United Real Estate Company (URC), the MENA region’s leading real estate developer, announced the inauguration of “Abdali Boulevard”, a mixed-use project within the master development of the Abdali project, developed by the Abdali Boulevard Company (ABC).
The grand opening was held under the patronage of His Majesty King Abdullah II Bin Al Hussein of Jordan and in the presence of Her Majesty Queen Rania Al Abdullah and His Royal Highness Crown Prince Al Hussein Bin Abdullah II. URC’s main shareholder, Kuwait Projects Company Holding (KIPCO), was represented by the Vice-Chairman, Mr. Faisal Al Ayyar. KIPCO hosted the event alongside Abdali Investment & Development (AID). The event was inaugurated by Dr. Munther Haddadin, ABC Chairman, followed by a speech on behalf of KIPCO and URC given by Engineer Mohammed Ahmed Al Saqqaf, Chief Executive Officer of URC and Vice Chairman of ABC.
The master development was designed and implemented in accordance with the economic vision of His Majesty King Abdullah II Bin Al Hussein for Jordan. Abdali Boulevard is the largest integrated, mixed-use development in the booming new downtown of the city of Amman, Abdali. The project spans over 121,000 sqm and a gross land area of 25,540 sqm. Additionally, the development’s components are connected by a 370 sqm pedestrian walkway. Abdali Boulevard incorporates leisure and retail components including international restaurant chains, cafes and high street retail brands. The project also consists of office spaces and residential components such as serviced apartments. The project’s total investment cost is US$500 million.
KIPCO’s Vice Chairman, Mr. Faisal Al Ayyar, said: “We are delighted to be celebrating the grand opening of Abdali Boulevard. The project was developed by the Abdali Boulevard Company in which URC, KIPCO’s real estate arm, owns a 40% stake. KIPCO has a long-term presence in Jordan in several sectors including real estate, banking and insurance. These investments have significantly contributed to providing job opportunities for Jordanian nationals and to the nation’s growth. We strongly believe in Jordan’s bright economic future and we are certain that Abdali Boulevard will contribute to the country’s economic strengthening and architectural renaissance. ”
Abdali Mall is another development in the heart of the new downtown area of Abdali. The project is owned by URC and AID, holding 60% and 40% respectively. The mall will be inaugurated next year.
United Real Estate Company
T +965 1805225 ext. 2240
Wednesday, June 18- 2014 @ 11:27 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.