MAG Group Holding, a diversified international real estate group based in Dubai, has been selected as the lead developer to realise the first phase of Marsa Zayed, a major beachfront resort and residential community planned on the Red Sea in Aqaba, Jordan.
Marsa Zayed is a transformational project to turn a 320ha section of the Red Sea beachfront into a tourism and business hub.
The development will feature four residential towers, a Marina with around 1,260 residential and 117 retail units, a hotel and hotel apartment with a beach club, an Old Souq marketplace with 50 retail shops, restoration of the iconic Aqaba ‘ Minerat and a yacht club and marina, as well as a visitors’ centre.
At the project initiation ceremony in Aqaba, AD Ports Group and MAG Group also launched an international campaign to promote the first phase of Marsa Zayed, which the organisers expect will be one of the Middle East’s most exciting tourist destinations.
An active investor in the Red Sea region, AD Ports Group has also signed long-term concessions to develop and operate cruise terminals at the Red Sea ports of Safaga, Hurghada, Al Sokhna and Sharm El-Sheikh and to build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna.
Moafaq Ahmed Al Gaddah, Chairman and Founder of MAG Group Holding, said: “We are excited to be part of what I consider to be one of the most exciting real estate development projects in the Red Sea region, one that not only will transform the economic potential of Jordan’s maritime resources, but lead to a vibrant coastal ecosystem that stimulates economic growth across this part of the Middle East.”