AQABA, JORDAN // The US$10 billion (Dh36.73bn) Marsa Zayed project is on course to turn the Red Sea port of Aqaba into a major tourist attraction after King Abdullah of Jordan yesterday laid the cornerstone at a ground-breaking ceremony.
Yousef al Nowais, the managing director of Al Maabar, a joint venture involving Abu Dhabi's largest property companies, said the first phase would start during the third quarter of this year.
The project, involving Mubadala Development, Aldar Properties, Sorouh Real Estate, Al Qudra Holding, Reem Investments and Reem International, will provide economic opportunities, improve Aqaba's infrastructure and stimulate the economy.
"This mega project will strengthen Aqaba's infrastructure [by] providing apartments, hotels, offices and leisure ? and will enhance expertise in the property sector. Once completed, it will create 15,000 jobs," Mr al Nowais said at the ground-breaking ceremony, which was attended by Sheikh Saif bin Zayed, Minister of Interior.
Two years ago, Al Maabar bought the land from the Jordanian government for $500 million and invested $10bn in the Marsa Zayed development, a 3.2 million square kilometre, mixed-use project along the waterfront of Aqaba in the south of Jordan.
It is the country's largest property and tourism project and is named after the late Sheikh Zayed, the founding President of the UAE. It would include towers, recreational areas, business districts, hotels and marinas.
"We look forward to the important role that Marsa Zayed will assume in reviving this historic city, Mr al Nowais said.
"The project is not only the largest in the region but also provides economic opportunities," he said.
In 2008, Al Maabar signed an agreement with the Jordanian government to develop Marsa Zayed through its subsidiary Al Maabar Jordan Real Estate Development.
The launch of the project comes as the region's economies are recovering from the global economic crisis. "The company's strategy is one that is based on quality and not quantity," Mr al Nowais said. "The projects are selected carefully. The funds are also available. The kingdom is also in need of a tourism infrastructure and multi-purpose projects like Marsa Zayed."
Aqaba is undergoing a facelift that includes beachfront tourism development projects. Shadi Majali, the chief executive of Aqaba Development, said developments such as Marsa Zayed reflected investors' interest in Jordan, which was encouraged by economic and political stability. "Security and stability have their advantages," he said.
The first phase of Marsa Zayed, between this year and 2014, will consist of a 33-storey office and residential tower, the Sheikh Zayed Grand Mosque, 146 town houses and 263 flats. There will also be a neighbourhood retail and community centre.
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The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
The specs: 2019 GMC Yukon Denali
Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
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The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
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
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar