Amman - Jordan Dubai Capital and Madaen Al Nour Real Estate Investment and Development Co., a member of Al Salam International Transport and Trading , PLC Group,, signed a partnership agreement early this week.

The agreement was signed by both parties at the headquarters of JD Capital in Amman in the presence of both parties' representatives. H.E Mr. Samir Z. Al Rifai, Chief Executive Officer, signed on JD Capital's behalf, whereas Mr. Ahmad Armoush, chairman of Madaen Al Nour, signed on Madaen Al Nour's behalf.

The aim of this strategic partnership is to enable Madaen Al Shorouq in cooperation with Jordan Dubai Capital to develop more than 600,000 sqm of land in Madinet Al Sharq. The project will develop different residential units such as villas, semi-villas and apartments with different specifications as well as an integrated commercial zone.

Madaen Al Shorouq is considered one of the main developers in Madinet Al Sharq in the province of Zarqa. It aims at creating an urban residential area with integrated services and facilities that meet international standards and specifications. Madinet Al Shorouq's project provides numerous choices of apartments and villas that meet the needs of various segments of the Jordanian society. Madaen Al Shorouq is also a major partner in Al Maha for Real Estate Development that aims at developing 125,000 sqm of land for commercial use and 265,000 sqm for residential use.

This partnership comes in accordance with JD Capitals approach towards enhancing its role in supporting low and middle - income housing. Jordan Dubai Capital is considered the leading investment company in the Kingdom with a capital of $ 300 million USD. JD Capital is an affiliate of Dubai International Capital, the investment arm of the giant investment group "Dubai Holding".

Jordan Dubai Capital employs its resources and skills in key investments in Jordan; it also focuses on the opportunities arising from privatization, development projects and invests in existing and emerging companies.

Commenting on this agreement Mr. Ahmed Armoush said: "This strategic alliance will enhance the role of the company as a major developer and will bring many benefits to make Madaen Al Shorouq a pioneering world class project. This comes in line with His Majesty King Abdalla vision of providing housing options for all Jordanians. We believe that future unit owners will definitely reap the benefits."

His Excellency Mr. Samir Rifai stated: "Our investment in Madinet Al Sharq comes from our belief in diversifying our investment portfolio and engaging in pioneering projects in various economic sectors, which serve different segments of the Jordanian society. Through this partnership with Madaen Al Nour, we will work together to develop real estate projects that meet the growing need for affordable housing for everyone, and in line with the orientations of Jordan Dubai Capital to invest its resources in all the governorates of the Kingdom. "