His Majesty King Abdullah on Sunday laid the foundation stone for the Jordan Gate project, the first phase of the $1 billion Royal Metropolis plan.

The $300 million Jordan Gate, which includes two towers connected by a multistorey podium in the vicinity of the 6th Circle, is to be implemented by the Bahrain-based Gulf Finance House (GFH) under a strategic partnership with the Kuwait Investment and Finance Company (KIFC) and the Greater Amman Municipality (GAM).

The Jordan Gate is to be constructed by the Sharjah-based Al Hamad Construction and Development Company on a 28,500 square metres land contributed by GAM.

It will feature executive offices, modern conference facilities, an ultra-luxurious five-star hotel and an array of retail outlets. Hilton International will operate five-star hotel, according to GFH CEO Essam Janahi.

GFH Chairman Fuad Omar said the project would “boost the Kingdom's economy, attract more investments and create jobs for citizens.”

The second phase of the mega-plan includes the construction of the Royal Village on an area of around 47,000 square metres in Marj Al Hammam, along the main highway to the Dead Sea.

Better known as “The Districts,” the project is to comprise a gated residential community offering high-class living with modern amenities.

The premises will also include a recreational centre, a retail mall, a hotel and some commercial space.

Under a recent agreement with GFH on the sidelines of the World Economic Forum at the Dead Sea, KIFC agreed to fund the two components of the Royal Metropolis plan.

GFH and KIFC also plan to float an investment company to give small investors the opportunity to contribute to the development of the project.

The Jordan Times