Sinogulf adds land from Jordan to its holdings

A large parcel of land in Jordan has been acquired by SinoGulf to be developed.

Abdali Development and Investment is the principle organisation in charge of the development of the downtown area of Abdali in the country of Jordan. On the backs of a number of different successful projects that have been completed in the area, Abdali announced their biggest step forward today.

They have allowed a parcel of land to gravitate to SinoGulf Investments, who will now be responsible for the development of the land parcel. What makes this situation unique however is that the land parcel is 16,823 square metres in size and therefore is the largest parcel to date sold off by Abdali Development and Investment.

Abdali CEO Jamal Itani and SinoGulf Managing Director Andrew Clout were both at the signing and they publicly shook hands in a photo op once the deal had actually been done.

This is one of the two strategies that Abdali has been employing in order to get the land developed. In addition to allowing other companies to purchase land for development, Abdali has actually quite a bit of development themselves, even acquiring a loan of $101 million from a Lebanese bank about a month ago in order to build property in downtown Abdali.

The project that SinoGulf has signed onto will cost around $300 million when all is said and done and it is expected to be part of a larger urban mixed-use development that will cover just over 120,000 square metres when everything has been completed.

SinoGulf is a company that has been in business since 2003, when it was established in the United Arab Emirates. They were quickly able to build their total net worth up to about $600 million with the easy success atmosphere that has existed in the Emirates over the last few years and now they have started to turn their sights to the larger area of the entire Gulf Coast. This acquisition in Jordan represents the first step in those plans.