Aqaba Jordan Real Estate
Luxury Collection (r) Hotels & Resorts today announced the opening of the highly anticipated Al Manara, a new luxury hotel in Jordan. Developed by Eagle Hills Jordan, the 207-room hotel will be located in the historic city of Aqaba, Jordan, and will offer guests a contemporary luxury experience in an environment that connects Jordan's rich heritage and history to the world with the first-class amenities of modern luxury hotels and restaurants.
In the past, divers have made the mistake of viewing Jordan as a diving area, but its true value is only now becoming clear. Compared to other Red Sea destinations, this tiny strip of land is home to some of the world's most popular diving destinations and there is a surprising variety of water, with exotic creatures that will delight underwater photographers. Jordan has become an ideal destination for those who simply want to dive and explore a unique place on land. Although it is the only coastal city in Jordan, Aqaba offers a wide variety of diving opportunities, from deep sea diving to deep sea diving.
Due to its favourable location between Petra and Wadi Rum, Aqaba is one of the most popular diving destinations in the Red Sea. This recent growth has been fuelled by the rapid growth of tourism and tourism development in Jordan and the surrounding region, as well as the development of new hotels and resorts.
This largely ignored site is being transformed into a dynamic investment hub, and high-quality real estate projects are underway to accommodate the growing population and expected influx of tourists and investors. In the west are many of Jordan's most popular tourist destinations, such as the Red Sea and Wadi Rum, so we see a shift toward cheaper residential and commercial areas.
In Aqaba, 330 km south of Amman, the Abu Dhabi-based real estate development company Al-Qassim Group focuses on projects and manages them. One of the newer projects is a $1.5 billion luxury residential and commercial real estate development project called Saraya Aquaba, which illustrates the growing demand for luxury real estate. The private equity firm, which holds a majority stake in the project and a minority stake in a number of other projects, was established in 2013 and focuses on the logistics sector, which is another important part of AQaba's ecosystem. Saraya A qaba was founded by Al Qasr Group, a real estate development company, which will develop the projects over the next four years.
Founding shareholders include Al Qasr Group, the parent company of Al-Qassim Group, and Abu Dhabi Real Estate Development Company. Saraya Aqaba Real Estate Development has also signed an agreement with Orange Jordan to establish and manage the country's integrated telecommunications infrastructure. The company's Abdali district is inhabited by businesses in the Abdli district, including the Al Rajhi family, the family of the former prime minister of Amman, Sheikh Abdullah bin Rashid Al Maktoum.
The opening of the Al Manara Hotel is the second collaboration after the debut of W Amman earlier this year. The project, developed by Abu Dhabi-based real estate firm Eagle, is also the second collaboration with Marriott in the country, the first being the first to open its doors recently to the world's largest hotel chain, Marriott International, in Jordan.
Saraya Aqaba is being developed with the aim of leading Jordan into the new economic era that is currently being observed in other countries in the region. The project, which will comprise a total of 1.5 million square metres of office and residential space, will be the first of its kind in Jordan and one of the largest hotel complexes in the world.
However, there are four hotels in the property and the project will soon have Jordan's largest convention center. One of the centrepieces will be a hotel, restaurant and 4000 apartments planned as part of Saraya Aqaba, the world's largest real estate development project.
The office space in Amman amounted to a total of 1.5 million square meters at the end of 2006, which was below demand. The value of real estate transactions in 2017 was significantly higher than the previous year, when it reached 7,000 million Jordanian dinars. In the first two months of the year, we saw an increase in transactions of more than 20% and an increase of more than 30% compared to the same period last year.
In May, Mr Jabari was quoted in an interview with Jordan Business Magazine as saying: 'We will spend 800,000 to 1.2 million JDD on the same property. I am currently experiencing a run - price increases since 2003 that have never been seen before. As for the properties he is selling in Amman, he has a total of 1.5 million square feet of office space, with an average price of $2.4 million.
Prior to joining Al Eqbal, Kilani was CEO of Al Maabar Jordan and managed a portfolio of more than 1.5 million square feet of office space. During his long career, he has served on the boards of several major real estate companies in Jordan. These include the Al-Nusrah Group, the Al-Qassim Group and the Jordan Real Estate Company.