MAG Group Holding, an award-winning diversified international real estate group based in Dubai, UAE, has been selected as lead developer to realise 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 (3.2 million m2) 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.
MAG Group Holding was selected as the lead developer of Marsa Zayed by AD Ports Group (ADX: ADPORTS), the integrated trade, transport and logistics group based in Abu Dhabi that is the land owner for the project. AD Ports Group 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.
Marsa Zayed is a beachside real estate project collaboration 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.
At the project initiation ceremony in Aqaba, AD Ports Group and MAG Group launched an international campaign to promote the first phase of Marsa Zayed, which the organisers expect will be one of the Middle East’s most exciting tourist destinations.
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. The joint venture 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.
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. 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, 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. 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.’’
Founded in 1978, MAG Holding Group has built some of Dubai’s most iconic high-rise developments, such as Emirates Financial Towers, and major developments abroad such as The Gate, a mixed residential, commercial, office retail complex in the northern suburbs of Dallas, Texas, in the United States. The multinational company has a portfolio of real estate, contracting and engineering, industrial and commercial trading, freight services, and hospitality assets.
Jordan is one of the UAE’s closest allies and trading partners, and trade volume between the countries reached USD 4.1 billion (AED 15.4 billion) 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.
