Al Eqbal Real Estate Development has organized a press conference on 21 October, 2019, to discuss recent updates regarding The Ritz-Carlton Hotel and Residences in Amman. The event took place in the presence of the Company’s Chairman Tawfiq Fakhouri and CEO Emad Kilani, alongside Jordan Investment Commission’s President Dr. Khaled Wazani. 

During the press conference, Fakhouri and Kilani confirmed the ongoing construction of The Ritz-Carlton Hotel and Residences in Amman - after reaching an agreement with the Government of Jordan regarding the exemption package - to ensure the successful execution of the project.

“We have decided to proceed with this 100% locally-financed, USD 300 million investment so as to actively support our national economy. With nearly USD 140 million disbursed to date, the construction and operation of the project is expected to conclude by the end of the first quarter of 2021 - further cementing the standing of our beloved Jordan as an international tourist destination and attractive investment hub. We remain optimistic about the prosperous future of the Kingdom under the wise leadership of His Majesty King Abdullah II ibn Al Hussein, and may God guide us towards our overarching goal and preserve Jordan as an oasis of security and safety within the region,” stated Fakhouri. 

In turn, Wazani reaffirmed the significance of the Royal vision - which emphasizes the importance of investment and equipping local and foreign investors with the facilities, incentives and support needed to sustain and expand their projects - in paving the way for a thriving future and an inviting investment environment. Wazani went on to commend this prominent national landmark, which places Jordan firmly on the global tourism map and spurs development by creating job opportunities and supporting the state Treasury, ultimately advancing the Jordanian economy at large.

On his part, Kilani commented, “The construction of The Ritz-Carlton Hotel and Residences in Amman is well underway. Upon completion in 2021, the project will help bolster the Kingdom's position as a global tourist destination and an appealing investment landscape, while propelling the national economy forward. Since breaking ground, we have dedicated the largest share of the agreements to local contractors. The project has generated hundreds of jobs during the construction period, and is expected to provide many permanent employment opportunities within the hospitality sector following its inauguration, the vast majority of which are held for Jordanian youth.”