MAG Group Holding, an award-winning diversified international real estate group based in Dubai, UAE, has been selected as lead developer to realize the first phase of Marsa Zayed, a major beachfront resort and residential community planned on the Red Sea in Aqaba, Jordan. Marsa Zayed is a transformational project to turn a 320-hectare section of Red Sea beachfront into a tourism and business hub and a southern gateway to Jordan’s principle attractions, the UNESCO World Heritage Site Petra and the Wadi Rum Protected Area.
Jordan is one of the UAE’s closest allies and trading partners, and trade volume between the countries reached $4.1 bn (AED 15.4 bn) in 2023, according to the UAE Ministry of Economy. AD Ports Group, which is 75.4% owned by UAE state investment holding company ADQ, is one of the largest cargo and cruise terminal operators in the Red Sea region.
The project is strongly backed by the UAE and Jordanian governments to bolster the Jordanian coastal city’s position as a regional tourism centre and a gateway for travellers visiting the Red Sea.
MAG Holding will attract investors and oversee the development of Phase 1 of Marsa Zayed, which will span 1.2 km 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.
Several marinas were added to the current berthing capacity, which transformed Aqaba into a premier yachting destination, in addition to a state-of-the-art cruise ship terminal, which has become one of Jordan’s tourism landmarks and a welcoming gateway to Aqaba.
Adding pace to its strategic plan to enhance maritime and tourism in Aqaba, AD Ports Group signed in January 2024 a shareholders’ agreement between its digital arm, Maqta Technologies, and Aqaba Development Corporation (ADC) for their existing joint venture company, Maqta Ayla.
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.
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.”
Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, said: “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.’’