised its 2023 forecast for Jordan’s real GDP to 2.8 per cent from 2.6 per cent on the expectation of stronger private consumption and export growth.
"The government needs to do more to attract investment and the ease of doing business in Jordan is still challenging but it is work in progress," Mr Al-Fayez said.
He said the economy's growth target should be 5 to 6 per cent "at least".
Abdali will be launching phase two of the company's expansion within the coming three months by opening the tendering process for the development of the infrastructure, he said.
The second phase will add another 1.2 million square metres to the size of the development, boosting the built area to 3.1 million square metres.
Abdali, which doesn't currently invest itself in the project but sells net development rights and land, aims to have an anchor project like a convention and exhibition centre for the second phase.
Mr Al-Fayez wants to capitalise on Jordan's human capital and IT talent and attract future tenants from the technology sector, lure companies from the UAE, wider Gulf region as well as Asia, and position Abdali as potentially being a hub for an arbitration centre in Jordan.
"I think there is a lot of potential for growth," he said.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
UAE currency: the story behind the money in your pockets
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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UAE currency: the story behind the money in your pockets
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MANDOOB
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More from Neighbourhood Watch:
Killing of Qassem Suleimani
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Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
