Aabar and Emaar launch Dead Sea project
Joint venture to build a Hilton managed hotel on Jordan’s Dead Sea waterfront as part of $1 billion development.
May 25, 2010 4:14 by Samuel Potter
Jordan’s Dead Sea Touristic and Real Estate Investment Company, of which Dubai’s Emaar Properties is the largest shareholder, has formed a joint venture with Abu Dhabi’s Aabar Investments to build a hotel by Jordan’s Dead Sea, reports Maktoob.com.
The hotel is part of a $1 billion development in the area, and will be managed by Hilton. The joint venture, which raised funds through Jordan’s largest lender, Arab bank, will construct a 285-room hotel adjacent to a convention center already owned by the two companies, and is set to be completed by 2014.
Jordan has been making significant investments to establish the country as a high-end tourist destination. The hotel will form part of Emaar’s ambitious Samarah project, estimated to be costing $1 billion, and involving a cluster of multi-use residential, retail and leisure units.