08/24/2020
Recently highlighted in Addustour newspapers, the Souq Bab Al Madina Project in Zarqa Jordan is gaining prominence as the first of its kind kind modern recreational center in that city and one of the few ongoing developments as Jordan addresses the COVID pandemic.
We are proud of our work and the US International Development Finance Corporation's DFC's role in this very prominent project!
The Land International L.L.C. and the Moon Land Co for Real Estate Development to Inaugurate the Bab Al Madina Mall in January following the signing of a financing commitment with the United States International Development Finance Corporation (DFC).
Zarqa –
A financial commitment to provide a loan of USD 41 million was signed by the Moon Land Co for Real Estate Development and the US International Development Corporation (DFC). The commitment was signed by the Chairman of the Board of the Land International, Eng Saeed Said and Chief Executive Officer of the Moon Land Co., Basel Saeed, and on behalf of the DFC, Managing Director of Housing Real Estate Project Finance Debra Erb.
The company also announced the completion of 80% of the construction of the Bab Al Madina Mall—a 144,000 square meter structure which is being built in the King Abdullah bin Abdul Aziz City in the Zarqa Governorate on an area of approximately 30,000 square meters.
The Chairman of the Board, Eng. Saeed commented, “The Bab Al Madina Mall project is unique in the Kingdom in terms of design and functionality. At total a cost of USD 73 million, which includes self-financing and the loan from the DFC, the mall meets environmental safety and sustainability requirements while also meeting the needs of customers and area residents to make shopping comfortable, enjoyable, and sustainable.”
Eng. Saeed also confirmed that the development will create approximately two thousand permanent jobs, as well as one thousand five hundred jobs for the duration of the construction and preparation of the mall. He also stressed that mall rentals have begun and are currently open to investors, businesses, and individuals.
The mall will include branches of licensed banks, international brands such as Carrefour International, a large parking garage with a capacity of up to one thousand six hundred vehicles, a chain of well-known international and local restaurants that accommodate more than six hundred and thirty guests, and a four thousand square meter hall dedicated to children's games, and cinemas—which will be the largest of its kind in the Kingdom.
As part of the project’s commitment to social responsibility, the mall will offer twenty rent-free commercial spaces within the mall for women-owned SMEs and ventures.
The mall will also house a traditional-style marketplace called “Zarki”—the name given to the Zarqa province by the Akkadian civilization—which will include forty small-to-medium spaces where local merchants and artisans can sell traditional goods.
The CEO of the Moon Land Co. for Investment and Real Estate Development Mr. Basel Saeed stated, “ the commitment of the US International Development Corporation to finance one of the largest projects in King Abdullah Bin Abdulaziz City will boost confidence in the safety of the economy and the investment climate in Jordan. The institution partners with the private sector to finance projects which are capable of accelerating the pace of development, improving living standards in their communities, and providing more job opportunities to overcome the challenges of developing and emerging economies.”
The US International Development Corporation (DFC) funds projects within basic sectors that include energy, healthcare, and vital infrastructure with the goal of creating new job opportunities in emerging markets by partnering companies and institutions adhering to environmental and social responsibility standards.
Basel Saeed added that the company signed a cooperation agreement with the National Resources Investment Corporation to develop and manage additional social and community development projects that include public parks, playgrounds, and cultural and religious centers.
The Bab Al Madina Mall project is on track to be completed by the end of this year despite the challenges that faced the country, the region, and the world as a result of the COVID-19 pandemic and the ensuing global economic crisis. The company's senior management has doubled its efforts to complete the project on time. The most important objective of the project is to create significant value in a densely populated area by meeting the needs of consumers while creating a sustainable business ecosystem that will benefit the region and its people.
