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 (拢6bn) Marsa Zayed scheme in Aqaba, Jordan鈥檚 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: 鈥淭his project occurs at a critical time in the global economic downturn, as developers seek best value and returns.鈥�
Abdallah Hageali, Al Maabar鈥檚 chief executive, said: 鈥淎 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.鈥�
Phase one of construction will start by the first half of 2010.
