Real estate firm Amer Group Holding said it will kick off construction works at Porto Dead Sea project in Jordan over the few coming days after obtaining required licenses from Jordanian authorities.
The project will be built over an area of 800,000 sqm and will comprise hotels, villas and 11,00 housing units, investor relations manager Riyad Refaat told Al Mal newspaper.
The project’s total cost is estimated at $1.125 billion, while the cost of the first phase amounts to JOD 60 million.
The company reported a consolidated net profit of EGP 44.4 million for H1-14, with a jump by 169% compared with EGP 44.4 million in the same period a year earlier.
According to the official, the profit rise was attributed to the delivery of 1000 units in Porto Matrouh, Golf Marina and Marina Residence, which led to an increase in real estate investment revenues to EGP 467 million and growth in revenues in other segments.
The group’s portfolio includes the Porto Marina, Porto El Sokhna, Porto New Cairo, Porto Matrouh, Porto Sharm, Porto 6 October, Porto Tartous - Syria, and Porto Agadir – Morocco.
The project is scheduled for completion in 2016 and will increase Jordan’s overall hotel capacity, attract regional and international investments, as well as create thousands of job opportunities for Jordanians.
It will offer an expansive suite of residential and touristic facilities spread across 800,000 sq m along the Dead Sea coast, including thousands of hotel-serviced apartments, 20 global restaurants and cafes, mega malls, an international health and spa centre, medical facilities and an amusement park.