17 Jul, 2008

Arab Bank has led a banking consortium that has agreed to extend a JD100 million loan for Abdali Boulevard.

The deal was signed during a ceremony held at Four Seasons Hotel in the presence of representatives of the concerned banks and financial institutions, along with top executives from Abdali Boulevard, and the owners of the project: Abdali Investment and Development Psc., and United Real Estate Company (URC).

Attendants included Arab Bank Chairman/CEO Abdul Hamid Shoman, Abdali Psc's Chairman Sheikh Bahaa Hariri and chairpersons and general managers of the Jordanian banks participating in the agreement.

The funds will go to cover part of the estimated costs of Abdali Boulevard (the commercial center) of JD258 million. The loan is one of the largest arranged and extended to a private project by the Jordanian banking sector.

Arab Bank as (Mandated Lead Arranger) has arranged the 12-year loan in partnership with several licensed banks that participated in financing the project, including Housing Bank for Trade and Finance, at the level of (Co-Lead Arranger), Jordan Kuwait Bank, Arab Jordan Investment Bank at the level of (Co- Lead Arranger, Union Bank and Audi Bank, at the level of (Manager), and Egyptian Arab Land Bank, at the level of participant.

Commenting on the agreement, Shoman said that Arab Bank believes it is essential to provide the necessary financing to major companies working in the trade, construction, and tourism investment fields in light of the growing activities of these firms and the positive impact these investments have on the national economy and its role in creating job opportunities for Jordanian capabilities. He noted that the real estate sector is a vital engine of growth and features a genuine ability to create real investment opportunities amid accelerating changes in the region and the world.

Shoman commended the contributions of local banks in the loan, indicating that such participation signals the growing ability of the banking sector to meet the finance needs of this type of projects. He stressed that Jordanian banks seek to meet such funding needs relying solely on their own financial resources to accelerate the progress of mega projects with good return on investment, and, at the development level, enhance the competitiveness of Jordanian economy in the regional and international arenas.

CEO of Abdali Boulevard Mr. Jamal Ittani commented saying that this unprecedented support from the financial institutions in the form of loans reflects their confidence in Abdali Boulevard one of the major projects of the Abdali regeneration Project, the new downtown of Amman. The importance of Abdali Boulevard is based on its uniqueness and its ability to attract investments from major luxury brands, entertainment and business, thus empowering the national economy and creating many job opportunities for Jordanian youth and creating a new shopping, touristic and business center.
Abdali Boulevard is considered the gem of the Abdali Regeneration Project due to its special architecture. The project comprises of several multi-purpose commercial compounds designed for optimal use so that the area becomes the pulsing heart of the larger Abdali Project. It combines between elegance, luxury and perfection to fit in the image of Abdali as the new vivid and bustling city centre, with commercial, business and dining facilities working around the clock.

Located at the center of Abdali Project, the Boulevard consists of a 370 meter-long and 21 meter-wide pedestrian area. The spine links between all the business and residential component of Abdali Project, featuring more than 130 retail outlets built on an area of 26,110 square meters, in addition to 27,000 square meters allocated as office space and 400 five-star luxurious serviced residences managed by the UAE Rotana hotels group.

Abdali Psc and URC have attracted the best expertise to implement this vital project, the first-of-its-kind in Jordan, through contracting with the leading international firms in the fields of design, construction contracting and management of such distinguished projects. In addition Abdali Boulevard has rented out substantial space to major tenants after demand has surpassed all expectations and in a record time. These efforts have paid off as major international companies have already leased offices in the projects.