MAG Group appointed as lead developer by AD Ports Group
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Marsa Zayed is a project to turn a 320-hectare section of Red Sea beachfront into a tourism and business hub
MAG Group Holding has been selected as lead developer for the first phase of Marsa Zayed, a beachfront resort and residential community planned on the Red Sea in Aqaba, Jordan. Marsa Zayed will take shape on land owned by AD Ports Group.
Marsa Zayed is a project to turn a 320ha section of the Red Sea beachfront into a tourism and business hub and a southern gateway to Jordan's attractions, the UNESCO World Heritage Site Petra and the Wadi Rum Protected Area. The project is a collaboration between the UAE and Jordanian governments, with the focus of enhancing the coastal city's standing as a regional tourism destination and a gateway for travelers exploring the Red Sea.
AD Ports Group has developed and is operating the Aqaba Cruise Terminal, which opened in January 2023, under an agreement signed with and Jordanian state-run Aqaba Development Corporation (ADC) in 2021.
MAG Holding will attract investors and oversee the development of Phase 1 of Marsa Zayed, which will span 1.2km of Red Sea beachfront, and include Zayed Riviera, which will house 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 iconic Aqaba 'Minerat, and a yacht club and marina, as well as a visitors' centre.
AD Ports Group signed in January 2024 a shareholder's agreement between its digital arm, Maqta Technologies, and Aqaba Development Corporation (ADC) for their existing joint venture (JV) company, Maqta Ayla. The JV will revolutionise Aqaba's port operations by implementing a Port Community System (PCS) that leverages Maqta Gateway's expertise, marking the first-ever export of Abu Dhabi's port digitalisation solution.
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. We deliver our award-winning services to local and international customers in such a way that they most importantly benefit our customers and the communities in which we operate.'
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group added, 'Today's ceremony is a significant step in our strategic plan to support the Government of Jordan in developing Aqaba into a premier world-class destination for tourism and economic development. This first phase of Marsa Zayed will enable AD Ports Group to deliver on our wise leadership's vision to add economic value to this lively region. We are grateful for the support and assistance of our valued partner, ADC, and to our valued real estate development partner MAG Holding, for this collaborative effort to advance the growth of Aqaba.'
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.
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