(MENAFN) The Chief Executive Officer at Eqarat.com said that the company has launched its operations in Jordan through an initial investment of $1.5 million for the infrastructure and set up of its operations, in a bid to tap into the country's burgeoning real estate sector, Khaleej Times reported.
The CEO pointed out that the company aims to generate $114.3 million from the Jordanian property sector by the end of 2008, primarily through relevant partnerships with leading developers.
Eqarat.com has also announced that it 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.
The property development sector in Jordan is currently witnessing strong 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 percent increment in the presence of international businesses in the country during the first three quarters of 2007 compared to figures from 2006.
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