Developer hopes $10bn Masra Zayed will act as economic stimulus for the country and wider region
Developer Al Maabar has hired US firm KEO International Consultants to program manage the $10bn (£6bn) Marsa Zayed scheme in Aqaba, Jordan’s maritime gateway.
Marsa Zayed is a mixed-use residential, tourism and commercial project that developers claim will be the largest project the region has ever seen.
Stretching over 3.2km2, it will include high-rise residential towers, retail, leisure, business and financial districts. Several marinas will also be built in the hope of transforming Aqaba into a premier yachting destination.
Donna Sultan, chief executive of KEO, said: “This project occurs at a critical time in the global economic downturn, as developers seek best value and returns.”
Abdallah Hageali, Al Maabar’s chief executive, said: “A project of this scale will act as a major economic stimulus and its impact will not only be felt in Aqaba but also throughout Jordan and the wider region.”
Phase one of construction will start by the first half of 2010.
