Hamdy Ahmed _ Arab Developers Holding Company announced that Porto Dead Sea Company, a subsidiary of the group in the Hashemite Kingdom of Jordan, has signed a land title transfer contract for an area of 8,000 square meters within the first phase of the beachfront plot in the "Porto Dead Sea" project, with a value of $2.6 million.
The contract was signed with the Jordan Group for Free Zones and Development Zones, in preparation for completing the necessary legal and regulatory procedures to implement the phase in accordance with the company's approved plans.
The project aims to establish an integrated touristic, entertainment, and hotel destination with expected investments of $362 million
The signing of the contract comes as part of the company's steps to complete the procedures related to developing the project, which aims to establish an integrated touristic, entertainment, and hotel destination with expected investments of approximately $362 million, supporting the group's plans to expand in the Jordanian market and develop its investments in the tourism sector.
The total area of the project land is approximately 800,000 square meters, while the beachfront plot extends over an area of about 20,000 square meters, and the mountainous plot covers an area of nearly 780,000 square meters.
The targeted components of the project include touristic apartments, hotels, restaurants, commercial shops, and an event hall.
For his part, Dr. Ayman bin Khalifa, CEO and Managing Director of Arab Developers Holding, stated that the "Porto Dead Sea" project represents an opportunity to diversify the company's sources of revenue by expanding into the tourism sector in the Jordanian market, and capitalizing on the growth witnessed by tourism activity and the opportunities it provides for developing integrated hotel and entertainment projects.
He added that signing the land title transfer contract for the first phase of the beachfront plot, concurrently with the completion of the construction works for this phase, supports the completion of the procedures associated with the project and moving towards utilizing the units ready for sale, which are valued at approximately $8.5 million.
He explained that the project aims to build a diversified portfolio of touristic products, allowing for multiple sources of income associated with operation and sales, and enhancing the company's revenue growth opportunities during the upcoming phases.
