World Economic Forum, Dead Sea, Jordan, May 19th, 2007 - Under the patronage of His Majesty King Abdullah II, Jordan Dubai Capital (JD Capital) and the Social Security Investment Unit (SSIU), announced on Saturday in a signing ceremony held at the sidelines of the World Economic Forum, the launch of "Munya Woodland Resort & Spa", one of the major investment projects in northern Jordan, with a total cost upwards of USD 50 million.

Their Excellencies Samir Z. Al-Rifai, CEO of JD Capital and Mufleh Akel, Chairman of the Social Security Investment Unit (SSIU), signed the agreement in the presence of H.E. Mr. Khaled Irani, Jordanian Minister of Environment, H.E. Mr. Mohammad Al Gergawi, Executive Chairman of Dubai Holding and Mr. Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital.

Dubai International Capital LLC, the international investment arm of Dubai Holding had announced the establishment of JDC during the World Economic Forum at the Dead Sea in 2005.

The establishment of "Munya" aims at improving Jordan’s tourism in general and enhancing tourism in Dibeen and northern Jordan in particular. It takes into consideration the environmental and developmental aspects of the location. The project also aims at uplifting the tourism sector which constitutes a pivotal pillar of the national economy.

In line with His Majesty King Abdullah II vision, this major venture will contribute to realizing a more developed northern region within the kingdom. It also constitutes the first of a set of promising investment projects to be developed in the north and will impact positively on the local communities.

Characterized by its numerous sustainable design elements and living amenities, "Munya" will include an eco-friendly 40 room hotel, 50 residential units and a traditional market for local products. The project is designed to complement nature and will be the first project to host world renowned standards in the north.

His Excellency Samir Al-Rifai said," We have received the Ministry of Environment’s approval on the Environmental Impact Assessment study we put forward earlier this year and a preliminary agreement from the Higher Council of Planning/Zoning. This project will largely contribute to developing local communities in the North in terms of providing new economic opportunities. It will also ensure the protection of the environment, woods, plant cover and the overall eco-system of the forest". His Excellency also reiterated that, "This project will add to the number of tourism destinations in Jordan, position Dibeen as a main tourist destination, and promote it as one of the best natural spots in the Kingdom."

His Excellency Mufleh Akel, Chairman of the SSIU said, "This partnership represents a huge step towards enhancing and expanding the role of tourism in the national economy, and hence it positively affects the national and tourism income." Akel added, "The establishment of this resort in the Kingdom is certainly a significant step towards promoting Jordan as a regional tourism center that enjoys a high growth rate, and fulfilling the growing needs of the Kingdom. He also added "This resort will enhance the growth of development schemes outside the capital, Amman, which will result in improving the livelihood of residents in other governates and provide more job opportunities."

The project is expected to be implemented during the coming three years and before the beginning of 2010.