Investors in the Saraya Aqaba Project were recently notified that the project will be finished in late 2010 rather than late 2009.  It seems that a few factors played a role in the delay.  One reason being that the developers want to finish the entire at one time.  In addition they are taking in consideration the global slowdown as many investors are cash straped.  The project shows great progress each month.  To view construction updates you can visit http://www.sarayaaqaba.com/main.html#/construction/ .

Al Maabar Jordan Real Estate Development Company announced on Wednesday the Marsa Zayed project, a $10 billion real estate investment in Aqaba.

Marsa Zayed is a 3.2-square- kilometre development with a 2-kilometre waterfront.

Under the project, Al Maabar, a subsidiary of Abu Dhabi-based Al Maabar International Investments, will develop the mixed-use waterfront project, including high-rise residential towers, retail, recreational, entertainment, business and financial facilities along with several branded hotels, the Jordan Times reported.

The company said the planned marinas are likely to “transform Aqaba into a premier yachting destination”. A cruise ship terminal is also on the drawing board.

The project will be implemented in several phases once the transfer of land ownership is complete, it added.

The first phase of the project will begin by the first half of 2010 following the completion of the land survey and a series of technical studies which are currently taking place in coordination with the Aqaba Special Economic Zone Authority (ASEZA).

In 2008, Al Maabar signed an agreement with the government under which the company acquired the land in Aqaba for $500 million for the development and establishment of the project.

ASEZA is implementing a plan to relocate the current port, moving it from the city centre to the southern tip of the district, officials have said.

The government’s handover of the land will be carried out in three phases - the first will take place by June of this year and the second in September, while the third and final phase by March 2013, once the new port is built.

Al Maabar said the investment will ensure job creation, stimulate the economy and enhance local skills and capabilities.

The announcement took place at a gala dinner held last night under the patronage of Prime Minister Nader Dahabi.

Central Avenue has a unique architectural design that captures the heritage of Amman. Truly like a modern lifestyle in downtown Abdali. Its high-tech glass and steel façade will provide a striking, sculptural addition to the skyline during the day and a glowing white beacon at night. Located at the gate-way to Abdali Master Plan, Central Avenue is 8-storeys tall and within close reach of malls and pedestrian walk links.

                  
Amman, 13 February 2008… … Limitless, the global master development arm of Dubai World, has burst onto the property scene in Jordan with Limitless Towers in Amman: iconic, residential towers topping 200 metres – the tallest in the country and among the highest twin buildings in the Middle East.

Limitless Towers – to be constructed in the Abdoun area of Amman – will reshape the skyline of the capital and marks the beginning of the city’s urban development plan, led by the Greater Amman Municipality. Mayor Maani of Amman talked about the importance of this project by saying that “…we took great care in selecting the location for towers within Amman, and this project is the beginning of a new era that will ensure major developments complement our unique cityscape and is serviced with proper transportation access, including public transit. In addition, this particular development helps to green the city in that it is located within a parkway setting …it is also part of our initiative to develop a pedestrian friendly city.”

Unveiling the US$300 million project, Saeed Ahmed Saeed, CEO of Limitless, said: “Limitless Towers is an architectural wonder that sets new standards in iconic, sustainable building design. What better way for us to enter Jordan than with this record breaking development that will add a new dimension to the country’s real estate offering?”

Limitless Towers will feature the world’s highest suspended swimming pool – 125 metres above the city – connecting the two towers. The glass-bottomed pool – accessed from the 40th storey of each building – will provide a bird’s-eye view of Amman and the surrounding landscape.

Designed to meet world environmental standards, Limitless Towers will also be the first ‘green’ building in Jordan, adopting a host of eco-friendly initiatives in its design, construction and maintenance, including innovative energy-saving techniques and water recycling systems to ensure it receives LEED accreditation.

In addition, a stone screen on the building façade, will ensure that the towers blend with the rich heritage of Amman.

Limitless Towers will be up to 60 storeys high with around 600 residential units, providing luxury accommodation for almost 2,000 people. There will also be a 1,000 square metre indoor plaza, with retail, entertainment and leisure facilities, as well as extensive outdoor space – a hallmark of all Limitless developments – spanning around 5,600 square metres.

The launch of Limitless Towers comes just three weeks after Limitless announced new, Amman-based operations for Jordan, where the company is planning more projects to add to its rapidly expanding global portfolio.

Saeed Ahmed Saeed said: “Jordan’s fast-growing economy, changing real estate requirements, convenient location and stability make it a firm favourite in our list of markets. Limitless Towers is the first of several distinctive, sustainable projects currently being assessed by our Jordan team.”

Work on Limitless Towers is due to begin in October 2008 and will take around three years to complete. Units are expected to go on sale from the summer this year.