Latest news with #SakherAjlouni
Zawya
15-05-2025
- Business
- Zawya
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.
Jordan Times
14-05-2025
- Business
- Jordan Times
JFDZ announces resolution of 11 stalled dead sea projects, unveils new development strategy
The Jordan Free and Development Zones Group on Wednesday has successfully resolved a long-standing backlog of 'stalled' investments in the Dead Sea Development Zone (JT file) 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.
Ammon
14-05-2025
- Business
- Ammon
11 stalled projects in Dead Sea worth JD58 million closed
Ammon News - Chairperson of the Board of Directors of the Jordan Free and Development Zones Group, Sakher Ajlouni, said that the group has completed all 11 stalled projects and investment agreements in the Dead Sea since 2011, as part of its ongoing efforts to improve the investment environment and prepare the region for new and qualitative development opportunities. Ajlouni explained that the group conducted a comprehensive review of these projects and contracts, and dealt with them within legal frameworks, by offering facilities, granting time periods to rectify the situation, or terminating contracts by mutual consent without incurring any financial losses. Director General of Development Zones, Mohammad Al-Wakid, noted that the number of projects dealt with reached 11, with an estimated value of approximately JD58 million. These projects ranged from lease-to-own contracts to sale-to-development contracts, including two projects on which work has resumed. These stalled projects were resolved through various means, including settlement, amicable termination, annulment of agreements, or contract termination, all while fully adhering to the preservation of the state's rights and in accordance with legal frameworks, which required significant efforts in monitoring and coordination, Al-Wakid explained. He also pointed out that there are five major tourism projects currently under implementation, some of which have been inaugurated, while others are nearing completion, as part of a clear implementation plan and in cooperation with relevant authorities.
