SinoGulf Investments has acquired a 16,823 sq m parcel of land within the new Abdali downtown in Amman for development.

The signing ceremony took place in the presence of Jamal Itani, CEO of Abdali PSC and Andrew Clout, managing director of SinoGulf Investments.

The overall cost of the SinoGulf project is around $300 million with plans to turn the site into a smart urban mixed-use destination with state-of-the-art residential, commercial and retail spaces, covering a total built up area of 121,210 s m.

Situated at the east end of the new Abdali downtown, the parcel stands next to the capital’s landmarks: the Palace of Justice; the Parliament; the King Abdullah Mosque and the prestigious residential Abdali towers. The development will be providing its residents with an ideal accessibility to the shopping and entertainment facilities in the area, as well as convenient proximity to the Boulevard and the Central Market Place.

Established in the UAE in 2003, SinoGulf Investments has been developing projects across the UAE with assets under management worth in excess of $600million. SinoGulf is a multi-faceted, Islamic asset management and investment company with business activities in Islamic financial services, asset management, project finance and development management.

“With the signing of this agreement with SinoGulf, the total UAE investments within the Abdali project have now exceeded $1 billion,” said Itani.

“The new Abdali downtown has become one of the most sought after investment destinations in the region today, attracting foreign investments into the kingdom and contributing to the economic enhancement of our Jordanian economy. We consider our partnership with SinoGulf Investments an important venture and are proud to have attracted such a strategic and credible partner to Amman, proving once again the potential that Jordan has to offer. We are also proud to announce that this is the first project within Abdali which is in line with the Islamic Sharia’a laws.”

Clout said: “The Abdali Development is one of the most prominent developments in the Middle East region and we are delighted to be part of its future. Our aim is to create investment grade real estate assets and our development in the new downtown qualifies in this regard.”

The Abdali downtown stands as the largest project in Amman, in terms of magnitude and the impact it will have on the various sectors and activities. Through its consistent collaboration with renowned multinational developers, Abdali has created a core hub and city-center which offers the highest level of technology and a foundation for future business and investment opportunities

The construction progress in Phase I of the Abdali project can now be witnessed in the Abdali downtown, with over 80 per cent of the developers currently undergoing substructure works. With such progress, Phase I of the Abdali project is on the right track to meet its completion date of 2010. Recently, Abdali launched Phase II of the Abdali project with a planned completion in 2013. – TradeArabia News Service