The foundation stone for the prestigious project was laid at a special ceremony attended by officials from the Royal Court, dignitaries, VIPs, top government officials, the Mayor of Amman, media and senior representatives from GFH, Kuwait Finance and Investment Company (KFIC), the Greater Amman Municipality, Al Hamad Contracting Company (Al Hamad) and Hilton International.

Jordan Gate will be developed in partnership with the Greater Amman Municipality and Kuwait’s leading financial institution, KFIC.

Commenting on the development of the Royal Metropolis project, Dr. Fuad Al Omar, Chairman, GFH said: “On behalf of the Board of Directors of GFH, I would like to thank His Majesty King Abdullah II for his presence here today, and for all his support and continuous interest in developing the Jordan economy for the benefit of its people. We also look forward to the continued encouragement of the Government of Jordan for the development of this major infrastructure project.”

Dr. Al Omar further added: “The Royal Metropolis project has been conceived as a significant development that will enhance the flow of inward investments into the country, while adding value to Jordan’s economic proposition to overseas investors.”

“Royal Metropolis mirrors regional expansion of GFH and its contribution to promoting infrastructure projects for the economic growth of the region. This project is one of the major projects in the region and reflects GFH’s strategy to develop infrastructure in the region,” he said.

“Royal Metropolis will expand Jordan’s potential as a hub to attract promising economic investments in key industry sectors and is in line with the progressive set of reforms that have been instituted by Jordan’s forward-looking leadership,” Dr. Al Omar concluded.

Jordan Gate - the first phase of the Royal Metropolis project - will be a futuristic development comprising two high-rise towers connected to a shopping mall and a services area. Built on an area of around 28,500 square meters, these buildings will together encompass a built up area of approximately 220,000 square metres.

Jordan Gate will provide prime, quality office space for international companies keen to set up a base in Jordan, complete with proper security and building management systems. It will also offer modern conference facilities, an ultra-luxurious five-star hotel and an array of retail outlets. The development, built at a prime location at 6 Circle in Amman, will occupy the highest point in the city and upon completion will be visible from every part of the capital.

Speaking on the occasion, Mr. Esam Janahi, Chief Executive Officer (CEO), GFH, said: “Jordan Gate will play an important role in supporting the ambitious economic growth strategy of the Kingdom by providing an opportunity to enter the Jordan market for investors keen to participate, to develop the region. Jordan Gate will also be an ideal base for a range of businesses in Jordan, as well as in contributing to the efforts of the redevelopment of Iraq. Additionally, the project will also create ample employment opportunities as investors in Jordan Gate will create jobs for Jordanians, significantly fulfilling a national need to productively deploy the qualified youth of the Kingdom.”

Making two significant partnership announcements at the ceremony, Mr. Janahi said that the UAE-headquartered Al Hamad will be the development partner and will undertake the construction of Jordan Gate, while the leading global hotel chain, Hilton International, will be appointed to operate the hotel component of the project.

“Bringing Al Hamad as well as Hilton International into the project will add to the overall value proposition of Jordan Gate, and is in line with GFH’s commitment to partner with acknowledged experts for all its projects,” Mr. Janahi said.

Mr. Janahi further added: “GFH has an ongoing working relationship with Al Hamad and we are confident that they are the ideal partners to develop a project of this magnitude and complete it within time. Apart from their professionalism and efficiency, Al Hamad has built a strong reputation for adhering to project deadlines and observing optimum levels of safety, two crucial factors for the success of the project.”

Al Hamad is the main contractor for the US$270 million Financial Centre, the first phase of GFH’s flagship project, the US$1.3 billion Bahrain Financial Harbour.

Earlier this month, at the sidelines of the World Economic Forum in the Dead Sea, GFH announced that it had concluded an agreement with KFIC to be the strategic partner for the development of Jordan Gate and Royal Village, a key component of the second phase of Royal Metropolis - The Districts.

The Districts will comprise exclusive and specific industry themed clusters intended to align with Jordan’s industry development priorities. Each District will be a complete community comprising both business units and residential development with leisure and entertainment facilities.

Apart from Royal Metroplis, the GFH portfolio of investments in Bahrain and the region span a wide range of sectors including financial services, travel, tourism, leisure and entertainment The projects include the US$1.3 billion Bahrain Financial Harbour (BFH), the US$750 million Al Areen development and a US$3 billion waterfront community project, Two Seas. GFH is also the driving spirit behind the US$3.8 billion Legends in Dubailand (UAE).


Gulf Finance House B.S.C
Established six years ago, Gulf Finance House B.S.C (GFH) has rapidly earned a reputation as a leading-edge player in Islamic banking. GFH has a paid-up capital of close to US$150 million and authorized capital of US$300 million. It is committed to the Islamic Sharia philosophy of wealth management and this directs its innovation and shapes the structure of its investment products. GFH is dedicated to providing clients with carefully selected investment opportunities that balance risk with reward. It leads the drive to establish an Islamic investment banking industry that dovetails with regional development. Consequently, GFH has since inception striven to offer investment opportunities in the countries where it operates so as to further their economic and social development. It aims to capitalize on the increasing willingness of Islamic investors to back local and regional business projects and opportunities and to take advantage of the wave of reforms initiated by GCC governments to diversify and liberalize their economies. This is balanced by enabling clients to diversify risk by offering them investment opportunities outside the region. This philosophy is reflected in GFH’s investment portfolio that includes major projects such as US$1.3 billion Bahrain Financial Harbour, US$750 million Al Areen Desert Spa and Resort, US$3.8 billion Legends in Dubailand,US$1 billion Royal Metropolis in the Kingdom of Jordan and a US$3 billion waterfront project, Two Seas, in Manama. GFH’s investments also include Lebanon’s Arab Finance House, Solidarity -Takaful life assurance, annuity savings, and short-term insurance; Bahrain’s Royal University for Women and menaJet – budget airline for the region.

The Chief Executive Officer of GFH is Mr. Esam Janahi, who is also the Chairman of the US$1.3 billion Bahrain Financial Harbour (BFH). A Bahraini national, Mr. Janahi was named the `Islamic Banker of the Year’ in 2003 at the World Islamic Banking Conference in Bahrain. He has also been nominated as a ‘Young Global Leader’ and participated in the Annual Meeting of the World Economic Forum (WEF) in Davos in January 2005. He has been selected as Young Arab Leader by the Young Arab Leaders Organisation. Mr Janahi has also been awarded the `Young CEO of the Year,’ for 2005 by Dubai-based knowledge service provider, Datamatix. He was also awarded by the Prime Minister of Bahrain in February 2005 for contributing to Excellence in the region.

The Greater Amman Municipality
Formed in 1987, the Greater Amman Municipality plays a vital role in the development of the city´s infrastructure and preservation of the ancient heritage. The Municipality is committed to the achievement of sustainable growth through optimum use and development of human, financial, and technical resources and knowledge-based management. Management of the city is divided into two parts: (i) Municipal Management Departments: These departments act at the entire city level and their duties include planning, supervision, evaluation, budget and co-operation with other departments in the national government. (ii) Districts: Their duties are confined to the limits of their geographical areas, such as building licenses, zoning, collection and disposal of solid waste, health inspection, road maintenance, collection of fees and taxes within the district boundaries.

Kuwait Finance & Investment Company (KFIC
KFIC is a Kuwaiti company, listed on the Kuwait Stock Exchange (KSE). It is backed by an active and diverse shareholder base. Investment strategy is set by a professional management team with a long and successful track record, creating investment opportunities in the GCC. The company is registered with the Central Bank of Kuwait as an investment company with a license to conduct both finance and investment services. KFIC was incorporated in March 2000 under the name Kuwait Financing Services Company with a license to conduct Financing services only. During 2003, KFIC underwent a change in ownership structure and business strategy aiming to provide investment services to augment its flourishing Financing Services. This objective was realized in April 2004 when its application to add Investment services was approved by the central Bank of Kuwait. Since its incorporation, KFIC has grown by implementing a number of capital increases for a total current capital of K.D. 21.25 Million equivalent to US$ 72 million.

Al Hamad Contracting Company
Set up in 1985, Al Hamad Contracting Company is an ISO 9001-2000 certified company with an impressive track record of implementing large-scale projects in time. Based in Sharjah, the company is a dedicated, fully integrated, premium-class building contractors, operating all over the United Arab Emirates.


For further details contact:
Jayakrishnan B/Freeda D’souza/Eyad Mohammed
Percept Profile Gulf
+9714 3446373 (T)
+9714 3429158 (F)
E-mail: info@perceptprofilegulf.com

Nouf Saleh Al-Pachachi
Corporate Communications
Gulf Finance House B.S.C, Al Salam Tower (6th Floor),
Diplomatic Area, PO Box 10006, Manama, Kingdom of Bahrain
Tel: +973 17 549557 (Ext 433), Fax: +973 17 530475