
Jordan: JFDZ announces resolution of 11 stalled dead sea projects, unveils new development strategy
AMMAN — The Jordan Free and Development Zones Group (JFDZ) on Wednesday has successfully resolved a long-standing backlog of "stalled" investments in the Dead Sea Development Zone, signalling a "new" chapter for the region's growth and revitalisation.
JFDZ Chairman Sakher Ajlouni, announced that all 11 "troubled" investment agreements, some of which had been inactive since 2011, have now been legally and amicably settled. The move is part of broader efforts to reset the investment landscape and prepare the area for high-impact development opportunities.
The resolution process involved a case-by-case review of contracts, offering flexibility to some investors while mutually terminating others, all without financial losses to the state.
Ajlouni emphasised that the aim was not just to close a chapter, but to clear the path for future projects aligned with national development goals, the Jordan News Agency, Petra, reported.
As part of this reset, the Group is currently updating the region's "master" development plan, originally drafted in 2011. The new version is being shaped by recent market research, shifting investor priorities and the Kingdom's economic modernisation agenda. The updated blueprint is designed to encourage strategic, sustainable investment while making better use of available land and resources.
Ajlouni stressed that the new plan will provide clear guidance for investors and stakeholders, striking a balance between economic growth and environmental preservation. Final approval is expected in the near future.
Director General of the Development Zones Mohammad Al Wakid, added that the total value of the resolved projects was around JD58 million. These included lease-to-own and development contracts, two of which have now resumed work on-site.
He explained that the delays were primarily due to weak financial planning by investors and mismanagement of contracts issues that persisted despite "generous" government support, including payment flexibility and exemption from penalties.
Five major tourism projects are under construction in the area, with some already open and others nearing completion. These initiatives are part of a broader action plan to reposition the Dead Sea as a "prime" destination for both investment and tourism.
Wakid concluded by noting that although the state lost valuable time due to previous project failures, the region is now poised for a "fresh" wave of development. With past obstacles removed, the "focus" shifts to attracting capable investors and transforming the Dead Sea into a "model" of sustainable growth.
Syndigate.info).
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

The National
35 minutes ago
- The National
Sheikh Khaled chairs Adnoc executive committee meeting
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, on Tuesday chaired a meeting of the executive committee of Adnoc's board of directors. During the meeting, Sheikh Khaled reviewed Adnoc's financial performance in the first quarter of 2025 while being updated on the company's progress in maximising Abu Dhabi's oil and gas resources. The company's new AI tool, MEERAi, was introduced at the meeting. It will be used across Adnoc to enable smarter and quicker decision-making, state news agency Wam reported. Sheikh Khaled was also briefed on Adnoc's participation in the Make it in the Emirates Forum 2025, held in the capital in May, before he highlighted the company's efforts to boost local manufacturing and strengthen the country's industrial base. Adnoc's efforts to support the development of future Emirati leaders in the company was also discussed. Attending the meeting were Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Adnoc managing director and group CEO; Ahmed Al Sayegh, Minister of State; Khaldoon Khalifa Al Mubarak, managing director and group CEO of Mubadala Investment Company; and Jassem Mohamed Bu Ataba Al Zaabi, chairman of the Abu Dhabi Department of Finance.


The National
35 minutes ago
- The National
IMF concludes first mission to Syria since 2009
The International Monetary Fund concluded its first staff mission to Syria since 2009, as the country's new government seeks to rebuild its economy following the fall of Bashar Al Assad's regime in December. Syria will need 'substantial international assistance' to assist in recuperating its economy, meet humanitarian demands and rebuild infrastructure, the fund said on Tuesday, following the staff's June 1 to 5 visit. Estimates to rebuild Syria's economy – shattered from years of civil war – range from $250 billion to $500 billion. 'Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size,' Ron van Rooden, the IMF's mission chief to Syria, said. The World Bank previously estimated Syria's economy had contracted by 60 per cent since 2011, and the UN reporting more than six million Syrian refugees live in neighbouring countries since then. 'There is great urgency to address these challenges and achieve a sustainable economic recovery, including to absorb the increasing number of returning refugees,' Mr van Rooden said. The IMF said its discussions with Syrian officials were centred on near-term policy priorities including adopting a budget for the remainder of this year and ensuring assistance is provided to the most vulnerable members of the population. They also discussed the need for improving the tax and customs regime, strengthen public financial management, ensure price stability and rehabilitate the payment and banking systems. Additional near-term goals include improving investment climate and enhancing data collection. 'The authorities will need strong international support for their efforts,' Mr van Rooden said. 'This includes financial support at highly concessional terms … and extensive capacity development assistance to strengthen economic institutions and upgrade outdated technologies and systems.' Syria has been gradually reintegrated into the global economy since its interim government took hold in December, with Gulf nations and other international partners moving to support its recovery. US President Donald Trump's administration began taking steps to ease US sanctions on Syria last month following his May 13 to 16 visit to the Gulf. Those efforts include authorising transactions involving Syrian President Ahmad Al Shara's government, the central bank and state-owned enterprises. The EU also announced it would lift all economic sanctions on Syria to support its economic recovery. Saudi Arabia and Qatar also paid off Syria's arrears to the World Bank, clearing another crucial hurdle to receive economic assistance. Meanwhile, it has received major financial investments from the Gulf including a $7 billion energy infrastructure deal supported by Qatar's UCC Holding, a $6.5 billion aid pledge from international partners and an $800 million port agreement with the UAE's DP World. Syria is also expected to be fully reconnected to the SWIFT international payment system 'in a matter of weeks', Central Bank of Syria's Governor Abdulkader Husrieh, told the Financial Times on Monday. Syrian officials had attended a high-level round-table hosted by the IMF, World Bank and Saudi Arabia's Finance Minister Mohammed Al Jadaan on the sidelines of the spring meetings in April to discuss the challenges of the country's new government. IMF managing director Kristalina Georgieva told reporters during a press briefing at the time the fund was focused on rebuilding credible data capability, as well as the country's central bank and its capacity to create revenue.


Arabian Business
38 minutes ago
- Arabian Business
AB Majlis podcast: Bayut CEO reveals how AI and transparency are reshaping UAE's real estate market
The UAE's real estate market is undergoing a technological revolution that's fundamentally changing how properties are bought, sold, and valued, according to Haider Khan, CEO of Bayut and Dubizzle, he said on the latest episode of the AB Majlis podcast. Khan, who leads the region's largest property portal, revealed how artificial intelligence, blockchain tokenisation, and enhanced transparency measures are creating a more efficient and trustworthy marketplace while addressing longstanding industry challenges. The property listing accuracy problem that once plagued Dubai's market has significantly improved through sophisticated backend integrations with the Dubai Land Department (DLD), Khan explained during the podcast discussion. 'We've been working very closely with the land department, and there's strong technology integrations that exist in the back end that you don't see in the front end, where we ensure that all the properties that are there have a valid permit,' Khan said. The platform has implemented a comprehensive verification system where brokers must obtain permits from DLD before listings go live. 'We check in the back end from the Land Department if it's a valid permit, and if it is then the listing goes live, otherwise it doesn't,' he added. Beyond permit verification, Bayut introduced TruCheck, a geolocation-based system requiring agents to physically visit properties and submit geotagged photos. 'We essentially ask the agent or the broker to go to the property and take a snapshot which is geotagged, so that we know that they also have accessibility to the property,' Khan explained. Elevating broker standards through recognition The platform's True Broker program represents the first recognition and rewards system of its kind in the region, designed to highlight top-performing agents based on multiple performance metrics. 'We wanted to take the best brokers in the market and highlight them, because the people who provide the best quality of service should hopefully close more business,' Khan said. The system evaluates responsiveness, listing quality, lead interaction speed, and property accessibility. The program has created an organic marketplace for property sellers. 'There are people looking to sell properties [who] don't necessarily know where to start. It's become a very good tool for organically reaching out to brokers to actually sell your property as well,' he noted. Dubai's sustainable growth trajectory Addressing concerns about market overheating, Khan expressed confidence in Dubai's continued growth potential, citing comparative affordability and strong fundamentals. 'If you start looking at price per square foot and you compare to some similar cities across the world, Dubai is still very affordable from that angle,' he said. 'The last two, I would say three years have really been fantastic and remarkable in terms of the growth that we've seen in the industry, but I think there's more room left.' Khan pointed to publicly available bubble index reports showing Dubai at extremely low risk levels. 'Dubai is extremely low on the risk side, it's a lot of it is in the green side. So that gives us a lot of excitement about what's to come in the future.' Supply dynamics also support continued growth, particularly in the villa segment. 'If I look at the villa side, there's not that many units hitting the market in the next year or a couple of years, and I think the absorption on that side should be pretty good,' he explained. Fractional ownership and regulatory innovation The Dubai Land Department's recent launch of fractional ownership experiments represents a significant regulatory evolution that could democratise property investment access. 'DLD launched this experiment which is fractional ownership, or tokenising real estate, and that's going to be interesting,' Khan said. 'It opens up this asset class to a lot of people which historically haven't had access to this, because properties are not cheap, but once you break it down to smaller chunks, it becomes pretty interesting.' While acknowledging the need for proper financial product regulation, Khan expressed optimism about the potential market expansion this could enable. Bayut has emerged as a regional pioneer in AI-powered property search, launching the first conversational AI tool allowing users to describe their property requirements in natural language. 'We launched Bayut GPT which is you can just have a conversation with it in terms of how you want to look for your property, and that gives us a lot of insights into what people are actually looking for,' Khan explained. 'When you can converse with somebody, it's very interesting because you actually start understanding what they're really after.' The platform has also introduced AI-powered listing generation across its broader marketplace. 'We have this feature which is 'sell with AI', so all you need to do is just take a snapshot and it really generates the listing for you. It generates the ad for you, even guides you in terms of how you should price it.' The future of real estate agents Despite AI advances, Khan firmly believes human agents remain irreplaceable in high-value transactions like real estate. 'AI is not going to take your job, but is your job going to be the same job that you do every day today? No. Should you be more productive? Yes. Do you know how to use AI to your benefit? Yes, you should,' he said. The human element becomes crucial for expensive purchases requiring trust and guidance. 'Property is perhaps one of the most expensive things that people buy in their lives. You need a certain factor of trust, and I think that really the human touch is important, somebody giving you that reassurance and even guiding you through the process.' Virtual tours vs. traditional methods Contrary to industry expectations, virtual reality and 3D property tours haven't achieved widespread adoption, with traditional photography remaining the preferred medium for initial property screening. 'The main medium that we've seen over the years that hasn't changed is pictures,' Khan noted. 'You can get a lot more from pictures in a very short amount of time than you can from a video or VR.' Consumer behaviour analysis shows efficiency preferences drive this trend. 'You can go through 10 properties very quickly [with pictures]. If you start watching VR for each one, that can be pretty taxing time-wise,' he explained. Advanced valuation and market intelligence The platform operates eight to ten different AI models for its TruEstimate property valuation tool, while recent acquisition of Property Monitor enhances market intelligence capabilities. 'We're pretty excited about what we can build on top of that and just not show you transaction data, but also start showing you what the demand looks like,' Khan said of the Property Monitor integration. Looking ahead, Khan revealed ambitious AI development plans, including room-level inventory management. 'Wouldn't it be nice if you just take a picture of the entire room and you can pick up all the items and you don't need to create 10 items? We can create that room sale for you.' Market evolution and future outlook Khan positioned the real estate portal evolution from simple classified advertising to sophisticated data platforms providing market insights and predictive analytics. 'We can become very strong data platforms or insight platforms,' he said. 'The point is how can we educate the user at the same time and the brokers and everybody to build that stronger connection that's based on actual factual information.' The technological transformation reflects broader market maturation, with transparency, efficiency, and user experience becoming key competitive differentiators in the UAE's dynamic real estate landscape. Tune in to a new episode of AB Majlis every Monday To listen to the full episode and gain a comprehensive understanding of doing business in the Gulf region, visit our RSS feed or check out AB Majlis on Spotify, Apple Podcasts, and other platforms. Episodes are also available on: Tune in every Monday for weekly episodes that will help you stay ahead of the curve and enrich your understanding of the Gulf region.