Last Updated: Sun Oct 17, 2010 00:22 am (KSA) 21:22 pm (GMT)

Jordan launches $10 billion Aqaba development

Jordan has launched a $10 billion development project in the Red Sea port of Aqaba, the country's largest ever property and tourism venture, the official Petra news agency reported.

The three-phase Marsa Zayed project, being carried out by UAE real estate firm Al-Maabar, will transform Aqaba into a major yachting and cruise ship destination and create 15,000 jobs upon completion, the agency said.

 The project is the biggest real estate and tourism venture to take place in the history of Jordan 
Petra news agency

"The project is the biggest real estate and tourism venture to take place in the history of Jordan," it reported late on Thursday after the official launch.

King Abdullah II "patronized the launch ceremony of the first phase of the Marsa Zayed project, which is a $10 billion real estate investment," Petra said.

When Jordan signed the development deal with Abu Dhabi-based Al-Maabar in 2008, media reported that the project would be completed in 2013.

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