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Eqarat.com launches AED 5.5m operations in Jordan  Join our daily free Newsletter

MENAFN Press - 02/01/2008

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(MENAFN Press) Eqarat.com, a leading total solutions provider to the real estate sector, has announced the launch of its operations in Jordan through an initial investment of AED 5.5 million for the infrastructure and set up of its operations, in a bid to tap into the country's burgeoning real estate sector, which is currently valued at JD 4.03 billion (AED 20.9 million). The move is in line with the company's aim to generate AED 420 million from the Jordanian property sector by the end of 2008, primarily through relevant partnerships with leading developers. Naser Kanaan has been appointed as the General Manager for Eqarat.com - Jordan who will be working in collaboration with Taameer Jordan Holdings (Jordan), Arab Real Estate Development (Jordan), and Al-Arabiya Real Estate Company (Kuwait), the company's local partners.

Comprising 4.5 per cent of the country's GDP, the property development sector in Jordan is currently witnessing tremendous growth and strong interest from leading regional and international developers, which has prompted Eqarat.com to enter the potential-laden market. A key factor that has also motivated Eqarat.com to foray into Jordan is the 10 per cent increment in the presence of international businesses in the country during the first three quarters of 2007 compared to figures from 2006. Moreover, the Land and Survey Department in Jordan has revealed a total growth of JD 35 million (AED 181 million) in the revenue generated by the real estate market, a nine per cent increase compared to the previous year. As a result, Jordan is enjoying an enormous increase in the investments in real estate projects, which renders the expertise and services offered by Eqarat.com as a vital element in identifying the best property offerings in the market.

Commenting on the launch of its Jordanian operations, Ali Hussein Al Rahma, CEO, Eqarat.com, said, "Having successfully established a strong reputation in the UAE as a total solutions provider, we have identified the potential within the booming Jordanian real estate market and its immediate need for a professional real estate solutions company to efficiently and comprehensively manage the process of buying and selling of property. As we tread towards another challenging but equally promising territory, we are looking forward to establishing strategic partnerships with leading developers to aid them in effectively communicating to customers the opportunities that lay within their projects in Jordan."

The Jordanian Government's commitment to public and private partnerships, the country's strategic location, solid infrastructure and a distinguished workforce has attracted numerous investors from around the world. The Government has passed a number of legislation to encourage more businesses into the Kingdom such as tax incentives and other commercial benefits for foreign investors. Government initiatives in Aqaba, Jordan, which are aimed at facilitating economic and tourist developments and generating USD 6 billion worth of investments within 10 years, have exceeded expectations by achieving more than USD 7 billion after only 6 years. These successful undertakings have resulted in the heavy influx of foreign investors, which has largely contributed to the stabilisation of Jordan's economy and its strong reputation among the global business community.

"The regional real estate market has massively expanded in terms of reach, revenues and influence on the overall economic standing of every nation within the Middle East. Along with this exponential growth, consumer requirements have also became more sophisticated, as they are presented with unlimited options from numerous developments, which are being constructed at breakneck speed. Due to the stiff competition among developers, our dedication is centred towards delivering effective solutions to achieve our client's sales objectives and maximize their investment returns," added Al Rahma.

"Eqarat.com today boasts of the biggest network of agents in the region, with more than 1,800 certified agents providing investors with finance, insurance, investment and property management services. We are now focused on consolidating our presence in Jordan by fully leveraging our extensive database and advanced technologies. The importance of maintaining a prominent local presence within the countries wherein Eqarat.com operates is among the top priorities of the company, as this plays significant role in achieving thorough reach to penetrate the regional market," said Naser Kanaan, General Manager, Eqarat.com -Jordan.

Since its establishment in 1991, Eqarat.com has evolved and grown as a pioneer in the industry through its ambitious and innovative real estate philosophy. The company provides a wide range of property services, from property consultancy to sales services for both individual buyers and sellers. Its dedicated team of professional real estate experts is continually soliciting high value projects for prospective investors and developers across the globe. Eqarat.com owns offices in the UAE and Kuwait, and has continuing expansion plans throughout the region and the globe. As a result of the phenomenal growth and the ever growing demands from real estate prospects, the company is intending to further expand its operations in Saudi Arabia, Morocco, India and the UK.


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