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The beachside real estate project is backed by the UAE and Jordanian governments. ADX-listed AD Ports has appointed Dubai-based real estate group MAG Group Holding as the lead developer for the first phase of Marsa Zayed, a major beachfront resort and residential community planned on the Red Sea in Aqaba, Jordan, MAG Group said in a press statement. Marsa Zayed, backed by the UAE and Jordanian governments, aims to transform a 320-hectare (3.2 million square metres) section of Red Sea beachfront into a tourism and business hub and a southern gateway to Jordan’s key attractions, the UNESCO World Heritage Site Petra and the Wadi Rum Protected Area. According to the statement, Phase 1 of Marsa Zayed, which will span 1.2 million sq.km., includes Zayed Riviera, which will house four residential towers, a Marina with around 1,260 residential and 117 retail units, a hotel and hotel apartment with a beach club, an Old Souq marketplace with 50 retail shops, restoration of iconic Aqaba ’Minerat, and a yacht club and marina, as well as a visitors’ centre. The statement didnt disclose project costs and completion timelines. In April 2022, AD Ports Group had appointed a consortium of Jordan’s Dar Al Omran and Maisam Group to develop the masterplan for Marsa Zayed. AD Ports Group, which is 75.4 percent owned by UAE state investment holding company ADQ, is operating the Aqaba Cruise Terminal, which opened in January 2023, under an agreement signed with Jordanian state-run Aqaba Development Corporation (ADC) in 2021 for the development of tourism, transport, logistics and digital infrastructure in the area. The Group has also signed long-term concessions to develop and operate cruise terminals at the Red Sea ports of Safaga, Hurghada, Al Sokhna, and Sharm El-Sheikh, and to build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna. |
