PROPERTY & REAL ESTATE
Building communities The National Resources Investment and Development Corporation ‘Mawared’ is an independent state-owned corporation that is leading Jordan’s drive towards urban regeneration and inner city development. Mawared is Jordan’s largest real estate developer, with a commitment towards generating considerable investment opportunities for the private sector, creating job opportunities, and stimulating economic growth.
Abdali
Since it started operation in 2002, Mawared has been working within its mandate to relocate military installations from prime inner city locations with high real estate value and attract investors, whether local, regional or international, to develop the vacated sites for modern urban use. No funds are allocated from the government for the corporation; however land is transferred to Mawared through the government and used as a guarantee for loans. The company then enters into joint ventures with the private sector and the profit made goes to the Treasury. It operates under strict regulations for the purchase and sale of land, stipulating that building on transferred land must begin within the first year of sale in order to avoid people purchasing plots and keeping them stagnant while waiting for appreciation of the land value. Thus the focus is kept on real estate development. Mawared has not only led the way for the redevelopment of inner city areas, but it has also set the standard for public-private partnership. Through Mawared the government is working closely with the private sector to utilize and
rejuvenate prime city areas, and the initiative has several other such developments following suit. A new centre for Amman The first of Mawared’s initiatives was to tackle a 44.7-hectare plot in Abdali, right in the buzzing centre of Amman, which was being used for government and military facilities. The existing facilities were swiftly relocated, and the result was a massive city centre land area, ripe for development and eagerly awaiting a modern vision to tap into its potential. Mawared entered into a joint venture with Oger Jordan, the locally-registered subsidiary of Saudi Oger, which is an international construction conglomerate, to plan and implement the Abdali Project. Based on a master plan for development, the new plans for Abdali will witness the emergence of high rise buildings, luxury office blocks and lavish apartments. A glamorous boulevard decked out with top-of-the-line brands will form the core of the development. Because of its proximity to Amman’s banking district in Shmeisani, it is envisioned that
Abdali will become the new business address in the capital and the ‘new downtown’ area. Construction work is moving along rapidly, and by the end of 2009 the new centre should be up and running. Transforming Zarqa In Zarqa, Jordan’s second most populated city, which is located 25km to the northeast of Amman, Mawared is constructing the King Abdullah Bin Abdul Aziz City, the largest planned urban project in the history of Jordan. It entails transforming former military camps in Zarqa into a vibrant urban and commercial centre, allowing the city to expand eastwards and preventing the northward and westward expansion that was consuming agricultural land. The new city is being built in phases on a massive land area of 2,500 hectares, and will be able to accommodate half a million people. Development of the new city began with the Pilot Project on 10% of the total development area, which is adjacent to the existing commercial district in the city of Zarqa, making it a natural extension of the city’s centre and avoiding a defined line between the east and 56
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